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COMPANY REGISTRATION NUMBER: 01257376
Leda Properties Limited
Financial Statements
31 March 2024
Leda Properties Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
6
Independent auditor's report to the members
8
Consolidated statement of comprehensive income
12
Consolidated statement of financial position
13
Company statement of financial position
14
Consolidated statement of changes in equity
15
Company statement of changes in equity
16
Consolidated statement of cash flows
17
Notes to the financial statements
18
Leda Properties Limited
Officers and Professional Advisers
The board of directors
Mr N Hardcastle
Mr R Eastaff
Registered office
2 Bignell Park Barns
Chesterton
Bicester
Oxfordshire
OX26 1TD
Auditor
Xeinadin Audit Limited
8th Floor Beckett House
36 Old Jewry
London
EC2R 8DD
Leda Properties Limited
Strategic Report
Year ended 31 March 2024
1.0 Performance Review The various departments have all performed adequately during this financial year, The Directors are happy overall with the progression of the company and its performance. The Garage performance is improved, Farming expectedly underwhelmed with the exception of a farm sale, Property Investment steady and Property Development also maintained healthy return. 1.1 Garages The garage performance was steady when compared to 2023. Profits on the whole were acceptable if not improved on the prior year. 1.2 Farming The farming performance is shown very favourably as a result of a farm sale. Actual trading activities were expectedly underwhelming as a result of several factors explained further below, some of which were out of the company's control. This is evident further down this report. 1.3 Property Investment The property investment department have seen a steady overall performance with increase in revenue again this year. Performance benchmarks can be seen further down this report. 1.4 Property Development This department has had a few years of sustained success bringing significant extra revenue, the pipeline remains healthy. 2.0 Major Changes/Challenges Due to the increased cost of debt and level of debt the Directors decided it was necessary to sell an asset. The part sale of Apethorpe farm was realised during the 2024 financial period, which allowed us to satisfy some existing debt obligations with creditors. 3.0 Risks & Cash Flow The risks to the business are cash flow and impending debt repayment over the next year. The current cash flow and cash at the bank is healthy even allowing for the increased interest pressure but this will not last if interest rate maintain their current trajectory. Action is being taken to ensure there is less pressure and risk. 4.0 Research and Development We do not have any activity in the fields of research and development. 5.0 Accounts Audit So far as the Directors are aware, there is no relevant audit information of which the company's auditor is unaware. 6.0 Political Donations and Expenditure Neither Leda Properties Ltd or any of the associated companies have made any political donations or politically related donations during the year. 7.0 Payment of Dividend The Directors do not recommend any dividend payment. 8.0 Serving Directors The Directors during the year were Nicholas John Hardcastle and Richie Dean Eastaff. Key performance indicators Commercial property investments Our main performance objective within this income stream is to ensure the continual growth in turnover, year on year. As mentioned in our previous strategic report, our target for growth is ordinarily 5%.
2024 2023
£ £
Turnover 3,922,075 3,836,758
Growth/decline 85,317 379,696
Growth as % of turnover 2 10
Energy costs 481,154 542,410
Change in energy costs 61,256 186,004
Change as a % of costs 13 34
Energy cost as a % of turnover 12 14
Overall rental income in the year increased 2.2% on the total for 2023. This includes insurance, service charges and electricity which are recharged at cost. The target for the increase on the commercial rent element of this total was set at 5% and the directors are pleased to report that new commercial leases and rent reviews in the year have met this benchmark in aggregate. Management regularly review rental income from commercial property investment, and specifically focus on rent net of other recharged amounts. Any major hike in energy costs, such as is shown here, do not have a consequential effect on the net profit margin as a result. Farming Our main performance indicator within the farming trade, is focused on bottom line values. We aim to achieve a net profit before taxation in each year of £400,000, which has historically served as a good base to follow with the farmland at our disposal.
2024 2023 2022
£ £ £
Turnover 1,761,275 3,372,780 1,967,096
Net profit before taxation 1,132,509 370,123
Net loss for period 724,289
Net profit margin 41 34 19
The net profit values above exclude significant gains made on the sale of farm land in the period, totalling £9.8m. With the mass sale of all historical grain stores in the 2023 financial period, all grain sold in the 2024 financial period was obtained during the harvest of 2023. The harvest of 2023 was significantly disrupted by the weather, which reduced yields. Government statistics indicate that wheat yields as a whole across the UK were down 10% on the 2022 harvest. Coupled with this, was the increased cost of fertiliser in the period. Garages The two components of our garage trade are Sutton Courtney Tyres (SCT), which is a petrol station forecourt, small accompanying shop, and Tyre sales garage. As well as, Tyre Sales Abingdon (TSA) which is a tyre centre that also offers MoT's, service & repair work. Our targets in both respect are similar, as we look to achieve a 5% increase in gross profit for both. SCT will also look to increase it's margins on fuel where possible towards 10% GPM, notwithstanding the various factors that make this a difficult task. Our performance for the period can be seen below: Sutton Courtney Tyres
2024 2023 2022
£ £ £
Turnover 5,789,771 6,057,920 4,590,864
Cost of sales 5,217,352 5,492,020 4,146,730
Gross profit 572,419 565,900 444,134
Increase in gross profit 1 27 18
Gross profit margin 10 9 10
Tyre Sales Abingdon
2024 2023 2022
£ £ £
Turnover 741,525 664,348 608,168
Cost of sales 460,042 380,002 364,926
Gross profit 281,483 284,346 243,242
Increase in gross profit 1 17 142
Gross profit margin 38 43 40
Although the target growth for the gross profit margin was not achieved in this period, with each businesses margin regressing slightly, it was still a successful year for both TSA & SCT. Perhaps just as importantly the gross profit margins have remained fairly consistent for both SCT & TSA, at 9.9% (2023: 9.3%) & 38.0% (2023: 42.8%) respectively.
This report was approved by the board of directors on 13 January 2025 and signed on behalf of the board by:
Mr N Hardcastle
Mr R Eastaff
Director
Director
Registered office:
2 Bignell Park Barns
Chesterton
Bicester
Oxfordshire
OX26 1TD
Leda Properties Limited
Directors' Report
Year ended 31 March 2024
The directors present their report and the financial statements of the group for the year ended 31 March 2024 .
Principal activities
The principal activity of the company during the year was retail sale of fuel, tyres, exhausts, batteries plus garage related services, commercial farming, sale of development land and the receipt of rents from property investments.
Directors
The directors who served the company during the year were as follows:
Mr N Hardcastle
Mr R Eastaff
Mr A Basson
(Died 27 October 2023)
Dividends
The directors do not recommend the payment of a dividend.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 group and the company and 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 judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 13 January 2025 and signed on behalf of the board by:
Mr N Hardcastle
Mr R Eastaff
Director
Director
Registered office:
2 Bignell Park Barns
Chesterton
Bicester
Oxfordshire
OX26 1TD
Leda Properties Limited
Independent Auditor's Report to the Members of Leda Properties Limited
Year ended 31 March 2024
Opinion
We have audited the financial statements of Leda Properties Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 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's affairs as at 31 March 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's 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 or 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement, 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 is 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.
Auditor's 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 an auditor’s report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to the Companies Act 2006 and data protection laws (including UK General Data Protection Regulation (GDPR)). We assessed the risks of material misstatement in respect of fraud by - Making enquiries of management and those charged with Governance - Reviewing fraud risk factors within discussion of related party relationships and transactions Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above. The Company’s policies and procedures for compliance with those laws and regulations was obtained and discussed with management. We corroborated our enquiries through review of Company correspondence and accounting records. No contradictory evidence was identified. We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries throughout the year into our audit approach. Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud including a review of the accounting policies adopted by the Company. We have considered the extent to which the audit was considered capable of detecting irregularities Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 auditor’s report. Use of our reportThis 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 an auditor's report 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.
Nigel Shaw
(Senior Statutory Auditor)
For and on behalf of
Xeinadin Audit Limited
8th Floor Beckett House
36 Old Jewry
London
EC2R 8DD
14 January 2025
Leda Properties Limited
Consolidated Statement of Comprehensive Income
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
5
12,234,646
15,624,563
Cost of sales
( 7,400,174)
( 7,317,574)
-------------
-------------
Gross profit
4,834,472
8,306,989
Administrative expenses
( 752,275)
( 3,870,539)
Other operating income
6
61,889
576,724
Gain on sale of property
9,830,263
-------------
------------
Operating profit
7
13,974,349
5,013,174
Other interest receivable and similar income
11
104,665
2,346
Interest payable and similar expenses
12
( 1,455,401)
( 1,115,586)
-------------
------------
Profit before taxation
12,623,613
3,899,934
Tax on profit
13
( 1,144,241)
( 1,530,985)
-------------
------------
Profit for the financial year and total comprehensive income
11,479,372
2,368,949
-------------
------------
All the activities of the group are from continuing operations.
Leda Properties Limited
Consolidated Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
14
1,095,022
1,095,022
Tangible assets
15
48,465,079
53,324,039
-------------
-------------
49,560,101
54,419,061
Current assets
Stocks
17
2,185,108
2,721,293
Debtors
18
1,385,416
1,757,336
Cash at bank and in hand
5,781,345
5,810,872
------------
-------------
9,351,869
10,289,501
Creditors: amounts falling due within one year
19
9,989,129
8,703,173
------------
-------------
Net current (liabilities)/assets
( 637,260)
1,586,328
-------------
-------------
Total assets less current liabilities
48,922,841
56,005,389
Creditors: amounts falling due after more than one year
20
7,460,623
25,971,725
Provisions
21
4,695,177
4,745,995
-------------
-------------
Net assets
36,767,041
25,287,669
-------------
-------------
Capital and reserves
Called up share capital
24
70
70
Capital redemption reserve
25
30
30
Other reserves, including the fair value reserve
25
14,452,610
10,772,285
Profit and loss account
25
22,314,331
14,515,284
-------------
-------------
Shareholders funds
36,767,041
25,287,669
-------------
-------------
These financial statements were approved by the board of directors and authorised for issue on 13 January 2025 , and are signed on behalf of the board by:
Mr N Hardcastle
Mr R Eastaff
Director
Director
Company registration number: 01257376
Leda Properties Limited
Company Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
15
38,215,079
43,074,039
Investments
16
4,509,911
4,509,511
-------------
-------------
42,724,990
47,583,550
Current assets
Stocks
17
2,185,108
2,721,293
Debtors
18
7,150,656
7,522,576
Cash at bank and in hand
5,780,945
5,810,872
-------------
-------------
15,116,709
16,054,741
Creditors: amounts falling due within one year
19
9,989,129
8,703,172
-------------
-------------
Net current assets
5,127,580
7,351,569
-------------
-------------
Total assets less current liabilities
47,852,570
54,935,119
Creditors: amounts falling due after more than one year
20
7,460,623
25,971,725
Provisions
21
3,676,592
3,727,410
-------------
-------------
Net assets
36,715,355
25,235,984
-------------
-------------
Capital and reserves
Called up share capital
24
70
70
Capital redemption reserve
25
30
30
Other reserves, including the fair value reserve
25
14,452,610
10,772,285
Profit and loss account
25
22,262,645
14,463,599
-------------
-------------
Shareholders funds
36,715,355
25,235,984
-------------
-------------
The profit for the financial year of the parent company was £ 11,479,371 (2023: £ 2,368,949 ).
These financial statements were approved by the board of directors and authorised for issue on 13 January 2025 , and are signed on behalf of the board by:
Mr N Hardcastle
Mr R Eastaff
Director
Director
Company registration number: 01257376
Leda Properties Limited
Consolidated Statement of Changes in Equity
Year ended 31 March 2024
Called up share capital
Capital redemption reserve
Other reserves, including the fair value reserve
Profit and loss account
Total
£
£
£
£
£
At 1 April 2022
85
15
11,634,068
19,324,537
30,958,705
Profit for the year
2,368,949
2,368,949
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account
( 861,783)
861,783
----
----
-------------
-------------
-------------
Total comprehensive income for the year
( 861,783)
3,230,732
2,368,949
Cancellation of subscribed capital
( 15)
15
Redemption of shares
( 8,039,985)
( 8,039,985)
----
----
-------------
-------------
-------------
Total investments by and distributions to owners
( 15)
15
( 8,039,985)
( 8,039,985)
At 31 March 2023
70
30
10,772,285
14,515,284
25,287,669
Profit for the year
11,479,372
11,479,372
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account
3,680,325
( 3,680,325)
----
----
-------------
-------------
-------------
Total comprehensive income for the year
3,680,325
7,799,047
11,479,372
----
----
-------------
-------------
-------------
At 31 March 2024
70
30
14,452,610
22,314,331
36,767,041
----
----
-------------
-------------
-------------
Leda Properties Limited
Company Statement of Changes in Equity
Year ended 31 March 2024
Called up share capital
Capital redemption reserve
Other reserves, including the fair value reserve
Profit and loss account
Total
£
£
£
£
£
At 1 April 2022
85
15
11,634,068
19,272,852
30,907,020
Profit for the year
2,368,949
2,368,949
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account
( 861,783)
861,783
----
----
-------------
-------------
-------------
Total comprehensive income for the year
( 861,783)
3,230,732
2,368,949
Cancellation of subscribed capital
( 15)
15
Redemption of shares
( 8,039,985)
( 8,039,985)
----
----
-------------
-------------
-------------
Total investments by and distributions to owners
( 15)
15
( 8,039,985)
( 8,039,985)
At 31 March 2023
70
30
10,772,285
14,463,599
25,235,984
Profit for the year
11,479,371
11,479,371
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account
3,680,325
( 3,680,325)
----
----
-------------
-------------
-------------
Total comprehensive income for the year
3,680,325
7,799,046
11,479,371
----
----
-------------
-------------
-------------
At 31 March 2024
70
30
14,452,610
22,262,645
36,715,355
----
----
-------------
-------------
-------------
Leda Properties Limited
Consolidated Statement of Cash Flows
Year ended 31 March 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
11,479,372
2,368,949
Adjustments for:
Depreciation of tangible assets
239,801
227,534
Fair value adjustment of investment property
( 3,592,433)
Other interest receivable and similar income
( 104,665)
( 2,346)
Interest payable and similar expenses
1,455,401
1,115,586
Gains on disposal of tangible assets
(9,878,578)
(21,852)
Tax on profit
1,144,241
1,530,985
Accrued expenses
158,667
181,419
Changes in:
Stocks
536,185
( 82,257)
Trade and other debtors
371,920
709,724
Trade and other creditors
236,612
( 563,322)
-------------
------------
Cash generated from operations
2,046,523
5,464,420
Interest paid
( 1,455,401)
( 1,115,586)
Interest received
104,665
2,346
Tax paid
( 988,664)
( 153,359)
------------
------------
Net cash (used in)/from operating activities
( 292,877)
4,197,821
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 670,334)
( 637,942)
Proceeds from sale of tangible assets
18,760,504
49,130
-------------
------------
Net cash from/(used in) investing activities
18,090,170
( 588,812)
-------------
------------
Cash flows from financing activities
Purchase of own shares
( 8,039,985)
Proceeds from borrowings
6,258,478
Repayments of borrowings
( 17,894,315)
Proceeds from loans from group undertakings
400
Proceeds from loans from participating interests
67,095
14,922
-------------
------------
Net cash used in financing activities
( 17,826,820)
( 1,766,585)
-------------
------------
Net (decrease)/increase in cash and cash equivalents
( 29,527)
1,842,424
Cash and cash equivalents at beginning of year
5,810,872
3,968,448
------------
------------
Cash and cash equivalents at end of year
5,781,345
5,810,872
------------
------------
Leda Properties Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Bignell Park Barns, Chesterton, Bicester, Oxfordshire, OX26 1TD.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Gains on sale of property
Gains on sale of property relate to the sale of Apethorpe Farm in the period, originally purchased in 2004.
4. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Leda Properties Limited and all of its subsidiary undertakings. The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. Sections 479A and 479C subsidiary companies audit exemption: Parent undertaking declaration of guarantee Leda Properties Limited as the parent of Old Chalford Estate Limited, company number 03238493, has undertaken to guarantee all outstanding liabilities to which Old Chalford Estate Limited is subject to at the end of the financial period ending 31 March 2024. This guarantee applies until a) they are satisfied in full, b) the guarantee is enforceable against the parent undertaking by any person to whom the subsidiary is liable in respect of those liabilities and c) relates only to the year under guarantee. Full details of Old Chalford Estate Limited are given in note 15.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no judgements that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Revenue, which all arises in the United Kingdom, is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of consideration received, excluding discounts, rebates and value added tax. The following criteria must also be met before revenue is recognised. Sale of goods Revenue from the sale of tyres, grain and land is recognised when the significant risks and rewards of ownership have passed to the buyer, usually on dispatch of the goods or on the completion. Sale of services Revenue from commercial and residential rent are recognised in accordance with the lease terms and on an accruals basis. Livery services are recognised on an accruals basis, invoices being raised monthly in accordance with the lease terms. Interest income Revenue is recognised on a receipts basis. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax is provided where assets are revalued to fair value.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
0% (except for garage premises - explained below)
Plant and machinery
-
25% reducing balance
Motor vehicles
-
33% reducing balance
No depreciation is provided on the freehold land and old agricultural buildings, any depreciation charge on the latter being considered immaterial in relation to the useful economic life and the residual value. Depreciation is charged on the garage premises acquired with no land. This is on a straight line basis over 50 years. Impairment Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by relevant accounting standards.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised initially recognised in profit & loss and ultimately through the fair value reserve
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by relevant accounting standards.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Specific policies for each category of stock are outlined below: Growing crops and tillages - Growing crops are valued at cost of production, which includes the cost of inputs such as seed, fertilizer, and spray, as well as the cost of cultivations. Grain and garage stocks - Tyre stocks are measured at the lower of cost and net realisable value, with due adjustment for slow or obsolete stock. - Farm grain stocks held at the year end are valued at estimated cost of production. Land held for development - Land held for development includes all costs of purchase and development to date Livestock - Livestock stocks are measured at the lower of cost and net realisable value.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
5. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
8,292,569
11,760,048
Rendering of services - rental income & management services
3,922,077
3,836,758
Rendering of services - livery fees
20,000
27,757
-------------
-------------
12,234,646
15,624,563
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
6. Other operating income
2024
2023
£
£
Other operating income
61,889
576,724
--------
---------
7. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
239,801
227,552
Gains on disposal of tangible assets
( 48,315)
( 21,852)
Fair value adjustments to investment property
( 3,592,433)
Impairment of trade debtors
10,096
49,992
Operating lease rentals
49,503
39,328
------------
---------
8. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
15,000
18,250
--------
--------
Fees payable to the company's auditor and its associates for other services:
Other assurance services
3,000
2,750
Other non-audit services
41,550
8,185
--------
--------
44,550
10,935
--------
--------
9. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
24
26
Administrative staff
1
1
Management staff
3
3
----
----
28
30
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
1,226,793
1,176,162
Other pension costs
24,431
32,200
------------
------------
1,251,224
1,208,362
------------
------------
10. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
264,443
246,285
Company contributions to defined contribution pension plans
5,235
5,220
---------
---------
269,678
251,505
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
1
2
----
----
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
174,500
159,000
Company contributions to defined contribution pension plans
5,235
5,220
---------
---------
179,735
164,220
---------
---------
11. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
104,665
2,346
---------
-------
12. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
1,397,369
1,067,297
Other interest payable and similar charges
58,032
48,289
------------
------------
1,455,401
1,115,586
------------
------------
13. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
1,195,059
615,191
Deferred tax:
Origination and reversal of timing differences
( 50,818)
915,794
------------
------------
Tax on profit
1,144,241
1,530,985
------------
------------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
12,623,613
3,899,934
-------------
------------
Profit on ordinary activities by rate of tax
3,155,903
740,987
Effect of expenses not deductible for tax purposes
17,911
Effect of capital allowances and depreciation
( 31,813)
( 51,557)
Effect of revenue exempt from tax
( 898,108)
( 92,150)
Deferred tax movement
( 50,818)
915,794
Indexation allowance on disposal of freehold property
( 1,030,923)
-------------
------------
Tax on profit
1,144,241
1,530,985
-------------
------------
14. Intangible assets
Group
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
1,595,022
------------
Amortisation
At 1 April 2023 and 31 March 2024
500,000
------------
Carrying amount
At 1 April 2023 and 31 March 2024
1,095,022
------------
At 31 March 2023
1,095,022
------------
Company
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
500,000
------------
Amortisation
At 1 April 2023 and 31 March 2024
500,000
------------
Carrying amount
At 1 April 2023 and 31 March 2024
------------
At 31 March 2023
------------
Goodwill of £500,000 arose on the acquisition of the livery business during the year ended 30th November 2005. This was fully amortised in the 2008 financial period.
15. Tangible assets
Group
Freehold property
Plant and machinery
Motor vehicles
Investment Properties
Total
£
£
£
£
£
Cost or valuation
At 1 April 2023
29,384,854
2,073,598
95,908
23,387,567
54,941,927
Additions
8,460
375,199
8,500
278,175
670,334
Disposals
( 8,819,734)
( 77,412)
( 61,703)
( 8,958,849)
Revaluations
3,592,433
3,592,433
-------------
------------
--------
-------------
-------------
At 31 March 2024
20,573,580
2,371,385
42,705
27,258,175
50,245,845
-------------
------------
--------
-------------
-------------
Depreciation
At 1 April 2023
70,652
1,465,898
81,338
1,617,888
Charge for the year
7,240
227,527
5,034
239,801
Disposals
( 20,846)
( 56,077)
( 76,923)
-------------
------------
--------
-------------
-------------
At 31 March 2024
77,892
1,672,579
30,295
1,780,766
-------------
------------
--------
-------------
-------------
Carrying amount
At 31 March 2024
20,495,688
698,806
12,410
27,258,175
48,465,079
-------------
------------
--------
-------------
-------------
At 31 March 2023
29,314,202
607,700
14,570
23,387,567
53,324,039
-------------
------------
--------
-------------
-------------
Company
Freehold property
Plant and machinery
Motor vehicles
Investment Properties
Total
£
£
£
£
£
Cost or valuation
At 1 April 2023
19,134,854
2,073,598
95,908
23,387,567
44,691,927
Additions
8,460
375,199
8,500
278,175
670,334
Disposals
( 8,819,734)
( 77,412)
( 61,703)
( 8,958,849)
Revaluations
3,592,433
3,592,433
-------------
------------
--------
-------------
-------------
At 31 March 2024
10,323,580
2,371,385
42,705
27,258,175
39,995,845
-------------
------------
--------
-------------
-------------
Depreciation
At 1 April 2023
70,652
1,465,898
81,338
1,617,888
Charge for the year
7,240
227,527
5,034
239,801
Disposals
( 20,846)
( 56,077)
( 76,923)
-------------
------------
--------
-------------
-------------
At 31 March 2024
77,892
1,672,579
30,295
1,780,766
-------------
------------
--------
-------------
-------------
Carrying amount
At 31 March 2024
10,245,688
698,806
12,410
27,258,175
38,215,079
-------------
------------
--------
-------------
-------------
At 31 March 2023
19,064,202
607,700
14,570
23,387,567
43,074,039
-------------
------------
--------
-------------
-------------
The Company holds freehold land and buildings as investments. During the year the investment properties were professionally revalued by Carter Jonas Estate Agents and Property Consultants resulting in a further increase in the Fair Value Reserve of £3,592,433 and a carrying value at 31 March 2024 of £27,258,175. Had these properties been shown at historic cost their book value would have been £9,302,695 ( 2023: £9,024,519 ). Tax has been provided on the uplift in value at the prevailing rate of 25% after taking account of any reliefs due The properties are all available for let as and when the agents find suitable tenants.
The directors have considered the value of the assets and are satisfied that the aggregate value of fixed assets is not less than the aggregate amount in the balance sheet. The assets excluding the investment properties are held at cost less depreciation.
16. Investments
Group
Shares in group undertakings
£
Cost
At 1 April 2023
1,018,522
Disposals
( 1,018,522)
------------
At 31 March 2024
------------
Impairment
At 1 April 2023
1,018,522
Disposals
( 1,018,522)
------------
At 31 March 2024
------------
Carrying amount
At 31 March 2024
------------
At 31 March 2023
------------
Company
Shares in group undertakings
£
Cost
At 1 April 2023
5,528,033
Additions
400
Disposals
( 1,018,522)
------------
At 31 March 2024
4,509,911
------------
Impairment
At 1 April 2023
1,018,522
Disposals
( 1,018,522)
------------
At 31 March 2024
------------
Carrying amount
At 31 March 2024
4,509,911
------------
At 31 March 2023
4,509,511
------------
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Old Chalford Estate Limited
Ordinary
100
Leda Group Holdings Limited
Ordinary
100
Leda Holiday Lets Limited
Ordinary
100
Sutton Courtenay Tyres Limited
Ordinary
100
Tyre Sales Abingdon Limited
Ordinary
100
The results and capital and reserves for group undertakings not included in the consolidated financial statements are as follows:
Capital and reserves
Profit/(loss) for the year
2024
2023
2024
2023
£
£
£
£
Subsidiary undertakings
Old Chalford Estate Limited
3,466,175
3,466,175
Leda Group Holdings Limited
100
Leda Holiday Lets Limited
100
Sutton Courtenay Tyres Limited
100
Tyre Sales Abingdon Limited
100
------------
------------
----
----
17. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Growing crops and tillages
600,793
1,069,958
600,793
1,069,958
Grain and garage stocks
349,125
197,827
349,125
197,827
Land held for development
1,235,190
1,450,149
1,235,190
1,450,149
Livestock
3,359
3,359
------------
------------
------------
------------
2,185,108
2,721,293
2,185,108
2,721,293
------------
------------
------------
------------
18. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
718,169
931,803
718,169
931,803
Amounts owed by group undertakings
5,765,312
5,765,312
Directors loan account
71,705
209,670
71,705
209,670
Other debtors
595,542
615,863
595,470
615,791
------------
------------
------------
------------
1,385,416
1,757,336
7,150,656
7,522,576
------------
------------
------------
------------
Included in debtors is £5,770,583 due after one year (2023: £5,769,990).
19. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
5,644,163
5,027,376
5,644,163
5,027,376
Trade creditors
941,415
774,819
941,415
774,818
Amounts owed to group undertakings
400
400
Amounts owed to undertakings in which the company has a participating interest
82,478
15,383
82,478
15,383
Accruals and deferred income
1,002,326
843,659
1,002,326
843,659
Corporation tax
1,346,572
1,140,177
1,346,572
1,140,177
Social security and other taxes
23,743
26,933
23,743
26,933
Other creditors
948,032
874,826
948,032
874,826
------------
------------
------------
------------
9,989,129
8,703,173
9,989,129
8,703,172
------------
------------
------------
------------
Bank loans and overdrafts amounting to £5,644,163 (2023: £5,027,376) are secured by a fixed charge on properties owned by Leda Properties Limited at Breach Farm Crawley, Station Road Culham and Fox Meadow Farm and a floating charge on the other assets of the company.
20. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
18,511,102
18,511,102
Other creditors
7,460,623
7,460,623
7,460,623
7,460,623
------------
-------------
------------
-------------
7,460,623
25,971,725
7,460,623
25,971,725
------------
-------------
------------
-------------
Bank loans and overdrafts amounting to £Nil (2023: £18,511,102) are secured by a fixed charge on properties owned by Leda Properties Limited at Breach Farm Crawley, Station Road Culham and Fox Meadow Farm and a floating charge on the other assets of the company.
Other creditors due after more than 5 years are on a rolling 5 year basis. Interest is charged at a rate between 2% and 2.25% APR.
Amounts owed to a supplier in respect of an ongoing promotional agreement are secured by a fixed charge over assets owned by the company, included within Land & Buildings, with a carrying value of £580,600 at 31st March 2024 (2023: £580,600).
21. Provisions
Group
Deferred tax (note 22)
£
At 1 April 2023
4,745,995
Charge against provision
( 50,818)
------------
At 31 March 2024
4,695,177
------------
Company
Deferred tax (note 22)
£
At 1 April 2023
3,727,410
Charge against provision
( 50,818)
------------
At 31 March 2024
3,676,592
------------
22. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 21)
4,695,177
4,745,995
3,676,592
3,727,410
------------
------------
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
173,722
136,648
173,722
136,648
Revaluation of tangible assets
4,521,455
4,609,347
3,502,870
3,590,762
------------
------------
------------
------------
4,695,177
4,745,995
3,676,592
3,727,410
------------
------------
------------
------------
23. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 24,431 (2023: £ 32,200 ).
24. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
70
70
70
70
----
----
----
----
25. Reserves
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses including the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.
26. Fair value reserve
The following movements on the fair value reserve are included within other reserves, including the fair value reserve in the statement of changes in equity:
Group
Company
2024
2023
2024
2023
£
£
£
£
At start of year
10,772,285
11,634,068
10,772,285
11,634,068
Reclassification from fair value reserve to profit and loss account
3,680,325
(861,783)
3,680,325
(861,783)
-------------
-------------
-------------
-------------
At end of year
14,452,610
10,772,285
14,452,610
10,772,285
-------------
-------------
-------------
-------------
27. Analysis of changes in net debt
At 1 Apr 2023
Cash flows
At 31 Mar 2024
£
£
£
Cash at bank and in hand
5,810,872
(29,527)
5,781,345
Debt due within one year
(5,042,759)
(684,282)
(5,727,041)
Debt due after one year
(25,971,725)
18,511,102
(7,460,623)
-------------
-------------
------------
( 25,203,612)
17,797,293
( 7,406,319)
-------------
-------------
------------
Included in Debt due after one year is £7,460,623 due after more than 5 years. (2023: £7,460,623)
28. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Later than 1 year and not later than 5 years
43,333
69,333
43,333
69,333
--------
--------
--------
--------
Leda Properties Limited
Notes to the Financial Statements (continued)
Year ended 31 March 2024
29. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:
2024
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr A Basson
209,670
( 137,965)
71,705
Mr M Basson
---------
---------
--------
209,670
( 137,965)
71,705
---------
---------
--------
2023
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr A Basson
362,942
( 153,272)
209,670
Mr M Basson
473,089
( 473,089)
---------
---------
---------
836,031
( 626,361)
209,670
---------
---------
---------
Interest is charged at the official rate on overdrawn director balances. Mr A Basson died on 27 October 2023. His outstanding loan balance will be settled upon grant of probate.
30. Related party transactions
Group
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the group was £ 262,000 (2023: £ 231,000 ) .
Company
The Company was under the control of its director for the year, Mr A Basson , who owned 92.86% (2023: 92.86%)of the issued share capital until his death on 27th October 2023. There was no controlling party from this date to the year end. An associated Company part-owned by the shareholders occupied land under a farm tenancy agreement throughout the period at an annual rental charge of £12,000 (2023: £12,000). The Company owes an associated entity, a pension scheme for the benefit of its former directors, £7,460,623 (2023: £7,460,623) in respect of a loan made. Interest of £144,046 (2023: £144,046) was charged in the year by the associated entity. In addition there was a trade debt of £9,894 (2023: £70,185) due from the same associated company in respect of property management charges totalling £377,226 (2023: £366,974). An associated company part owned by one of the directors, occupied land under a lease throughout the period at an annual rental charge of £5,280 (2023: £5,280). During the year the Company occupied rent free garage premises owned by its shareholders. A subsidiary company owed Leda Properties Limited £5,765,312 at the year end (2023: £5,765,312).
31. Controlling party
The ultimate controlling party at the start of the year was Mr A Basson . Following his death during the year, there is now no ultimate controlling party.