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REGISTERED NUMBER: 05639292















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

LEONARD CURTIS OFFSHORE LIMITED

PREVIOUSLY KNOWN AS
LEONARD CURTIS LIMITED

LEONARD CURTIS OFFSHORE LIMITED (REGISTERED NUMBER: 05639292)
PREVIOUSLY KNOWN AS LEONARD CURTIS 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

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


LEONARD CURTIS OFFSHORE LIMITED
PREVIOUSLY KNOWN AS LEONARD CURTIS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: A Poxon
A D Cadwallader
D J Booth
M J Wright



REGISTERED OFFICE: Riverside House
Irwell Street
Manchester
M3 5EN



REGISTERED NUMBER: 05639292



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 OFFSHORE LIMITED (REGISTERED NUMBER: 05639292)
PREVIOUSLY KNOWN AS LEONARD CURTIS LIMITED

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their strategic report 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
Following the year end, the trade of the company was hived up into its parent company. The company was then repurposed as part of a group restructure and consequently continues to trade as a going concern.

ON BEHALF OF THE BOARD:





D J Booth - Director


27 January 2025

LEONARD CURTIS OFFSHORE LIMITED (REGISTERED NUMBER: 05639292)
PREVIOUSLY KNOWN AS LEONARD CURTIS 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 7 May 2024 changing its name from leonard Curtis Limited to Leonard Curtis Offshore Limited.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of insolvency practitioners.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2024 is £320,000.

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
A D Cadwallader
D J Booth

Other changes in directors holding office are as follows:

M J Wright was appointed as a director after 30 April 2024 but prior to the date of this 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.

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.

LEONARD CURTIS OFFSHORE LIMITED (REGISTERED NUMBER: 05639292)
PREVIOUSLY KNOWN AS LEONARD CURTIS LIMITED

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


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 OFFSHORE LIMITED


Opinion
We have audited the financial statements of Leonard Curtis Offshore Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other 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 OFFSHORE 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 OFFSHORE 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.
- 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 OFFSHORE 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 OFFSHORE LIMITED (REGISTERED NUMBER: 05639292)
PREVIOUSLY KNOWN AS LEONARD CURTIS LIMITED

INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

TURNOVER 4,669,658 4,499,157

Cost of sales (294,785 ) (236,055 )
GROSS PROFIT 4,374,873 4,263,102

Administrative expenses (3,759,575 ) (3,433,548 )
615,298 829,554

Other operating income 889 -
OPERATING PROFIT 5 616,187 829,554

Income from fixed asset investments 2,000,000 2,305,000
Interest receivable and similar income 997 691
2,617,184 3,135,245

Interest payable and similar expenses 6 (113,049 ) (135,470 )
PROFIT BEFORE TAXATION 2,504,135 2,999,775

Tax on profit 7 (181,874 ) (178,582 )
PROFIT FOR THE FINANCIAL YEAR 2,322,261 2,821,193

LEONARD CURTIS OFFSHORE LIMITED (REGISTERED NUMBER: 05639292)
PREVIOUSLY KNOWN AS LEONARD CURTIS LIMITED

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 2,322,261 2,821,193


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,322,261
Prior year adjustment (46,830 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

2,774,363

LEONARD CURTIS OFFSHORE LIMITED (REGISTERED NUMBER: 05639292)
PREVIOUSLY KNOWN AS LEONARD CURTIS LIMITED

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 60,362 41,164
Investments 11 4,552,792 4,202,692
4,613,154 4,243,856

CURRENT ASSETS
Debtors 12 3,656,260 2,832,546
Cash at bank and in hand 95,663 12,542
3,751,923 2,845,088
CREDITORS
Amounts falling due within one year 13 2,075,138 1,780,250
NET CURRENT ASSETS 1,676,785 1,064,838
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,289,939

5,308,694

CREDITORS
Amounts falling due after more than one
year

14

-

(1,027,016

)

PROVISIONS FOR LIABILITIES 17 (14,045 ) (8,045 )
NET ASSETS 6,275,894 4,273,633

CAPITAL AND RESERVES
Called up share capital 18 100,000 100,000
Retained earnings 19 6,175,894 4,173,633
SHAREHOLDERS' FUNDS 6,275,894 4,273,633

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 OFFSHORE LIMITED (REGISTERED NUMBER: 05639292)
PREVIOUSLY KNOWN AS LEONARD CURTIS LIMITED

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 100,000 2,574,270 2,674,270
Prior year adjustment - (46,830 ) (46,830 )
As restated 100,000 2,527,440 2,627,440

Changes in equity
Dividends - (1,175,000 ) (1,175,000 )
Total comprehensive income - 2,821,193 2,821,193
Balance at 30 April 2023 100,000 4,173,633 4,273,633

Changes in equity
Dividends - (320,000 ) (320,000 )
Total comprehensive income - 2,322,261 2,322,261
Balance at 30 April 2024 100,000 6,175,894 6,275,894

LEONARD CURTIS OFFSHORE LIMITED (REGISTERED NUMBER: 05639292)
PREVIOUSLY KNOWN AS LEONARD CURTIS LIMITED

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


1. STATUTORY INFORMATION

Leonard Curtis Limited is a private company limited by shares, incorporated in England and Wales. The company's registered number is 05639292 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 financial statements represent the results of the individual entity. The functional and presentation currency is £ sterling.

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 Offshore 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 period, 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 within 'Debtors'.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, was being amortised evenly over its useful economic life of fifteen years. During 2011 an assessment of the useful economic life of this goodwill was made and the amount was then amortised over 5 years from 30 April 2011. Goodwill was fully amortised as at 30 April 2016.

LEONARD CURTIS OFFSHORE LIMITED (REGISTERED NUMBER: 05639292)
PREVIOUSLY KNOWN AS LEONARD CURTIS 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.
Fixtures, fittings and office equipment - 15% on reducing balance
Computer equipment - 33% on cost

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, preference shares 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 OFFSHORE LIMITED (REGISTERED NUMBER: 05639292)
PREVIOUSLY KNOWN AS LEONARD CURTIS 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 Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

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

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.

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.

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 OFFSHORE LIMITED (REGISTERED NUMBER: 05639292)
PREVIOUSLY KNOWN AS LEONARD CURTIS 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
The directors 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. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,202,651 2,053,307
Social security costs 250,976 251,696
Other pension costs 104,232 78,271
2,557,859 2,383,274

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

Employees 28 28
Directors 3 3
31 31

2024 2023
£    £   
Directors' remuneration 297,182 280,157
Directors' pension contributions to money purchase schemes 14,323 13,458

LEONARD CURTIS OFFSHORE LIMITED (REGISTERED NUMBER: 05639292)
PREVIOUSLY KNOWN AS LEONARD CURTIS LIMITED

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


4. EMPLOYEES AND DIRECTORS - continued

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

Money purchase schemes 1 1

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 297,182 280,157
Pension contributions to money purchase schemes 14,323 13,458

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 11,368 6,976
Auditors' remuneration 10,285 10,200

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Finance cost 75,549 97,970
Preference share dividend 37,500 37,500
113,049 135,470

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 175,874 179,942

Deferred tax 6,000 (1,360 )
Tax on profit 181,874 178,582

LEONARD CURTIS OFFSHORE LIMITED (REGISTERED NUMBER: 05639292)
PREVIOUSLY KNOWN AS LEONARD CURTIS LIMITED

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


7. TAXATION - continued

Reconciliation of total tax charge 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 2,504,135 2,999,775
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19.493%)

626,034

584,746

Effects of:
Expenses not deductible for tax purposes 54,777 44,610
Income not taxable for tax purposes (500,000 ) (449,317 )
Capital allowances in excess of depreciation (4,937 ) (97 )
Deferred tax movement 6,000 (1,360 )
Total tax charge 181,874 178,582

8. DIVIDENDS
2024 2023
£    £   
A Ordinary shares of £1 each
Interim 320,000 1,175,000

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 1,057,317
AMORTISATION
At 1 May 2023
and 30 April 2024 1,057,317
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

LEONARD CURTIS OFFSHORE LIMITED (REGISTERED NUMBER: 05639292)
PREVIOUSLY KNOWN AS LEONARD CURTIS LIMITED

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


10. TANGIBLE FIXED ASSETS
Fixtures,
fittings
and
office Computer
equipment equipment Totals
£    £    £   
COST
At 1 May 2023 134,407 31,871 166,278
Additions 2,924 27,642 30,566
At 30 April 2024 137,331 59,513 196,844
DEPRECIATION
At 1 May 2023 102,228 22,886 125,114
Charge for year 4,946 6,422 11,368
At 30 April 2024 107,174 29,308 136,482
NET BOOK VALUE
At 30 April 2024 30,157 30,205 60,362
At 30 April 2023 32,179 8,985 41,164

11. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 May 2023 4,202,692
Additions 350,100
At 30 April 2024 4,552,792
NET BOOK VALUE
At 30 April 2024 4,552,792
At 30 April 2023 4,202,692

LEONARD CURTIS OFFSHORE LIMITED (REGISTERED NUMBER: 05639292)
PREVIOUSLY KNOWN AS LEONARD CURTIS LIMITED

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


11. FIXED ASSET INVESTMENTS - continued

Additions to company's fixed asset investments in the current year represent the resolution of the actual deferred consideration payments made.

Leonard Curtis C.I. Limited

The company owns 100% of the share capital of Leonard Curtis C.I. Limited, a company trading as insolvency practitioners incorporated in Guernsey.

The registered office of this company is Suite 3, Richmond House, Ann's Place, St Peter Port, Guernsey, GY1 2NU.

Leonard Curtis South Coast Limited

On 12 November 2021, the company acquired 100% of the share capital in Portland Business & Financial Solutions Limited, a company trading as insolvency practitioners based in Hampshire. On 31 October 2022 the company changed it's name to Leonard Curtis South Coast 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 South Coast Limited were transferred to another group company. There is currently no intention to recommence trading from the company.

Leonard Curtis Jersey Limited

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.

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 555,037 1,116,841
Unbilled revenue 3,002,885 1,506,969
Amounts owed by group undertakings 19,175 30,630
Other debtors 12,280 16,030
Prepayments and accrued income 66,883 162,076
3,656,260 2,832,546

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 44,240 135,057
Amounts owed to group undertakings 288,872 33,860
Corporation tax 204,759 105,890
Social security and other taxes 193,420 425,815
Other creditors 1,195,798 911,174
Accruals 148,049 168,454
2,075,138 1,780,250

LEONARD CURTIS OFFSHORE LIMITED (REGISTERED NUMBER: 05639292)
PREVIOUSLY KNOWN AS LEONARD CURTIS LIMITED

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


14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Preference shares (see note 15) - 250,000
Other creditors - 777,016
- 1,027,016

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due between two and five years:
Preference shares - 250,000

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
250,000 Preference £1 - 250,000

The 250,000 £1 preference shares may be redeemed by the company at any time, and all accrued dividends must be settled before dividends are payable to ordinary shareholders.

During the year the preference shares were redeemed by the holding company.

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 207,400 -
Between one and five years 189,742 -
397,142 -

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 14,045 8,045

LEONARD CURTIS OFFSHORE LIMITED (REGISTERED NUMBER: 05639292)
PREVIOUSLY KNOWN AS LEONARD CURTIS LIMITED

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


17. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 May 2023 8,045
Provided during year 6,000
Movement in the year
Balance at 30 April 2024 14,045

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
value:


2016


2015
£    £   
100,000 Ordinary £1 100,000 100,000
100,000 100,000

19. RESERVES
Retained
earnings
£   

At 1 May 2023 4,173,633
Profit for the year 2,322,261
Dividends (320,000 )
At 30 April 2024 6,175,894

20. ULTIMATE PARENT COMPANY

The company's immediate parent company is Leonard Curtis Recovery Limited and its ultimate parent company is LCBSG Limited. Copies of the consolidated financial statements of LCBSG Limited can be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

21. CONTINGENT LIABILITIES

The company has entered into a cross guarantee with LCBSG Limited, Leonard Curtis Recovery 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 2024 an amount of £412,474 was owed by group companies to the bank (2023: £nil).

LEONARD CURTIS OFFSHORE LIMITED (REGISTERED NUMBER: 05639292)
PREVIOUSLY KNOWN AS LEONARD CURTIS LIMITED

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


22. GUARANTEES AND OTHER FINANCIAL COMMITMENTS

The company had total commitments under non-cancellable operating leases over the remaining life of those leases as follows:


20242023
Payable within one year£207,400£207,400
Payable after one year but within five years£189,742£397,142
£397,142£604,542


The company operates a defined contribution pension scheme. During the year the company contributed £104,232 (2023: £78,271).

Creditors include £7,523 (2023: £6,494) 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.

24. ULTIMATE CONTROLLING PARTY

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

The smallest and largest group of which Leonard Curtis 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.