IRIS Accounts Productionv24.3.0.55311249147Board of Directors31.3.231.4.2231.3.2331.3.23management of real estate on a fee or contract basis.truetruetruefalsetruetruefalsefalsefalsetruefalseOrdinary shares0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh112491472022-03-31112491472023-03-31112491472022-04-012023-03-31112491472021-03-31112491472021-04-012022-03-31112491472022-03-3111249147ns15:EnglandWales2022-04-012023-03-3111249147ns14:PoundSterling2022-04-012023-03-3111249147ns10:Director12022-04-012023-03-3111249147ns10:Consolidated2023-03-3111249147ns10:ConsolidatedGroupCompanyAccounts2022-04-012023-03-3111249147ns10:PrivateLimitedCompanyLtd2022-04-012023-03-3111249147ns10:Consolidatedns10:FRS1022022-04-012023-03-3111249147ns10:Consolidatedns10:Audited2022-04-012023-03-3111249147ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-04-012023-03-3111249147ns10:LargeMedium-sizedCompaniesRegimeForAccounts2022-04-012023-03-3111249147ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-04-012023-03-3111249147ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2022-04-012023-03-3111249147ns10:FullAccounts2022-04-012023-03-3111249147ns5:Subsidiary12022-04-012023-03-3111249147ns10:OrdinaryShareClass12022-04-012023-03-3111249147ns10:Consolidated2022-04-012023-03-3111249147ns10:Director22022-04-012023-03-3111249147ns10:RegisteredOffice2022-04-012023-03-3111249147ns10:Consolidated2021-04-012022-03-3111249147ns5:CurrentFinancialInstruments2023-03-3111249147ns5:CurrentFinancialInstruments2022-03-3111249147ns5:ShareCapital2023-03-3111249147ns5:ShareCapital2022-03-3111249147ns5:RetainedEarningsAccumulatedLosses2023-03-3111249147ns5:RetainedEarningsAccumulatedLosses2022-03-3111249147ns5:ShareCapital2021-03-3111249147ns5:RetainedEarningsAccumulatedLosses2021-03-3111249147ns5:RetainedEarningsAccumulatedLosses2021-04-012022-03-3111249147ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3111249147ns5:FurnitureFittings2022-04-012023-03-3111249147ns5:MotorVehicles2022-04-012023-03-3111249147ns5:ComputerEquipment2022-04-012023-03-3111249147ns5:CostValuation2022-03-3111249147ns5:Subsidiary112022-04-012023-03-3111249147ns5:Subsidiary12023-03-3111249147ns5:Subsidiary12022-03-3111249147ns5:Subsidiary12021-04-012022-03-3111249147ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3111249147ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3111249147ns10:OrdinaryShareClass12023-03-31

REGISTERED NUMBER: 11249147 (England and Wales)





















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2023

for


M & P LEADALE GROUP LTD



M & P LEADALE GROUP LTD (REGISTERED NUMBER: 11249147)



Contents of the Consolidated Financial Statements

FOR THE YEAR ENDED 31 MARCH 2023











Page




Company Information  

1




Group Strategic Report  

2




Report of the Directors  

3




Report of the Independent Auditors  

4




Consolidated Income Statement  

8




Consolidated Other Comprehensive Income  

9




Consolidated Balance Sheet  

10




Company Balance Sheet  

11




Consolidated Statement of Changes in Equity  

12




Company Statement of Changes in Equity  

13




Consolidated Cash Flow Statement  

14




Notes to the Consolidated Cash Flow Statement

15




Notes to the Consolidated Financial Statements

16





M & P LEADALE GROUP LTD



Company Information

FOR THE YEAR ENDED 31 MARCH 2023









DIRECTORS:

Mrs P Hirschler


Mr M Hirschler







REGISTERED OFFICE:

First Floor, Winston House


349 Regents Park Road


London


N3 1DH







REGISTERED NUMBER:

11249147 (England and Wales)







AUDITORS:

Melinek Fine LLP


Chartered Accountants


Statutory Auditors


First Floor, Winston House


349 Regents Park Road


London


N3 1DH



M & P LEADALE GROUP LTD (REGISTERED NUMBER: 11249147)



Group Strategic Report

FOR THE YEAR ENDED 31 MARCH 2023



The directors present their strategic report of the company and the group for the year ended 31 March 2023.


The principal activity of the group in the year under review is property management.


REVIEW OF BUSINESS

The group sources and manages accommodation for organisations based on their requirements, the directors consider that the key financial performance indicators are those that monitor the performance in respect of this activity. The revenue of the group from the provision of this service in the period was £104,300,706 (2022:£29,738,652). Demand for the services provided by the group has increased in the period leading to contracts with new organisations and additional contracts with existing customers.


PRINCIPAL RISKS AND UNCERTAINTIES

Critical to the group's achievements of its objectives is effective risk managment. The group faces risk from a number of areas, all of which are prevalent throughout the industry and are shown below:


The business manages the liquidity risk by ensuring there are sufficient funds to meet payments with strict cash flow and credit control management.


The group's functional currency and activities are performed in sterling hence the business has very little exposure to foreign exchange risk.


The group maintains good relationships with its suppliers to allow them to continue to provide accommodation that meets the requirements of its customers.


SECTION 172(1) STATEMENT

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.


ON BEHALF OF THE BOARD:






Mr M Hirschler - Director



18 November 2024



M & P LEADALE GROUP LTD (REGISTERED NUMBER: 11249147)



Report of the Directors

FOR THE YEAR ENDED 31 MARCH 2023



The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023.


DIVIDENDS

Ordinary dividends were paid amounting to £345,000 (2022:£210,500).


DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.


Mrs P Hirschler

Mr M Hirschler


CHARITABLE

DONATIONS AND EXPENDITURE

During the year the group made charitable donations of £2,053,309 (2022:£1,441,146).


DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen, in accordance with the Companies Act, to set out in the strategic report, information regarding the review of business and a description of the principal risks and uncertainties facing the company.


STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the group and of the profit or loss of the group 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;

-

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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.


AUDITORS

The auditors,  Melinek Fine LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:






Mr M Hirschler - Director



18 November 2024


Report of the Independent Auditors to the Members of

M & P Leadale Group Ltd



Opinion

We have audited the financial statements of M & P Leadale Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


Report of the Independent Auditors to the Members of

M & P Leadale Group Ltd



Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-

the parent company financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of directors' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.


Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.


Report of the Independent Auditors to the Members of

M & P Leadale Group Ltd



Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the group's regulatory and legal correspondence.


We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.


We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the group.


The potential effect of these laws and regulations on the financial statements varies considerably.


Firstly, the group is subject to laws and regulations that directly affect the financial statements, including: the group's constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.


Secondly the group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigation.  We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; trade legislation; data protection legislation; anti-bribery and corruption legislation.


International Standards on Auditing (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required.  These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.


In relation to fraud, we performed the following specific procedures in addition to those already noted:


-Challenging assumptions made by management in its significant accounting estimates.


-Identifying and testing journal entries during the period and post balance sheet date, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account, journal entries posted by senior management.


-Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;


-Ensuring that testing undertaken on both the performance statements and the Balance Sheet includes a number of items selected on a random basis.


These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.


Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Auditing Standards (UK).  For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it.  In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls.  We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.



Report of the Independent Auditors to the Members of

M & P Leadale Group Ltd


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.


Other matter

The comparative figures in the financial statements are unaudited as no audit was carried out in the prior year.


Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.





Aryeh Melinek, FCA (Senior Statutory Auditor)

for and on behalf of Melinek Fine LLP

Chartered Accountants

Statutory Auditors

First Floor, Winston House

349 Regents Park Road

London

N3 1DH


18 November 2024



M & P LEADALE GROUP LTD (REGISTERED NUMBER: 11249147)



Consolidated

Income Statement

FOR THE YEAR ENDED 31 MARCH 2023



2023


2022


Notes

£   

£   



TURNOVER

104,300,706


29,738,652




Cost of sales

72,161,391


22,576,577



GROSS PROFIT

32,139,315


7,162,075




Administrative expenses

5,019,229


3,040,657



27,120,086


4,121,418




Other operating income

1,465,239


665,609



OPERATING PROFIT

4

28,585,325


4,787,027




Interest receivable and similar income

38,807


82



28,624,132


4,787,109




Interest payable and similar expenses

5

68,018


88,735



PROFIT BEFORE TAXATION

28,556,114


4,698,374




Tax on profit

6

5,434,827


969,419



PROFIT FOR THE FINANCIAL YEAR

23,121,287


3,728,955



Profit attributable to:

Owners of the parent

15,136,079


2,760,744



Non-controlling interests

7,985,208


968,211



23,121,287


3,728,955





M & P LEADALE GROUP LTD (REGISTERED NUMBER: 11249147)



Consolidated

Other Comprehensive Income

FOR THE YEAR ENDED 31 MARCH 2023



2023


2022


Notes

£   

£   



PROFIT FOR THE YEAR

23,121,287


3,728,955





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME FOR

THE YEAR

23,121,287


3,728,955




Total comprehensive income attributable to:

Owners of the parent

15,136,079


2,760,744



Non-controlling interests

7,985,208


968,211



23,121,287


3,728,955





M & P LEADALE GROUP LTD (REGISTERED NUMBER: 11249147)



Consolidated Balance Sheet

31 MARCH 2023



2023

2022



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

9

7,909


9,765



Investments

10

-


-



Investment property

11

2,149,875


1,956,599



2,157,784


1,966,364




CURRENT ASSETS

Debtors

12

21,723,799


11,210,537



Cash at bank

17,020,509


241,649



38,744,308


11,452,186



CREDITORS

Amounts falling due within one year

13

13,629,959


5,470,846



NET CURRENT ASSETS

25,114,349


5,981,340



TOTAL ASSETS LESS CURRENT

LIABILITIES

27,272,133


7,947,704




CREDITORS

Amounts falling due after more than one

year

14

1,559,091


1,644,649



NET ASSETS

25,713,042


6,303,055




CAPITAL AND RESERVES

Called up share capital

18

50


50



Revaluation reserve

69,061


69,061



Profit and loss account

19,720,894


4,929,815



SHAREHOLDERS' FUNDS

19,790,005


4,998,926




NON-CONTROLLING INTERESTS

19

5,923,037


1,304,129



TOTAL EQUITY

25,713,042


6,303,055




The financial statements were approved by the Board of Directors and authorised for issue on 18 November 2024 and were signed on its behalf by:






Mr M Hirschler - Director




M & P LEADALE GROUP LTD (REGISTERED NUMBER: 11249147)



Company Balance Sheet

31 MARCH 2023



2023

2022



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

9

-


-



Investments

10

50


50



Investment property

11

-


-



50


50




CURRENT ASSETS

Debtors

12

3,417,963


2,717,019



Cash at bank

2,362,587


54,478



5,780,550


2,771,497



CREDITORS

Amounts falling due within one year

13

1,178,474


941,274



NET CURRENT ASSETS

4,602,076


1,830,223



TOTAL ASSETS LESS CURRENT

LIABILITIES

4,602,126


1,830,273




CAPITAL AND RESERVES

Called up share capital

18

50


50



Profit and loss account

4,602,076


1,830,223



SHAREHOLDERS' FUNDS

4,602,126


1,830,273




Company's profit for the financial year

3,458,642


1,039,756




The financial statements were approved by the Board of Directors and authorised for issue on 18 November 2024 and were signed on its behalf by:






Mr M Hirschler - Director




M & P LEADALE GROUP LTD (REGISTERED NUMBER: 11249147)



Consolidated Statement of Changes in Equity

FOR THE YEAR ENDED 31 MARCH 2023



Called up


Profit



share


and loss


Revaluation


capital


account


reserve

£   

£   

£   


Balance at 1 April 2021

50


2,379,571


69,061




Changes in equity

Dividends

-


(210,500

)

-



Total comprehensive income

-


2,760,744


-



Balance at 31 March 2022

50


4,929,815


69,061




Changes in equity

Dividends

-


(345,000

)

-



Total comprehensive income

-


15,136,079


-



Balance at 31 March 2023

50


19,720,894


69,061




Non-controlling


Total


Total


interests


equity

£   

£   

£   


Balance at 1 April 2021

2,448,682


1,390,945


3,839,627




Changes in equity

Dividends

(210,500

)

(1,055,027

)

(1,265,527

)


Total comprehensive income

2,760,744


968,211


3,728,955



Balance at 31 March 2022

4,998,926


1,304,129


6,303,055




Changes in equity

Dividends

(345,000

)

(3,366,300

)

(3,711,300

)


Total comprehensive income

15,136,079


7,985,208


23,121,287



Balance at 31 March 2023

19,790,005


5,923,037


25,713,042





M & P LEADALE GROUP LTD (REGISTERED NUMBER: 11249147)



Company Statement of Changes in Equity

FOR THE YEAR ENDED 31 MARCH 2023



Called up


Profit



share


and loss


Total


capital


account


equity

£   

£   

£   


Balance at 1 April 2021

50


1,000,967


1,001,017




Changes in equity

Dividends

-


(210,500

)

(210,500

)


Total comprehensive income

-


1,039,756


1,039,756



Balance at 31 March 2022

50


1,830,223


1,830,273




Changes in equity

Dividends

-


(345,000

)

(345,000

)


Total comprehensive income

-


3,458,642


3,458,642



Balance at 31 March 2023

50


4,943,865


4,943,915





M & P LEADALE GROUP LTD (REGISTERED NUMBER: 11249147)



Consolidated Cash Flow Statement

FOR THE YEAR ENDED 31 MARCH 2023



2023


2022


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

22,069,504


(1,607,635

)


Interest paid

(68,018

)

(61,622

)


Interest element of hire purchase or finance

lease rental payments paid

-


(27,113

)


Tax paid

(1,272,989

)

456,289



Net cash from operating activities

20,728,497


(1,240,081

)



Cash flows from investing activities

Purchase of investment property

(193,276

)

-



Interest received

38,807


82



Net cash from investing activities

(154,469

)

82




Cash flows from financing activities

New loans in year

-


1,728,518



Loan repayments in year

(83,868

)

-



Equity dividends paid

(345,000

)

(210,500

)


Dividends paid to minority interests

(3,366,300

)

(1,055,026

)


Net cash from financing activities

(3,795,168

)

462,992




Increase/(decrease) in cash and cash equivalents

16,778,860


(777,007

)


Cash and cash equivalents at beginning

of year

2

241,649


1,018,656




Cash and cash equivalents at end of

year

2

17,020,509


241,649





M & P LEADALE GROUP LTD (REGISTERED NUMBER: 11249147)



Notes to the Consolidated Cash Flow Statement

FOR THE YEAR ENDED 31 MARCH 2023



1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS



2023


2022

£   

£   



Profit before taxation

28,556,114


4,698,374




Depreciation charges

1,856


3,734




Finance costs

68,018


88,735




Finance income

(38,807

)

(82

)


28,587,181


4,790,761




Increase in trade and other debtors

(10,513,263

)

(10,007,787

)



Increase in trade and other creditors

3,995,586


3,609,391




Cash generated from operations

22,069,504


(1,607,635

)



2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:



Year ended 31 March 2023


31.3.23


1.4.22

£   

£   



Cash and cash equivalents

17,020,509


241,649




Year ended 31 March 2022


31.3.22


1.4.21

£   

£   



Cash and cash equivalents

241,649


1,018,656





3.

ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS



At 1.4.22

Cash flow

At 31.3.23

£   

£   

£   



Net cash



Cash at bank

241,649


16,778,860


17,020,509



241,649


16,778,860


17,020,509




Debt


Debts falling due within 1 year

(83,869

)

(1,689

)

(85,558

)



Debts falling due after 1 year

(1,644,649

)

85,558


(1,559,091

)


(1,728,518

)

83,869


(1,644,649

)



Total

(1,486,869

)

16,862,729


15,375,860





M & P LEADALE GROUP LTD (REGISTERED NUMBER: 11249147)



Notes to the Consolidated Financial Statements

FOR THE YEAR ENDED 31 MARCH 2023



1.

STATUTORY INFORMATION



M & P Leadale Group Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.  



Basis of consolidation


The consolidated financial statements present the results of M & P Leadale Group Ltd as a parent company and its wholly owned subsidiary undertaking ("the Group") as if they formed a singly entity. Intercompany transactions and balances between group companies are therefore eliminated in full.



The names of the combining entities are disclosed in note 10.



The following exemptions available under FRS 102 in respect of certain disclosures for the Company financial statements have been applied:



- No separate Company cash flow statement with related notes is included.



Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.


Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  


Fixtures and fittings

-

15% on reducing balance


Motor vehicles

-

25% on reducing balance


Computer equipment

-

33% on reducing balance



Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.



M & P LEADALE GROUP LTD (REGISTERED NUMBER: 11249147)



Notes to the Consolidated Financial Statements - continued

FOR THE YEAR ENDED 31 MARCH 2023



2.

ACCOUNTING POLICIES - continued



Pension costs and other post-retirement benefits


The group operates a defined contribution pension scheme.  Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.



Financial instruments


Financial instruments are recognised in the entity's balance sheet when the entity 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.



Dividends


Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual meeting.


3.

EMPLOYEES AND DIRECTORS


2023


2022

£   

£   



Wages and salaries

1,318,812


853,274




Social security costs

106,493


51,460




Other pension costs

21,278


18,777



1,446,583


923,511





The average number of employees during the year was as follows:


2023


2022



Directors

2


2




Administration staff

58


38



60


40





2023


2022

£   

£   



Directors' remuneration

112,592


81,781




Directors' pension contributions to money purchase schemes  

1,410


814




4.

OPERATING PROFIT



The operating profit is stated after charging:



2023


2022

£   

£   



Depreciation - owned assets

1,856


2,411




Auditors' remuneration  

7,500


-




5.

INTEREST PAYABLE AND SIMILAR EXPENSES



2023


2022

£   

£   



Bank loan interest

68,018


61,622




Leasing

-


27,113



68,018


88,735





M & P LEADALE GROUP LTD (REGISTERED NUMBER: 11249147)



Notes to the Consolidated Financial Statements - continued

FOR THE YEAR ENDED 31 MARCH 2023



6.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


2023


2022

£   

£   



Current tax:


UK corporation tax

5,434,827


969,419




Tax on profit

5,434,827


969,419




7.

INDIVIDUAL INCOME STATEMENT



As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.



8.

DIVIDENDS


2023


2022

£   

£   



Ordinary shares shares of £1 each


Final

345,000


210,500




9.

TANGIBLE FIXED ASSETS



Group


Fixtures



and


Motor


Computer



fittings


vehicles


equipment


Totals

£   

£   

£   

£   



COST


At 1 April 2022


and 31 March 2023

31,412


41,334


42,863


115,609




DEPRECIATION


At 1 April 2022

23,820


41,334


40,690


105,844




Charge for year

1,139


-


717


1,856




At 31 March 2023

24,959


41,334


41,407


107,700




NET BOOK VALUE


At 31 March 2023

6,453


-


1,456


7,909




At 31 March 2022

7,592


-


2,173


9,765





M & P LEADALE GROUP LTD (REGISTERED NUMBER: 11249147)



Notes to the Consolidated Financial Statements - continued

FOR THE YEAR ENDED 31 MARCH 2023



10.

FIXED ASSET INVESTMENTS



Company


Shares in


group


undertakings

£   



COST


At 1 April 2022


and 31 March 2023

50




NET BOOK VALUE


At 31 March 2023

50




At 31 March 2022

50





The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:



Subsidiary



Cromwood Limited


Registered office: 16e Urban Hive Theydon Road, London E5 9BQ


Nature of business: Property Management


%


Class of shares:

holding



Ordinary

51.00


2023

2022


£   

£   



Aggregate capital and reserves

21,110,965


4,814,622




Profit for the year

23,167,710


3,206,320





11.

