Company registration number 13084486 (England and Wales)
LE CAPITAL UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
LE CAPITAL UK LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 11
LE CAPITAL UK LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
166,686
92,400
Tangible assets
5
108,861
124,055
Investments
6
1
1
275,548
216,456
Current assets
Debtors falling due after more than one year
8
-
0
84,404
Debtors falling due within one year
8
13,132,789
12,780,562
Cash at bank and in hand
32,839
155,759
13,165,628
13,020,725
Creditors: amounts falling due within one year
9
(425,353)
(426,431)
Net current assets
12,740,275
12,594,294
Total assets less current liabilities
13,015,823
12,810,750
Creditors: amounts falling due after more than one year
10
(13,015,711)
(12,810,650)
Net assets
112
100
Capital and reserves
Called up share capital
11
112
100

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 10 September 2024 and are signed on its behalf by:
Mr G Stancliffe
Director
Company registration number 13084486 (England and Wales)
LE CAPITAL UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
100
-
0
100
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
0
-
0
Balance at 31 March 2023
100
-
0
100
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
0
-
0
Issue of share capital
11
12
-
12
Balance at 31 March 2024
112
-
0
112
LE CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

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.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

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. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

 

The company provides management services to its subsidiary undertaking, LE Capital UK (Asset 1) Limited. The income in relation to the overall trade of the group is recognised in the subsidiary entity. At the year end a management charge is charged to the subsidiary to cover the costs incurred by LE Capital UK Limited. As such the going concern status of the business is heavily reliant on the performance of its subsidiary undertaking. The directors of LE Capital UK (Asset 1) Limited are of the opinion that the company has adequate resources to continue its operational existence for the foreseeable future.

1.3
Turnover

Turnover relates to management charges receivable from the company's subsidiary undertaking.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software development
20% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% straight line
Motor vehicles
20-25% straight line

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.

1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
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.

LE CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.9
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.

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.

1.10
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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

LE CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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.

3
Employees

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

2024
2023
Number
Number
Total
30
25
4
Intangible fixed assets
Software development
£
Cost
At 1 April 2023
102,150
Additions
104,156
At 31 March 2024
206,306
Amortisation and impairment
At 1 April 2023
9,750
Amortisation charged for the year
29,870
At 31 March 2024
39,620
Carrying amount
At 31 March 2024
166,686
At 31 March 2023
92,400
LE CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
156,323
Additions
37,328
Disposals
(14,507)
At 31 March 2024
179,144
Depreciation and impairment
At 1 April 2023
32,268
Depreciation charged in the year
40,607
Eliminated in respect of disposals
(2,592)
At 31 March 2024
70,283
Carrying amount
At 31 March 2024
108,861
At 31 March 2023
124,055
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
7
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
LE Capital UK (Asset 1) Limited
1
Providing funding facilities
Ordinary shares
100.00

Registered office addresses:

1
Unit 11, Narborough Wood Park, Desford Road, Enderby, Leicester, England, LE19 4XT
LE CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
13,052,896
12,647,227
Other debtors
79,893
133,335
13,132,789
12,780,562
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
-
0
84,404
Total debtors
13,132,789
12,864,966
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
134,207
115,235
Amounts owed to group undertakings
-
0
123,297
Taxation and social security
57,354
45,365
Other creditors
9,885
8,441
Accruals
223,907
134,093
425,353
426,431
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
-
0
101,301
Loan notes and working capital facility
12,997,646
12,709,349
Accruals
18,065
-
0
13,015,711
12,810,650

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.

LE CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
1,120
-
112
-
Ordinary A shares of 10p each
-
940
-
94
Ordinary B shares of 10p each
-
60
-
6
1,120
1,000
112
100

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.

12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Total commitments
100,333
128,333
LE CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
13
Related party transactions

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.

LE CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
14
Related party transactions (continued)

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.

15
Ultimate controlling party

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.

16
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 Nealefalsefalse130844862023-04-012024-03-31130844862024-03-31130844862023-03-3113084486core:IntangibleAssetsOtherThanGoodwill2024-03-3113084486core:IntangibleAssetsOtherThanGoodwill2023-03-3113084486core:OtherPropertyPlantEquipment2024-03-3113084486core:OtherPropertyPlantEquipment2023-03-3113084486core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3113084486core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3113084486core:WithinOneYear2023-03-3113084486core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3113084486core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3113084486core:CurrentFinancialInstruments2024-03-3113084486core:CurrentFinancialInstruments2023-03-3113084486core:Non-currentFinancialInstruments2024-03-3113084486core:Non-currentFinancialInstruments2023-03-3113084486core:ShareCapital2024-03-3113084486core:ShareCapital2023-03-3113084486core:ShareCapital2022-03-3113084486core:RetainedEarningsAccumulatedLosses2022-03-3113084486core:RetainedEarningsAccumulatedLosses2023-03-3113084486core:RetainedEarningsAccumulatedLosses2024-03-3113084486core:ShareCapitalOrdinaryShares2024-03-3113084486core:ShareCapitalOrdinaryShares2023-03-3113084486bus:Director22023-04-012024-03-3113084486core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31130844862022-04-012023-03-3113084486core:RetainedEarningsAccumulatedLosses2023-04-012024-03-3113084486core:ShareCapital2023-04-012024-03-3113084486core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3113084486core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-04-012024-03-3113084486core:FurnitureFittings2023-04-012024-03-3113084486core:MotorVehicles2023-04-012024-03-3113084486core:IntangibleAssetsOtherThanGoodwill2023-03-3113084486core:OtherPropertyPlantEquipment2023-03-3113084486core:OtherPropertyPlantEquipment2023-04-012024-03-311308448612023-04-012024-03-3113084486core:WithinOneYear2024-03-3113084486core:AfterOneYear2024-03-3113084486core:AfterOneYear2023-03-3113084486core:Non-currentFinancialInstruments12024-03-3113084486core:Non-currentFinancialInstruments12023-03-3113084486bus:PrivateLimitedCompanyLtd2023-04-012024-03-3113084486bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3113084486bus:FRS1022023-04-012024-03-3113084486bus:Audited2023-04-012024-03-3113084486bus:Director12023-04-012024-03-3113084486bus:Director32023-04-012024-03-3113084486bus:Director42023-04-012024-03-3113084486bus:Director52023-04-012024-03-3113084486bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP