LE Capital UK 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.
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 gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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.
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, 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.
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.
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.
The average monthly number of persons (including directors) employed by the company during the year was:
Details of the company's subsidiaries at 31 March 2024 are as follows:
Registered office addresses:
Alter Domus Trustess (UK) Limited holds security by way of a fixed and floating charge covering all property and/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.
During the year the company issued 120 £0.10 Ordinary shares at par. On the same date it also re-designated the 940 £0.10 Ordinary A and 60 £0.10 Ordinary B shares to 1000 £0.10 Ordinary shares.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
Loan notes:
As at the year end, the company owed its previous parent company, Wallop Ventures Limited, £nil (2023: £10,000,000) in relation to unsecured 12% 2026 loan notes. Total interest of £3,023,227 (2023: £1,985,207) was charged on these loan notes.
During the year the company issued unsecured 18% 2026 loan notes to its previous parent company, Wallop Ventures Limited, totalling £880,000 (£2023: £620,000). Interest of £180,763 (£2023: £5,883) was charged on these loan notes. As at the year end the company owed £nil (£2023: £625,883) in relation to these loan notes.
During the year the company repaid its previous parent company, Wallop ventures Limited, £12,500,000 in relation to the above mentioned loan notes.
As at the year end the company owed one of its previous directors £nil (2023: £36,209) in relation to unsecured 12% 2026 loan notes. Total interest of £9,346 (2023: £6,209) was charged on these loan notes. During the year the company repaid the relevant director £33,464.
As at the year end the company owed one of its directors £nil (2023: £62,050) in relation to unsecured 12% 2026 loan notes. Total interest of £17,427 (2023: £12,050) was charged on these loan notes. During the year £34,000 of these loan notes were converted into a working capital facility and the balance was repaid.
During the year the company issued unsecured 12% 2027 loan notes to Aim Holdco Ltd (formerly known as: Auguste Investment Management Ltd), a company with a common director, totalling £5,500,000. Total interest of £194,203 was charged on these loan notes.
During the year the company issued unsecured 12% 2027 loan notes to Everplay Limited, a company with a common director, totalling £5,500,000. Total interest of £194,203 was charged on these loan notes.
Working capital facility:
During the year Aim Holdco Ltd, a company with a common director, provided a working capital facility totalling £1,000,000. Total interest of £36,991 was charged on the facility; the relevant facility accrues interest at 12% and is repayable in 2027.
On 31 March 2024, £55,797 of the working capital facility loan was converted into loan notes due to the same company.
During the year Everplay Limited, a company with a common director, provided a working capital facility totalling £1,000,000. Total interest of £36,991 was charged on the facility, the relevant facility accrues interest at 12% and is repayable in 2027.
On 31 March 2024, £55,797 of the working capital facility loan was converted into loan notes due to the same company.
During the year, one of the directors, provided a working capital facility totalling £34,000. Total interest of £1,258 has accrued on the facility; the relevant facility accrues interest at 12% and is repayable in 2027.
Other loans and transactions:
As at the year end the company owed its previous parent company, Wallop Ventures Limited, £nil (2023: £224,598). Total interest of £40,330 (2023: £29,869) was charged on this loan. This loan was settled as part of the aforementioned £12,500,000 payment made to the previous parent company.
During the year the company was charged £34,584 (2023: £17,119) from Winchester Road Capital Limited a company with a common director. As at the year end the company was owed £2 (2023: £1,800 owing to) from Winchester Road Capital Limited and this balance is included in the trade debtors.
The company has taken advantage of the exemption provided by FRS 102 Section 33, not to disclose transactions and outstanding balances with its 100% directly controlled subsidiary undertaking.
In the prior year, the immediate parent company was Wallop Ventures Limited, a company registered in England and Wales with a registered office, Estate Office, Farleigh Wallop, Basingstoke, RG25 2HT.
In the prior year, the ultimate parent company 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 immediate parent company disposed of their share holding and from this point onwards, there is no ultimate controlling party.
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.