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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
First Floor, Winston House |
349 Regents Park Road |
London |
N3 1DH |
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 |
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 |
Investment property | 11 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
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 |
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 | - |
Balance at 31 March 2022 | 50 | 1,830,223 | 1,830,273 |
Changes in equity |
Dividends | - | (345,000 | ) | (345,000 | ) |
Total comprehensive income | - |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: 16e Urban Hive Theydon Road, London E5 9BQ |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
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 | - | - |
Other debtors | 15,631,754 | 9,215,399 |
Directors' current accounts | 721,614 | 2,248 | 721,614 | 2,248 |
Prepayments | 462,386 | - |
21,723,799 | 11,210,537 |
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 |
Accruals and deferred income | 31,380 | 19,580 |
13,629,959 | 5,470,846 |
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: | £ | £ |
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. |