Company registration number 02404006 (England and Wales)
L. BATLEY HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
L. BATLEY HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 11
L. BATLEY HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
750
1,050
Investment properties
4
8,268,000
8,268,000
Investments
5
38,339,671
38,747,503
46,608,421
47,016,553
Current assets
Debtors falling due after more than one year
6
360,000
360,000
Debtors falling due within one year
6
1,284,893
2,189,644
Cash at bank and in hand
341,986
927,453
1,986,879
3,477,097
Creditors: amounts falling due within one year
7
(10,005,374)
(11,610,648)
Net current liabilities
(8,018,495)
(8,133,551)
Total assets less current liabilities
38,589,926
38,883,002
Provisions for liabilities
8
(4,603)
Net assets
38,585,323
38,883,002
Capital and reserves
Called up share capital
829,910
829,910
Share premium account
14,783,200
14,783,200
Non distributable reserve
3,797,581
1,271,691
Capital redemption reserve
113,730
113,730
Other reserves
51,553
51,553
Profit and loss reserves
19,009,349
21,832,918
Total equity
38,585,323
38,883,002
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 January 2025 and are signed on its behalf by:
Mr S T Bullock
Director
Company Registration No. 02404006
L. BATLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
L. Batley Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Boston House Room F2, 214 High Street, Boston Spa, Wetherby, LS23 6AD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
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 continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
The company recognises within turnover the interest, investment and rental income it has received from its core activities from holding strategic investments.
Dividend income from investments is recognised when the shareholder's right to receive payment has been established.
Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis.
Rental income from the investment properties is recognised when the company's right to receive payment has been established, and is accrued on a time basis.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10% straight line
Fixtures, fittings & equipment
10% straight line
Computer equipment
20% straight line
L. BATLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
Investment properties are periodically valued by Chartered Surveyors on an existing use open market value basis, and in the intervening years their valuations are assessed by the directors.
Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years. Although this accounting policy is in accordance with the applicable Financial Reporting Standard, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise be charged cannot be separately identified or quantified.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured 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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
Fixed asset investments are initially measured at transaction price and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in the profit and loss account.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
L. BATLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
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. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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
Basic financial assets, which include debtors 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
L. BATLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
L. BATLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:-
2024
2023
Number
Number
Total
6
6
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023 and 30 April 2024
30,326
Depreciation and impairment
At 1 May 2023
29,276
Depreciation charged in the year
300
At 30 April 2024
29,576
Carrying amount
At 30 April 2024
750
At 30 April 2023
1,050
4
Investment property
2024
£
Fair value
At 1 May 2023 and 30 April 2024
8,268,000
L. BATLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
4
Investment property
(Continued)
- 7 -
The investment properties were valued on an open market basis by a firm of independent professional valuers in March 2022, and this valuation has been incorporated in these accounts. The directors consider that these values continue to represent a fair valuation of the respective properties at 30 April 2024.
5
Fixed asset investments
2024
2023
£
£
Investments
33,204,453
33,612,285
Other investments
5,135,218
5,135,218
38,339,671
38,747,503
L. BATLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
5
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Other
Total
£
£
£
£
Cost or valuation
At 1 May 2023
163,540
33,612,285
5,135,218
38,911,043
Additions
-
14,106,062
-
14,106,062
Valuation changes
-
2,350,358
-
2,350,358
Provision for shares in group undertakings
(163,540)
-
-
(163,540)
Disposals
-
(16,864,252)
-
(16,864,252)
At 30 April 2024
-
33,204,453
5,135,218
38,339,671
Carrying amount
At 30 April 2024
-
33,204,453
5,135,218
38,339,671
At 30 April 2023
-
33,612,285
5,135,218
38,747,503
Fixed asset investments consist of listed investments amounting to £31,197,618 (2023 - £31,821,964) and unlisted investments amounting to £2,006,835 (2023 - £1,790,321), which are stated in the accounts at their fair value.
The listed investments are stated at their mid-market price as at the balance sheet date. On a historical cost basis these would have been included at an original cost of £27,345,670 (2023 - £30,432.446).
The unlisted investments are stated at fair value, being their current value by independent professional valuers at the balance sheet date. On a historical cost basis these would have been included at an original cost of £2,061,202 (2023 - £1,908,148).
Shares in group undertakings are stated at their amortised cost.
Other investments includes:
Investment in the share capital of Bloc Ventures Limited, a company that invests in early stage tech companies, amounting to £4,564,721 (2023 - £4,564,721).
Investment in YellowDog Limited, an IT company, of £150,002 (2023 - £150,002), consisting of £100,002 invested in ordinary shares and a further investment of £50,000 in the form of convertible loan notes which were converted to ordinary A shares in October 2023.
Investment in Fomtech Limited ordinary shares, an IT company, of £420,495 (2023 - £420,495).
L Batley Holdings Limited owns 100% of the share capital of £13,540 of Lacetrend Limited which has been fully provided against in previous years. The company also owns 50% of the share capital of LaRock Construction Limited, an investment which originally cost £150,000, and against which a full provision has been made in previous years.
L. BATLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,717
6,871
Amounts owed by related parties
654,633
542,105
Other debtors
620,543
1,640,668
1,284,893
2,189,644
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by related parties
360,000
360,000
Total debtors
1,644,893
2,549,644
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9,672,026
11,287,400
Taxation and social security
159,017
149,362
Other creditors
174,331
173,886
10,005,374
11,610,648
A short term loan from Lombard Odier (Europe) S.A has been taken. Movements on the loan account have resulted in a balance owed at the year end amounting to £4,500,000 (2023 £5,287,400), and this will fall due for repayment on 1 March 2025.
The loan currently bears interest at a rate of 6.22% at 30 April 2024 and is secured on the company's portfolio of investments held with and managed by Lombard Odier (Europe) S.A.
A further Lombard Lending Overdraft account has been taken out via Coutts investment company. The balance outstanding at 30 April 2024 amounted to £5,172,026 (2023: £6,000,000).
The loan bears interest at a rate of 6.24% and is secured on the company's portfolio of investments held with and managed by Coutts.
L. BATLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Revaluations
4,603
-
2024
Movements in the year:
£
Liability at 1 May 2023
-
Charge to profit or loss
4,603
Liability at 30 April 2024
4,603
The liability to deferred taxation at 30 April 2024 arises due to the increased unrealised gains in respect of the fixed asset investments and investment properties exceeding the amount of the capital losses carried forward at 30 April 2024, (2023 -Capital losses carried forward exceeded the revaluation balance).
At 30 April 2024 a deferred tax asset of £1,852,758 arising mainly on the available management expenses carried forward referred to at note 4 to the accounts has not been recognised, (2023 £2,315,553 arising mainly on available capital losses and management expenses carried forward)
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
11,495
11,495
L. BATLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
10
Related party transactions
At the balance sheet date, a connected company, The Lawrance (Hotel Living) Limited owed the company an amount of £654,633 (2023 - £542,113) on current account, in addition to the loan of £360,000 (2023-£360,000) referred to in note 8 of the accounts.
Interest received in the year included in these accounts in respect of the loan to The Lawrance (Hotel Living) Limited amounted to £25,587 (2023 - £19,396).
The Director's loan accounts for Mr R J Bullock and Mr S T Bullock were both overdrawn at the 30 April 2023. They were both repaid in full on 18 September 2023, and have remained in credit or as zero balances since that date.
11
Parent company
The company is a subsidiary of LBH (2012) Limited, the ultimate parent company.
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