INVESTMENT PROPERTY



Group


Total

£   



FAIR VALUE


At 1 April 2022

1,956,599




Additions

193,276




At 31 March 2023

2,149,875




NET BOOK VALUE


At 31 March 2023

2,149,875




At 31 March 2022

1,956,599





M & P LEADALE GROUP LTD (REGISTERED NUMBER: 11249147)



Notes to the Consolidated Financial Statements - continued

FOR THE YEAR ENDED 31 MARCH 2023



12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company


2023

2022

2023

2022


£   

£   

£   

£   



Trade debtors

4,908,045


1,992,890


-


-




Amounts owed by group undertakings

-


-


-


341,789




Other debtors

15,631,754


9,215,399


2,696,349


2,372,982




Directors' current accounts

721,614


2,248


721,614


2,248




Prepayments

462,386


-


-


-



21,723,799


11,210,537


3,417,963


2,717,019





Other debtors represent amounts owed by companies controlled by the directors, repayable on demand and carry no interest.


13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company


2023

2022

2023

2022


£   

£   

£   

£   



Bank loans and overdrafts (see note 15)

85,558


83,869


-


-




Trade creditors

3,393,700


1,681,701


-


-




Tax

5,587,546


1,425,708


-


-




VAT

2,483,012


-


-


-




Other creditors

2,048,763


2,259,988


1,177,094


939,894




Accruals and deferred income

31,380


19,580


1,380


1,380



13,629,959


5,470,846


1,178,474


941,274




14.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR




Group


2023

2022


£   

£   



Bank loans (see note 15)

1,559,091


1,644,649





M & P LEADALE GROUP LTD (REGISTERED NUMBER: 11249147)



Notes to the Consolidated Financial Statements - continued

FOR THE YEAR ENDED 31 MARCH 2023



15.

LOANS



An analysis of the maturity of loans is given below:



Group


2023

2022


£   

£   



Amounts falling due within one year or on

demand:



Bank loans

85,558


83,869




Amounts falling due between one and two

years:



Bank loans - 1-2 years

87,711


85,558




Amounts falling due between two and five

years:



Bank loans - 2-5 years

246,927


269,861




Amounts falling due in more than five years:



Repayable by instalments


Bank loans more 5 yr by instal

1,224,453


1,289,230




16.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Group


Non-cancellable operating

leases


2023

2022


£   

£   



Within one year

24,180,627


11,067,084




Between one and five years

-


2,760,925



24,180,627


13,828,009




17.

SECURED DEBTS



The bank loans are secured by a first charge over the company's investment properties and bear interest at variable rates.


18.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2023

2022



value:

£   

£   



100

Ordinary shares

£1

50


50




19.

NON-CONTROLLING INTERESTS



A non-controlling interest arises on the Group's holding of Cromwood  Ltd. Cromwood Ltd is a subsidiary undertaking as the group controls 51% of the voting rights.



M & P LEADALE GROUP LTD (REGISTERED NUMBER: 11249147)



Notes to the Consolidated Financial Statements - continued

FOR THE YEAR ENDED 31 MARCH 2023



20.

RELATED PARTY DISCLOSURES



During the year, the group received of £1,254,044 from a company controlled by the directors relating to housing managment and administrative support provided by the group. At the year end the company owe the group £10,494,994 in the form of a loan and £695,137 in the form of an outstanding  trade  creditor balance. Finally, in the period the group recognised expenditure of £19,245 relating to rental services provided by the company, this balance is still owed to the company at the year end.



During the year, expenses totalling £1,860 were reimbursed to a director and the sum of £180,000 was owed by the brother-in-law of a director in the form of a loan.



Throughout the year ended 31 March 2023 a number of transactions were recognised between the group and other entities which share a common director with the group. Included in other debtors is amounts due from related parties amounting to £12m which are repayable on demand and interest free.



The directors maintain a current account with the company, at the balance sheet date amount owing by the directors to the company is £721,614 (£2,248).


21.

ULTIMATE CONTROLLING PARTY



The ultimate controlling party is M Hirschler.