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REGISTERED NUMBER: 04200476















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

LEONARD CURTIS (UK) LIMITED

PREVIOUSLY KNOWN AS
LEONARD CURTIS RECOVERY LIMITED

LEONARD CURTIS (UK) LIMITED (REGISTERED NUMBER: 04200476)
PREVIOUSLY KNOWN AS LEONARD CURTIS RECOVERY LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Profit and Loss Account 9

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


LEONARD CURTIS (UK) LIMITED
PREVIOUSLY KNOWN AS LEONARD CURTIS RECOVERY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: A Poxon
D J Booth
P Birks
D O Brown
A D Cadwallader



REGISTERED OFFICE: Riverside House
Irwell Street
Manchester
M3 5EN



REGISTERED NUMBER: 04200476



AUDITORS: Harold Sharp Limited
Statutory Auditors and Chartered Accountants
5 Brooklands Place
Brooklands Road
Sale
Cheshire
M33 3SD



BANKERS: National Westminster Bank Plc
Spinningfields Square
182 Deansgate
Manchester
M3 3LY

LEONARD CURTIS (UK) LIMITED (REGISTERED NUMBER: 04200476)
PREVIOUSLY KNOWN AS LEONARD CURTIS RECOVERY LIMITED

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their strategic report on the company for the year ended 30 April 2024.

REVIEW OF BUSINESS
The nature of the business is to provide insolvency services and advice to a wide range of businesses who are struggling financially and who require assistance in these matters.

The company saw a slight increase in turnover during the year, this was impacted by continuing low levels of insolvencies compared to pre-pandemic levels. The company however continued to hold its market share across the UK and is well placed to take advantage of the expected increase in insolvencies in the future with the end of the government schemes and rise in energy prices.

The company had invested significantly in the staff cost base going into the pandemic and maintained these staffing levels through the quiet period, in anticipation of high volumes of work in coming years.

At the balance sheet date, the company retained sufficient resources to maintain the current level of activities expected.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the nature of the company's strategy are subject to a number of risks. The directors are of the opinion however that current processes and plans in place mitigate such risks significantly. In overview, the key issues subject to ongoing assessment include;

- Keeping and developing key staff
- Constantly developing service lines to meet the needs of the market
- Competitor actions in terms of hiring the best staff, their market approach and related service lines
- Suitable and appropriate financing to allow the group to achieve its long-term goals and the identified growth opportunities.

FINANCIAL INSTRUMENTS
The company has recently negotiated a new bank facility and due to ongoing generation of cash flow from operating activities the facility is used at a very manageable level, and the company's exposure to interest rate risk on bank borrowing is considered to be low.

FUTURE DEVELOPMENTS
The company continues to seek to grow its market share by way of geographical expansion and by providing new and innovative services to businesses in financial distress.

ON BEHALF OF THE BOARD:





D J Booth - Director


27 January 2025

LEONARD CURTIS (UK) LIMITED (REGISTERED NUMBER: 04200476)
PREVIOUSLY KNOWN AS LEONARD CURTIS RECOVERY LIMITED

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their report with the financial statements of the company for the year ended 30 April 2024.

CHANGE OF NAME
The company passed a special resolution on 1 May 2024 changing its name from Leonard Curtis Recovery Limited to Leonard Curtis (UK) Limited.

DIVIDENDS
No dividends will be distributed for the year ended 30 April 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

A Poxon
D J Booth
P Birks

Other changes in directors holding office are as follows:

J F Mercer - resigned 30 November 2023
M J Colman - resigned 30 November 2023
D O Brown - appointed 30 November 2023

A D Cadwallader was appointed as a director after 30 April 2024 but prior to the date of this report.

DIRECTORS' INDEMNITIES
The company has made qualifying third-party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen to set out information in respect of financial instruments and future developments in its strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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.

