Company registration number 13084555 (England and Wales)
LE CAPITAL UK (ASSET 1) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
LE CAPITAL UK (ASSET 1) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
LE CAPITAL UK (ASSET 1) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors falling due after more than one year
4
294,988
372,373
Debtors falling due within one year
4
47,059,806
37,435,299
Cash at bank and in hand
1,269,443
1,011,928
48,624,237
38,819,600
Creditors: amounts falling due within one year
5
(13,319,816)
(12,825,670)
Net current assets
35,304,421
25,993,930
Creditors: amounts falling due after more than one year
6
(34,690,305)
(27,557,305)
Net assets/(liabilities)
614,116
(1,563,375)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
614,115
(1,563,376)
Total equity
614,116
(1,563,375)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 9 September 2024 and are signed on its behalf by:
Mr G Stancliffe
Director
Company registration number 13084555 (England and Wales)
LE CAPITAL UK (ASSET 1) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
1
(721,070)
(721,069)
Year ended 31 March 2023:
Loss and total comprehensive expense for the year
-
(842,306)
(842,306)
Balance at 31 March 2023
1
(1,563,376)
(1,563,375)
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
2,177,491
2,177,491
Balance at 31 March 2024
1
614,115
614,116
LE CAPITAL UK (ASSET 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

LE Capital UK (Asset 1) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 11, Narborough Wood Park Desford Road, Enderby, Leicester, LE19 4XT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In their assessment, the directors have considered that no notice has been served by its parent company to repay the intercompany debt of £13,052,896 in the foreseeable future, as well as reviewing the cost of servicing the company’s loans, together with the relevant repayment terms and 12 month forward financial projections. true

1.3
Turnover

Turnover relates to interest and fees charged to the customers as a result of the funding facilities provided and it is recognised at the fair value of the consideration received or receivable for the relevant services.

 

Interest income is recognised evenly over the period of the lending facility at the applicable rates.

 

Turnover for fee income relates to arrangement, renewal and stocking fees. Income from arrangement and renewal fees is recognised on the date that the facility agreements are signed. Income from stocking fees is recognised on the date of the stocking invoice.

 

The company also purchased a bad debt book and any amounts recovered above the initial investment are recognised as turnover.

 

Turnover is shown net of VAT.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

LE CAPITAL UK (ASSET 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Bad debt provision

Having taken into consideration industry standards and the risk profile of the loan book, the directors consider it appropriate to have a general bad debt provision in place which is calculated at 2.5% of the total value of the Receivable Loan Book after making allowances for specific bad debts already covered by the specific provisions that are in place. The loan book is closely monitored by the directors and specific provisions are made when the underlying conditions indicate that the relevant debts are irrecoverable.

LE CAPITAL UK (ASSET 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
46,811,297
37,274,245
Other debtors
248,509
161,054
47,059,806
37,435,299
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
294,988
372,373
Total debtors
47,354,794
37,807,672
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
13,052,896
12,647,227
Other creditors
266,920
178,443
13,319,816
12,825,670
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Revolving credit facility
34,690,305
27,557,305

Alter Domus Trustess (UK) Limited holds security in the way of a fixed and floating charge covering all property or undertakings of the company. This was created on 9 June 2021. A further charge on the same terms was created on 23 March 2023.

 

Trustmoore UK Trustees Ltd holds security by way of a fixed and floating charge covering all property and/or undertakings of the company. This was created on 11 December 2023.

LE CAPITAL UK (ASSET 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1

 

8
Related party transactions

The company has taken advantage of the exemption provided by FRS 102 Section 33, not to disclose transactions and outstanding balances with its parent company.

9
Ultimate contolling party

The immediate parent company in the current and prior year is LE Capital UK Limited, a company registered in England and Wales with a registered office, Unit 11, Narborough Wood Park, Desford Road, Enderby, Leicester, England, LE19 4XT.

 

The ultimate parent company in the prior year was Wallop Group Investments Limited (previously known as Portsmouth Estates Developments Limited), a company registered in England and Wales with a registered office, Estate Office, Farleigh Wallop, Basingstoke, RG25 2HT.

 

During the year the previous ultimate parent company disposed of their shareholding and from this point onwards, there is no ultimate controlling party.

10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Nikolaos Ioannidis
Statutory Auditor:
Shaw Gibbs (Audit) Limited
Date of audit report:
12 September 2024
2024-03-312023-04-01false12 September 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedMr J HodgeMr G StancliffeMr M DoranMr S McDermottMr W Nealefalsefalse130845552023-04-012024-03-31130845552024-03-3113084555core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3113084555core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3113084555core:WithinOneYear2024-03-3113084555core:WithinOneYear2023-03-3113084555core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3113084555core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-31130845552023-03-3113084555core:CurrentFinancialInstruments2024-03-3113084555core:CurrentFinancialInstruments2023-03-3113084555core:ShareCapital2024-03-3113084555core:ShareCapital2023-03-3113084555core:RetainedEarningsAccumulatedLosses2024-03-3113084555core:RetainedEarningsAccumulatedLosses2023-03-3113084555core:ShareCapital2022-03-3113084555core:RetainedEarningsAccumulatedLosses2022-03-3113084555bus:Director22023-04-012024-03-3113084555core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31130845552022-04-012023-03-3113084555core:RetainedEarningsAccumulatedLosses2023-04-012024-03-3113084555core:AfterOneYear2024-03-3113084555core:AfterOneYear2023-03-3113084555core:Non-currentFinancialInstruments2024-03-3113084555core:Non-currentFinancialInstruments2023-03-3113084555bus:PrivateLimitedCompanyLtd2023-04-012024-03-3113084555bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3113084555bus:FRS1022023-04-012024-03-3113084555bus:Audited2023-04-012024-03-3113084555bus:Director12023-04-012024-03-3113084555bus:Director32023-04-012024-03-3113084555bus:Director42023-04-012024-03-3113084555bus:Director52023-04-012024-03-3113084555bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP