Company registration number 05578634 (England and Wales)
LEADER PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LEADER PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
LEADER PROPERTY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
31 December 2023
30 June 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
26,122
40,576
Investment property
5
10,388,500
11,753,500
Investments
6
100
100
10,414,722
11,794,176
Current assets
Debtors
7
200,510
541,524
Cash at bank and in hand
148,240
109,785
348,750
651,309
Creditors: amounts falling due within one year
8
(2,298,674)
(3,236,438)
Net current liabilities
(1,949,924)
(2,585,129)
Total assets less current liabilities
8,464,798
9,209,047
Creditors: amounts falling due after more than one year
9
(3,701,238)
(4,551,683)
Provisions for liabilities
(750,191)
(618,254)
Net assets
4,013,369
4,039,110
Capital and reserves
Called up share capital
100
100
Revaluation reserve
10
2,425,809
2,831,036
Profit and loss reserves
1,587,460
1,207,974
Total equity
4,013,369
4,039,110
LEADER PROPERTY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -

For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

The financial statements were approved and signed by the director and authorised for issue on 25 September 2024
Mr M J Leader
Director
Company registration number 05578634 (England and Wales)
LEADER PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Leader Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is 103 Whitby Street South, Hartlepool, TS24 7LH.

1.1
Reporting period

The company have extended the year end to 31 December each year in order to co-incide with other members of the group. Comparative amounts presented in the financial statements (including the related notes) therefore are not entirely comparable.

 

1.2
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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.

1.3
Turnover

Turnover represents rents receivable from investment properties.

 

 

1.4
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.

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:

Leasehold land and buildings
15% reducing balance
Motor vehicles
20% reducing balance

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.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

LEADER PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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 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.

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.

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, loans, loans from fellow group companies 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.

 

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

LEADER PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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 period was:

2023
2022
Number
Number
Total
1
1
LEADER PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2022
34,950
83,980
118,930
Disposals
(6,775)
-
0
(6,775)
At 31 December 2023
28,175
83,980
112,155
Depreciation and impairment
At 1 July 2022
19,216
59,138
78,354
Depreciation charged in the period
2,534
7,453
9,987
Eliminated in respect of disposals
(2,308)
-
0
(2,308)
At 31 December 2023
19,442
66,591
86,033
Carrying amount
At 31 December 2023
8,733
17,389
26,122
At 30 June 2022
15,734
24,842
40,576
5
Investment property
2023
£
Fair value
At 1 July 2022
11,753,500
Additions
48,294
Disposals
(1,413,294)
At 31 December 2023
10,388,500

Investment properties purchased prior to 30 June 2021 were revalued on 30 June 2021 by the director. The basis of this valuation was at open market value. The current valuation of the properties are £10,388,500 (30 June 2022 - £11,753,500.

 

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
7,344,002
8,499,531
Accumulated depreciation
(814,618)
(814,388)
Carrying amount
6,529,384
7,685,143
LEADER PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 7 -
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
100
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
20,159
188,090
Amounts owed by group undertakings
68,315
182,171
Other debtors
112,036
171,263
200,510
541,524
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
149,775
159,107
Trade creditors
-
0
59,797
Amounts owed to group undertakings
1,938,491
2,817,491
Corporation tax
58,466
8,474
Other taxation and social security
46,482
63,640
Other creditors
105,460
127,929
2,298,674
3,236,438

The bank loans are secured by charges on the company's investment properties.

 

9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
3,701,238
4,551,683

The bank loans are secured by charges on the company's investment properties.

LEADER PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
9
Creditors: amounts falling due after more than one year
(Continued)
- 8 -

Allica Bank Limited is denominated in £ with a nominal interest rate of 5.2% above bank base rate and the final instalment is due on 27 February 2041. The carrying amount at the year end was £162,572.53 (30 June 2022 - £403,166).

 

Cambridge and Counties Bank Limited is denominated in £ with a nominal interest rate of 5.4% above bank base rate and the final instalment is due on 9 January 2036. The carrying amount at the year end was £2,929,890 (30 June 2022 - £3,119,693).

 

Redwood Bank Limited is denominated in £ with a nominal interest rate of 5% above bank base rate and the final instalment is due on 20 May 2042. The carrying amount at the year end was £758,549 (30 June 2022 - £1,020,126).

 

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
3,102,144
3,697,237
10
Revaluation reserve
2023
2022
£
£
At the beginning of the period
2,831,036
3,449,290
Eliminated on disposals
(273,290)
-
0
Deferred tax on revalued properties
(131,937)
(618,254)
At the end of the period
2,425,809
2,831,036
LEADER PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 9 -
11
Related party transactions

Summary of transactions with other related parties

 

IConvert Limited

 

(fellow subsidiary company of Saoirse Capital Limited)

 

As at the balance sheet date, the company was owed by IConvert Limited £20,000 (30 June 2022 - £Nil). The loan is interest free and repayable on demand.

 

Leader Property Number 2 Limited

 

(Subsidiary company)

 

As at the balance sheet date, the company was owed by Leader Property Number 2 Limited £47,651 (30 June 2022 - £167,651). The loan is interest free and repayable on demand.

 

Leader Group Investments Limited

 

(associated by virtue of common director)

 

As at the balance sheet date, the company owed by Leader Group Investments Limited £348 (30 June 2022 - £348). The loan is interest free and repayable on demand.

 

Saoirse Capital Limited

 

(Parent company)

As at the balance sheet date, the company owed to Saoirse Capital Limited £1,917,491 (30 June 20222,817,491).

The loan is interest free and is repayable on demand.

 

Mr M J Leader

(Director)

 

As at the balance sheet date, Mr M J Leader owed the company £102,164 (30 June 2022 - £103,190).

The loan is interest free and was repaid after the year end.

 

2023-12-312022-07-01false25 September 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr M J LeaderMrs H M Leaderfalsefalse055786342022-07-012023-12-31055786342023-12-31055786342022-06-3005578634core:LandBuildings2023-12-3105578634core:OtherPropertyPlantEquipment2023-12-3105578634core:LandBuildings2022-06-3005578634core:OtherPropertyPlantEquipment2022-06-3005578634core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3105578634core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3005578634core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3105578634core:Non-currentFinancialInstrumentscore:AfterOneYear2022-06-3005578634core:CurrentFinancialInstruments2023-12-3105578634core:CurrentFinancialInstruments2022-06-3005578634core:ShareCapital2023-12-3105578634core:ShareCapital2022-06-3005578634core:RevaluationReserve2023-12-3105578634core:RevaluationReserve2022-06-3005578634core:RetainedEarningsAccumulatedLosses2023-12-3105578634core:RetainedEarningsAccumulatedLosses2022-06-3005578634core:RevaluationReserve2022-06-3005578634core:RevaluationReserve2021-06-3005578634bus:Director12022-07-012023-12-3105578634core:LandBuildingscore:LongLeaseholdAssets2022-07-012023-12-3105578634core:MotorVehicles2022-07-012023-12-31055786342021-07-012022-06-3005578634core:LandBuildings2022-06-3005578634core:OtherPropertyPlantEquipment2022-06-30055786342022-06-3005578634core:LandBuildings2022-07-012023-12-3105578634core:OtherPropertyPlantEquipment2022-07-012023-12-3105578634core:WithinOneYear2023-12-3105578634core:WithinOneYear2022-06-3005578634core:Non-currentFinancialInstruments2023-12-3105578634core:Non-currentFinancialInstruments2022-06-3005578634core:RevaluationReserve2022-07-012023-12-3105578634bus:PrivateLimitedCompanyLtd2022-07-012023-12-3105578634bus:SmallCompaniesRegimeForAccounts2022-07-012023-12-3105578634bus:FRS1022022-07-012023-12-3105578634bus:AuditExemptWithAccountantsReport2022-07-012023-12-3105578634bus:CompanySecretary12022-07-012023-12-3105578634bus:FullAccounts2022-07-012023-12-31xbrli:purexbrli:sharesiso4217:GBP