LEONARD CURTIS (UK) LIMITED (REGISTERED NUMBER: 04200476)
PREVIOUSLY KNOWN AS LEONARD CURTIS RECOVERY LIMITED

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Harold Sharp Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D J Booth - Director


27 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE SHAREHOLDERS OF
LEONARD CURTIS (UK) LIMITED


Opinion
We have audited the financial statements of Leonard Curtis (UK) Limited (the 'company') for the year ended 30 April 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 30 April 2024 and of its 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 company 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 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 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE SHAREHOLDERS OF
LEONARD CURTIS (UK) LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE SHAREHOLDERS OF
LEONARD CURTIS (UK) LIMITED


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:

As part of our planning process:
- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, health and safety, and employment law.
- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to unbilled revenue.
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entities ability to continue in operation.
- Testing key revenue lines, in particular cut-off, for evidence of management bias.
- Obtaining third-party confirmation of material bank balances.
- Documenting and verifying all significant related party and transactions.
- Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.

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 auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors and management.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE SHAREHOLDERS OF
LEONARD CURTIS (UK) LIMITED


Use of our report
This report is made solely to the company's shareholders, 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 shareholders 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 shareholders as a body, for our audit work, for this report, or for the opinions we have formed.




Frederick Norman (Senior Statutory Auditor)
for and on behalf of Harold Sharp Limited
Statutory Auditors and Chartered Accountants
5 Brooklands Place
Brooklands Road
Sale
Cheshire
M33 3SD

27 January 2025

LEONARD CURTIS (UK) LIMITED (REGISTERED NUMBER: 04200476)
PREVIOUSLY KNOWN AS LEONARD CURTIS RECOVERY LIMITED

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

TURNOVER 4 21,382,110 15,410,391

Cost of sales (1,810,833 ) (1,560,795 )
GROSS PROFIT 19,571,277 13,849,596

Administrative expenses (17,619,877 ) (15,130,879 )
1,951,400 (1,281,283 )

Other operating income - 66,768
OPERATING PROFIT/(LOSS) 7 1,951,400 (1,214,515 )

Income from fixed asset investments 1,007,500 1,912,500
Interest receivable and similar income 18,094 1,630
2,976,994 699,615

Interest payable and similar expenses 8 - (7,186 )
PROFIT BEFORE TAXATION 2,976,994 692,429

Tax on profit 9 (611,311 ) 44,407
PROFIT FOR THE FINANCIAL YEAR 2,365,683 736,836

LEONARD CURTIS (UK) LIMITED (REGISTERED NUMBER: 04200476)
PREVIOUSLY KNOWN AS LEONARD CURTIS RECOVERY LIMITED

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 2,365,683 736,836


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,365,683

736,836

LEONARD CURTIS (UK) LIMITED (REGISTERED NUMBER: 04200476)
PREVIOUSLY KNOWN AS LEONARD CURTIS RECOVERY LIMITED

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 551,715 534,655
Investments 12 3,702,287 3,575,213
4,254,002 4,109,868

CURRENT ASSETS
Debtors 13 14,459,830 11,607,366
Cash at bank and in hand 1,222,668 387,248
15,682,498 11,994,614
CREDITORS
Amounts falling due within one year 14 4,456,273 2,830,122
NET CURRENT ASSETS 11,226,225 9,164,492
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,480,227

13,274,360

CREDITORS
Amounts falling due after more than one
year

15

(312,269

)

(475,000

)

PROVISIONS FOR LIABILITIES 17 (98,340 ) (95,425 )
NET ASSETS 15,069,618 12,703,935

CAPITAL AND RESERVES
Called up share capital 18 10,077 10,077
Share premium 19 1,457,428 1,457,428
Capital redemption reserve 19 5,658 5,658
Retained earnings 19 13,596,455 11,230,772
SHAREHOLDERS' FUNDS 15,069,618 12,703,935

The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by:





D J Booth - Director


LEONARD CURTIS (UK) LIMITED (REGISTERED NUMBER: 04200476)
PREVIOUSLY KNOWN AS LEONARD CURTIS RECOVERY LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 May 2022 10,077 10,493,936 1,457,428 5,658 11,967,099

Changes in equity
Total comprehensive income - 736,836 - - 736,836
Balance at 30 April 2023 10,077 11,230,772 1,457,428 5,658 12,703,935

Changes in equity
Total comprehensive income - 2,365,683 - - 2,365,683
Balance at 30 April 2024 10,077 13,596,455 1,457,428 5,658 15,069,618

LEONARD CURTIS (UK) LIMITED (REGISTERED NUMBER: 04200476)
PREVIOUSLY KNOWN AS LEONARD CURTIS RECOVERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Leonard Curtis Recovery Limited is a private company limited by shares, incorporated in England and Wales. The company's registered number is 04200476 and registered office is Riverside House, Irwell Street, Manchester, M3 5EN.

2. ACCOUNTING POLICIES

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

The functional and presentation currency is £ sterling.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about Leonard Curtis (UK) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Project Hallelujah Bidco Limited, Riverside House, Irwell Street, Manchester, M3 5EN..

Revenue
Turnover represents amounts chargeable to clients for professional services provided during the year, inclusive of direct expenses incurred on client assignments but excluding value added tax. Turnover is recognised when a right to consideration has been obtained through performance on each assignment. Consideration accrues as activity progresses by reference to the value of the work performed. Turnover is not recognised where the right to receive payment is contingent on events outside the control of the company.

Unbilled revenue is included on the balance sheet as 'Debtors'.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, has been amortised evenly over its estimated useful life of ten years.

LEONARD CURTIS (UK) LIMITED (REGISTERED NUMBER: 04200476)
PREVIOUSLY KNOWN AS LEONARD CURTIS RECOVERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office furniture and equipment - 20% on cost and 15% on reducing balance
Computer equipment - 33% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the Company reviews the carrying amounts of its furniture and equipment to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company 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.

Basic financial assets, which include trade debtors, other debtors, unbilled revenue, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade creditors, other creditors and amounts owed to group undertakings, that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.


LEONARD CURTIS (UK) LIMITED (REGISTERED NUMBER: 04200476)
PREVIOUSLY KNOWN AS LEONARD CURTIS RECOVERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Pensions
The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the profit and loss account.

Fixed asset investments
Fixed asset investments are stated at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Hire purchase and leasing commitments
Rentals paid under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continues to adopt the going concern basis of accounting in preparing the financial statements.

LEONARD CURTIS (UK) LIMITED (REGISTERED NUMBER: 04200476)
PREVIOUSLY KNOWN AS LEONARD CURTIS RECOVERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Unbilled revenue
The directors make judgements as to whether the final outcome on long term assignments can be assessed with reasonable certainty before profits are calculated.

The directors also make judgements as to the amount of profit that is calculated on long term assignments such that it prudently reflects the proportion of the work carried out by the year end by recording turnover and related costs as contract activity progresses.

Trade debtors recoverability
Amounts recoverable on trade debtors are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. The directors make estimates as to the recoverability of these debts and provide for them accordingly.

Impairment of investment in subsidiaries
Management consider whether investments in subsidiaries are impaired on an annual basis. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash-generating units (CGUs). This requires estimation of the future cash flows from the CGUs.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Insolvency services and advice 21,382,110 15,410,391
21,382,110 15,410,391

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 10,835,831 9,236,322
Social security costs 1,091,047 1,069,844
Other pension costs 415,476 374,548
12,342,354 10,680,714

LEONARD CURTIS (UK) LIMITED (REGISTERED NUMBER: 04200476)
PREVIOUSLY KNOWN AS LEONARD CURTIS RECOVERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Directors 5 5
Management and Administration 184 171
189 176

6. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration 759,131 779,690
Directors' pension contributions to money purchase schemes 35,653 36,126

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 5

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 213,969 213,795
Pension contributions to money purchase schemes 9,219 9,220

7. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 300,080 291,363
Loss on disposal of fixed assets - 101
Auditors' remuneration 34,500 31,500
Operating leases - land and buildings 532,362 444,790
Operating leases - other 193,600 184,299

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other interest paid - 7,186

LEONARD CURTIS (UK) LIMITED (REGISTERED NUMBER: 04200476)
PREVIOUSLY KNOWN AS LEONARD CURTIS RECOVERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


9. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 608,396 -

Deferred tax 2,915 (44,407 )
Tax on profit 611,311 (44,407 )

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,976,994 692,429
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19.499%)

744,249

135,017

Effects of:
Expenses not deductible for tax purposes 119,992 83,275
Income not taxable for tax purposes (251,875 ) (372,807 )
Depreciation in excess of capital allowances 1,409 31,529
Deferred tax movement 2,915 (44,407 )
Group relief (5,379 ) 122,986

Total tax charge/(credit) 611,311 (44,407 )

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 27,718
AMORTISATION
At 1 May 2023
and 30 April 2024 27,718
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

LEONARD CURTIS (UK) LIMITED (REGISTERED NUMBER: 04200476)
PREVIOUSLY KNOWN AS LEONARD CURTIS RECOVERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


11. TANGIBLE FIXED ASSETS
Office
furniture
and Computer
equipment equipment Totals
£    £    £   
COST
At 1 May 2023 1,201,042 550,161 1,751,203
Additions 89,856 227,284 317,140
At 30 April 2024 1,290,898 777,445 2,068,343
DEPRECIATION
At 1 May 2023 828,947 387,601 1,216,548
Charge for year 192,398 107,682 300,080
At 30 April 2024 1,021,345 495,283 1,516,628
NET BOOK VALUE
At 30 April 2024 269,553 282,162 551,715
At 30 April 2023 372,095 162,560 534,655

12. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 May 2023 3,581,253
Additions 377,074
Disposals (250,000 )
At 30 April 2024 3,708,327
PROVISIONS
At 1 May 2023
and 30 April 2024 6,040
NET BOOK VALUE
At 30 April 2024 3,702,287
At 30 April 2023 3,575,213

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


Corporate Strategies plc
Registered office: Riverside House, Irwell Street, Manchester, M3 5EN
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

LEONARD CURTIS (UK) LIMITED (REGISTERED NUMBER: 04200476)
PREVIOUSLY KNOWN AS LEONARD CURTIS RECOVERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


12. FIXED ASSET INVESTMENTS - continued

LC Debt Solutions Limited
Registered office: Riverside House, Irwell Street, Manchester, M3 5EN
Nature of business: Personal Debt Management Solutions
%
Class of shares: holding
Ordinary 100.00

Leonard Curtis Limited
Registered office: Riverside House, Irwell Street, Manchester, M3 5EN
Nature of business: Insolvency Practitioners
%
Class of shares: holding
Ordinary 100.00
Preference 100.00

Leonard Curtis Limited owns the entire ordinary share capital of Leonard Curtis C.I. Limited, a Guernsey registered company which was incorporated on 18 February 2019. Leonard Curtis C.I. Limited are insolvency practitioners. The registered office of this company is Suite 3, Richmond House, Ann's Place, St Peter Port, Guernsey, GY1 2NU.

On 12 November 2021 Leonard Curtis Limited acquired the entire share capital of Portland Business & Financial Solutions Limited, a company registered in England & Wales which was incorporated on 24 August 1999.

Portland Business & Financial Solutions Limited are insolvency practitioners and on 31 October 2022 changed their name to Leonard Curtis South Coast Limited. The registered office of this company is Riverside House, Irwell Street, Manchester , M3 5EN.

On 8 June 2023, the company acquired 100% of the share capital in Leonard Curtis Jersey Limited, a company trading as insolvency practitioners incorporated in Jersey.

The registered office of this company is 2nd Floor, The Le Gallais Building, 54 Bath Street, St. Helier, Jersey, JE1 1FW.

L C Risk Management Ltd
Registered office: Riverside House, Irwell Street, Manchester, M3 5EN
Nature of business: Risk Assurance Services
%
Class of shares: holding
Ordinary 51.00

On 10th June 2022, Leonard Curtis Recovery Limited acquired one additional share in L C Risk Management Limited.

Reach Commercial Finance Limited
Registered office: Riverside House, Irwell Street, Manchester, M3 5EN
Nature of business: Finance Brokerage
%
Class of shares: holding
Ordinary 100.00

In addition, Reach Commercial Finance Limited owns the entire ordinary share capital of Pathstone Finance Limited.

LEONARD CURTIS (UK) LIMITED (REGISTERED NUMBER: 04200476)
PREVIOUSLY KNOWN AS LEONARD CURTIS RECOVERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


12. FIXED ASSET INVESTMENTS - continued

Leonard Curtis Legal Limited
Registered office: Riverside House, Irwell Street, Manchester, M3 5EN
Nature of business: Legal services
%
Class of shares: holding
Ordinary 100.00

On 23 August 2021, the company purchased the entire minority interest of Leonard Curtis Legal Limited taking the share holding from 74.90% to 100%.

