Registered number: 03822835
LEADERFLUSH + SHAPLAND HOLDINGS LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LEADERFLUSH + SHAPLAND HOLDINGS LIMITED
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COMPANY INFORMATION
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National Westminster Bank plc
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LEADERFLUSH + SHAPLAND HOLDINGS LIMITED
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CONTENTS
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Statement of Changes in Equity
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Notes to the Financial statements
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LEADERFLUSH + SHAPLAND HOLDINGS LIMITED
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors present their report and the Financial statements for the year ended 31 December 2023.
Directors' responsibilities statement
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The Directors are responsible for preparing the Directors' Report and the Financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare Financial statements for each financial year. Under that law the Directors have elected to prepare the Financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the Directors must not approve the Financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these Financial statements, the Directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the Financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the Financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £nil (2022: £724,000).
The company did not trade in the year and is dormant.
The Directors who served during the year and subsequently were:
This report was approved by the board on 2 October 2024 and signed on its behalf.
Page 1
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LEADERFLUSH + SHAPLAND HOLDINGS LIMITED
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PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
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Profit for the financial year
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The Company has not traded during the year. During this period, the Company received no income and incurred no expenditure and therefore made neither profit or loss.
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The notes on pages 5 to 10 form part of these Financial statements.
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Page 2
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LEADERFLUSH + SHAPLAND HOLDINGS LIMITED
REGISTERED NUMBER:03822835
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BALANCE SHEET
AS AT 31 DECEMBER 2023
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Creditors: amounts falling due within one year
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The members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The Company was entitled to exemption from the requirement to have an audit under section 480 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of Financial statements.
The Company was entitled to exemption from preparing a strategic report, in accordance with 414B Companies Act 2006.
These accounts have been prepared in accordance with the provisions applicable to companies which would be entitled to the small companies' regime but for being a member of an ineligible group.
The Financial statements were approved and authorised for issue by the Board and were signed on its behalf on 2 October 2024.
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LEADERFLUSH + SHAPLAND HOLDINGS LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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The notes on pages 5 to 10 form part of these Financial statements.
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Page 4
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LEADERFLUSH + SHAPLAND HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.Accounting policies
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Basis of preparation of Financial statements
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The Company is a private company and is incorporated and domiciled in the UK. The address of the registered office is Adsetts House, 16 Europa View, Sheffield Business Park, Sheffield, South Yorkshire, S9 1XH.
The Financial statements are presented in pounds sterling, the Company's functional currency.
The Company is an indirectly wholly owned subsidiary undertaking of SIG plc, a company registered in England and Wales, which prepares Consolidated financial statements.
The Financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006.
FRS 101 sets out a reduced disclosure framework for a qualifying entity that would otherwise apply the recognition, measurement and disclosure requirements of UK adopted international accounting standards. The Company is a qualifying entity for the purposes of FRS 101. Note 7 details the Company's ultimate parent and from where its consolidated financial statements, prepared in accordance with UK adopted international accounting standards, can be obtained.
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Financial Reporting Standard 101 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets;
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
Page 5
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LEADERFLUSH + SHAPLAND HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.Accounting policies (continued)
Operating profit/(loss) is stated after charging distribution, selling and marketing costs and administrative expenses, but before finance income and finance costs.
Exceptional items are disclosed separately in the Financial statements where it is necessary to do so to provide further understanding of the financial performance of the Company. There are items that are material either because of their size or their nature, and either they do not form part of the trading activities of the Company or their separate presentation enhances understanding of the financial performance of the Company.
Investments are stated at cost less provision for impairment.
At each balance sheet date, the Company reviews the carrying amounts of its investments 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 to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount of the cash generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.
Recoverable amount is the higher of fair value less costs of disposal 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.
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 is treated as a revaluation reserve.
Page 6
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LEADERFLUSH + SHAPLAND HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.Accounting policies (continued)
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
The classification at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Company's business model for managing them. Financial assets are subsequently measured at amortised cost where they are financial assets held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and selling the financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Amortised cost is calculated using the effective interest method and represents the amount measured at initial recognition less repayments of principal plus the cumulative amortisation using the effective interest method of any difference between the initial amount and the maturity amount, adjusted for any loss allowance. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.
The Company's financial assets are all measured at amortised cost. The Company’s financial assets include amounts due from fellow subsidiary undertakings and amounts due from the ultimate parent Company.
Impairment of financial assets
The Company assesses, on a forward looking basis, the expected credit losses associated with Amounts owed by group undertakings. The impairment methodology applied depends on the ability to repay amounts repayable on demand and whether there has been any significant change in credit risk. The amount of expected credit losses is updated at each reporting date to reflect any changes.
Financial liabilities
Fair value through profit or loss
Financial liabilities are classified as at fair value through profit or loss when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.
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LEADERFLUSH + SHAPLAND HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.Accounting policies (continued)
Financial liabilities (continued)
At amortised cost
Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss, are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.
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Critical accounting judgements and key sources of estimation uncertainty
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In the application of the Company’s accounting policies, which are described above, the Directors are required to make judgements (other than those including estimates) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts 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 change takes place if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
In the course of preparing the Financial statements, no judgements have been made in applying the Company's accounting policies that have had a significant effect on the amounts recognised in the Financial statements and there are no key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying values of assets and liabilities within the next financial year.
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Investments in subsidiary companies
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Page 8
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LEADERFLUSH + SHAPLAND HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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The following was a subsidiary undertaking of the Company:
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SIG Manufacturing Limited
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As at 31 December 2023, the following were indirect subsidiary undertakings of the Company:
Name Principal activity Class of Shares Holding
SIG Dormant Company Number Six Limited Dormant Ordinary 100%
Dane Weller Holdings Limited Dormant Ordinary 100%
SIG Dormant Company Number Eight Limited Dormant Ordinary & 100%
preference
SIG Logistics Limited Dormant Ordinary 100%
Lifestyle Partitions and Furniture Limited Dormant Ordinary 100%
SIG Building Solutions Limited Dormant Ordinary 100%
The registered office of the subsidiaries within this note (direct and indirect) is Adsetts House, 16 Europa View, Sheffield Business Park, Sheffield, S9 1XH.
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Page 9
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LEADERFLUSH + SHAPLAND HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Amounts due from fellow subsidiary undertakings
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Amounts due from the ultimate parent company
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Amounts due from the ultimate parent Company and fellow subsidiary undertakings are short term, have a nil interest rate, and are repayable on demand.
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Creditors: Amounts falling due within one year
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Amounts owed to fellow subsidiary undertakings
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Amounts owed to fellow subsidiary undertakings are repayable on demand, have a nil interest rate and are measured at amortised cost.
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Authorised, allotted, called up and fully paid
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25,435,000 (2022: 25,435,000) Ordinary shares of £1.00 each
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The Company's immediate parent undertaking is SIG Dormant Company Number Ten Limited, a company registered in England and Wales. The Company's ultimate parent Company and ultimate controlling party is SIG plc, which is also registered in England and Wales.
The only group in which the Financial statements of the Company are consolidated is that headed by SIG plc, the ultimate parent Company. The Consolidated financial statements are available to the public and may be obtained from Adsetts House, 16 Europa View, Sheffield Business Park, Sheffield, S9 1XH, or via the Company website www.sigplc.com.
As a subsidiary company of SIG plc, the Company has taken advantage of the exception in IAS 24 Related Party Disclosures not to disclose transactions with other wholly owned members of the Group headed by SIG plc.
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