Leagas Delaney Limited
Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 08813039 (England and Wales)
Leagas Delaney Limited
Company Information
Directors
B T Delaney
M Johnson
Company number
08813039
Registered office
Hend House
233 Shaftesbury Avenue
London
WC2H 8EE
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Business address
Hend House
233 Shaftesbury Avenue
London
WC2H 8EE
Leagas Delaney Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 11
Leagas Delaney Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£000
£000
£000
£000
Fixed assets
Intangible assets
5
877
1,005
Tangible assets
6
48
60
925
1,065
Current assets
Debtors falling due after more than one year
7
405
-
0
Debtors falling due within one year
7
1,934
2,021
Cash at bank and in hand
113
388
2,452
2,409
Creditors: amounts falling due within one year
8
(2,790)
(2,990)
Net current liabilities
(338)
(581)
Net assets
587
484
Capital and reserves
Called up share capital
10
-
0
-
0
Profit and loss reserves
587
484
Total equity
587
484

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 3 October 2024 and are signed on its behalf by:
M  Johnson
Director
Company Registration No. 08813039
Leagas Delaney Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information

Leagas Delaney Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hend House, 233 Shaftesbury Avenue, London, United Kingdom, WC2H 8EE.

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 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 £000.

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 balance sheet date, the company made a trueprofit for the year of £5k (2022: loss £246k) and had net assets at that date of £587k (2022: £484k). The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.

 

The directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of any possible downsides, the company will have sufficient funds, to meet its liabilities as they fall due for that period.

 

Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Leagas Delaney Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
1.3
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the Turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

 

Rendering of services

 

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied:

 

"Agent" vs. "Principal" Considerations

 

When third party suppliers are involved in providing services to clients, the Company considers that it is acting as "Principal" if the following criteria are satisfied:

 

Third party disbursement income

 

Third party disbursement income are fees charged to clients that are equal in value to costs paid to external suppliers when they are engaged to perform part or all of a specific project. Third party costs are recognised at the date they are billed to clients and are included in revenue.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Leagas Delaney Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.6
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.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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
10 years from date of first use
1.7
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 improvements
Over the life of the lease
Fixtures and fittings
5 years straight line
Computers
3 years 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.

1.8
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.

Leagas Delaney Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 5

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.

1.9
Cash at bank and in hand

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.

1.10
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.11
Taxation

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

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Leagas Delaney Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 6
1.12
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.

1.13
Retirement benefits

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

1.14
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Monte Carlo model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

Leagas Delaney Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 7
1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

Critical judgements and estimates

The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements.

Recoverability of amounts due from connected company

Trading balances due from a connected company, detailed in note 12, are not expected to be recovered within 12 months of the balance sheet date and have therefore been classified as amounts falling due after more than one year. To determine the recoverability of this balance the directors have reviewed the forecast financial performance, internal restructuring plans and future fund raising ability of the connected company all of which require a great deal of estimation.

 

Having considered all of these factors the directors believe that the full amount of £405k will be recoverable and therefore no provision has been made against this balance.

 

If there are negative changes to the forecasted financial performance, internal restructuring plans or future fund raising ability of the connected company, the directors may change their view on the recoverability of the balance. If the directors were to assess the full balance as irrecoverable, the balance sheet would show net assets of £221k and net current liabilities of £704k.

3
Turnover and other revenue
2023
2022
£000
£000
Turnover analysed by class of business
Fee income
5,952
6,325
3rd party disbursement income
2,111
3,956
8,063
10,281
Leagas Delaney Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
3
Turnover and other revenue
(Continued)
Page 8
2023
2022
£000
£000
Turnover analysed by geographical market
UK
2,572
3,012
Europe
5,102
6,718
USA
271
331
Asia
-
129
South Africa
118
91
8,063
10,281
2023
2022
£000
£000
Other significant revenue
Interest income
28
-
4
Employees

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

2023
2022
Number
Number
Total
45
45
5
Intangible fixed assets
Goodwill
Other
Total
£000
£000
£000
Cost
At 1 January 2023 and 31 December 2023
1,078
200
1,278
Amortisation and impairment
At 1 January 2023
253
20
273
Amortisation charged for the year
108
20
128
At 31 December 2023
361
40
401
Carrying amount
At 31 December 2023
717
160
877
At 31 December 2022
825
180
1,005
Leagas Delaney Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 9
6
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£000
£000
£000
Cost
At 1 January 2023
63
63
126
Additions
-
0
32
32
At 31 December 2023
63
95
158
Depreciation and impairment
At 1 January 2023
32
34
66
Depreciation charged in the year
29
15
44
At 31 December 2023
61
49
110
Carrying amount
At 31 December 2023
2
46
48
At 31 December 2022
31
29
60

The net carrying value of tangible fixed assets includes the £nil (2022: £1k) in respect of assets held under finance leases or hire purchase contracts.

7
Debtors
2023
2022
Amounts falling due within one year:
£000
£000
Trade debtors
901
1,000
Amounts owed by group undertakings
506
43
Other debtors
134
378
Prepayments and accrued income
393
600
1,934
2,021
2023
2022
Amounts falling due after more than one year:
£000
£000
Other debtors
405
-
Total debtors
2,339
2,021
Leagas Delaney Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 10
8
Creditors: amounts falling due within one year
2023
2022
£000
£000
Bank loans and overdrafts
275
-
0
Trade creditors
561
783
Amounts owed to group undertakings
-
0
137
Corporation tax
39
-
0
Other taxation and social security
118
132
Other creditors
36
29
Accruals and deferred income
1,761
1,909
2,790
2,990
9
Share-based payment transactions
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 January 2023
12,500
12,500
1.68
1.68
Forfeited
(1,200)
-
0
0.01
-
0
Outstanding at 31 December 2023
11,300
12,500
1.67
1.68
Exercisable at 31 December 2023
5,000
5,000
3.49
3.49

The options outstanding at 31 December 2023 had an exercise price ranging from £0.01 to £3.49, and a remaining contractual life of 6 months.

10
Called up share capital
2023
2022
2023
2022
Ordinary Share of £1 each
1
1
-
-
11
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:
Ian Graham
Statutory Auditor:
Moore Kingston Smith LLP
Leagas Delaney Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 11
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:

2023
2022
£000
£000
386
669
13
Related party transactions

Interest payable of £nil (2022: £2k) was recognised on a loan from a director to the company. Repayments of £nil were made in the year and at the year end the company owed an amount of £nil (2022: £nil) to the director.

 

Interest payable of £nil (2022: £4k) was recognised on a loan from the spouse of a director to the company. Repayments of £nil were made in the year and at the year end the company owed an amount of £nil (2022: £nil) to the spouse of the director.

 

During the year the company paid for £3k (2022: £3k) of personal expenses on behalf of the directors. At the year end £6k (2022: £3k) was due from directors in respect of these amounts.

 

During the year, the company entered into transactions with a company with common directors and shareholders. In the ordinary course of business, the company made sales of £284k (2022: 354k) and received payment of £173k in relation to these sales. The company made purchases of £78k (2022: £175k) and paid £78k in relation to these purchases . At the balance sheet date an amount of £405k (2022: £294k) was due to the company from the company with common directors and shareholders in respect of these transactions. Directors consider all transactions to have been made at arms length. No amounts have been written off or provided for in the current year.

14
Parent company

The company is controlled by Leagas Delaney Group Limited, its immediate and ultimate parent company.

 

A copy of the group's consolidated financial statements can be obtained from the registered office of Leagas Delaney Group Limited: Hend House, 233 Shaftesbury Avenue, London, WC2H 8EE.

 

The ultimate controlling party is B Delaney, by virtue of his majority shareholding in the parent company Leagas Delaney Group Limited.

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