Leonard Curtis Sheffield Limited
Registered office: Riverside House, Irwell Street, Salford, England, M3 5EN
Nature of business: Insolvency Practitioners
%
Class of shares: holding
Ordinary 100.00

On 01 March 2023, Leonard Curtis Recovery Limited acquired the entire shareholding of The Springs Partnership Limited, a company registered in England & Wales which was incorporated on 27 November 2015.

The Springs Partnership Limited are insolvency practitioners and on 18 May 2023 changed their name to Leonard Curtis Sheffield Limited. The registered office of this company is Riverside House, Irwell Street, Manchester, M3 5EN.

Following the year end, the trading activities of the Leonard Curtis Sheffield Limited were transferred to another group company. There is currently no intention to recommence trading from the company.

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,260,068 2,679,845
Unbilled revenue 10,820,541 7,643,868
Amounts owed by group undertakings 324,897 202,706
Other debtors 12,435 75,844
Tax - 190,710
Prepayments and accrued income 1,041,889 814,393
14,459,830 11,607,366

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 775,561 731,619
Amounts owed to group undertakings 657,392 574,083
Corporation tax 428,851 -
Social security and other taxes 781,148 522,199
Other creditors 555,915 308,396
Accruals 1,257,406 693,825
4,456,273 2,830,122

LEONARD CURTIS (UK) LIMITED (REGISTERED NUMBER: 04200476)
PREVIOUSLY KNOWN AS LEONARD CURTIS RECOVERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 312,269 475,000

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 612,727 594,885
Between one and five years 767,790 782,960
In more than five years 66,779 -
1,447,296 1,377,845

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 98,340 95,425

Deferred
tax
£   
Balance at 1 May 2023 95,425
Provided during year 2,915
Balance at 30 April 2024 98,340

The deferred tax liability calculated at the standard rate of corporation tax relates to an excess of capital allowances over related accumulated depreciation.The net reversal of the deferred tax liability in the next year is expected to be immaterial.

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,077 Ordinary £1 10,077 10,077

LEONARD CURTIS (UK) LIMITED (REGISTERED NUMBER: 04200476)
PREVIOUSLY KNOWN AS LEONARD CURTIS RECOVERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


19. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 May 2023 11,230,772 1,457,428 5,658 12,693,858
Profit for the year 2,365,683 - - 2,365,683
At 30 April 2024 13,596,455 1,457,428 5,658 15,059,541

20. ULTIMATE PARENT COMPANY

The company's immediate parent company is LCBSG Limited, whose registered office is Riverside House, Irwell Street, Manchester, M3 5EN.

The smallest and largest group of which Leonard Curtis Recovery Limited is a member and for which consolidated financial statements are prepared is Project Hallelujah Bidco Limited. Copies of the consolidated accounts can be obtained from Companies House, Cardiff.

The directors are of the opinion that there is no ultimate controlling party of Project Hallelujah Bidco Limited.

21. CONTINGENT LIABILITIES

The company has entered into a cross guarantee with LCBSG Limited, Leonard Curtis Limited, Reach Commercial Finance Limited, Leonard Curtis Legal Limited, Leonard Curtis C.I. Limited and LC Debt Solutions Limited in respect of bank borrowings. At 30 April 2023 an amount of £412,474 was owed by group companies to the bank (2023: £nil).

The company has guaranteed a lease entered into by Leonard Curtis Limited. The lease is for a period of ten years from 1 April 2016 and there is a break clause after five years. The annual rent is £206,500.

22. OTHER FINANCIAL COMMITMENTS

The company operates a defined contribution scheme. During the year the company contributed £415,476 (2023: £374,548).

Creditors include £33,087 (2023: £28,631) in respect of outstanding employer pension contributions at the year end.

23. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year the company purchased goods and services from the following companies in which one or more of the directors had a material interest.

L C Risk Management Ltd

Included as debtors falling due within one year is an amount of £91,110 (2023: £91,600) in respect of the net amount outstanding. During the year the company purchased services to the value of £30,000 (2023: £34,990) and sold services to the value of £12,000 (2023: £12,000).