Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-31002393772024-03-31false442023-04-01falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00239377 2023-04-01 2024-03-31 00239377 2022-04-01 2023-03-31 00239377 2024-03-31 00239377 2023-03-31 00239377 2022-04-01 00239377 c:Director1 2023-04-01 2024-03-31 00239377 d:FurnitureFittings 2023-04-01 2024-03-31 00239377 d:FurnitureFittings 2024-03-31 00239377 d:FurnitureFittings 2023-03-31 00239377 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00239377 d:FreeholdInvestmentProperty 2024-03-31 00239377 d:FreeholdInvestmentProperty 2023-03-31 00239377 d:FreeholdInvestmentProperty 4 2023-04-01 2024-03-31 00239377 d:CurrentFinancialInstruments 2024-03-31 00239377 d:CurrentFinancialInstruments 2023-03-31 00239377 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 00239377 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00239377 d:ShareCapital 2024-03-31 00239377 d:ShareCapital 2023-03-31 00239377 d:RevaluationReserve 2023-04-01 2024-03-31 00239377 d:RevaluationReserve 2024-03-31 00239377 d:RevaluationReserve 2023-03-31 00239377 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 00239377 d:RetainedEarningsAccumulatedLosses 2024-03-31 00239377 d:RetainedEarningsAccumulatedLosses 2023-03-31 00239377 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 00239377 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 00239377 c:OrdinaryShareClass1 2023-04-01 2024-03-31 00239377 c:OrdinaryShareClass1 2024-03-31 00239377 c:OrdinaryShareClass1 2023-03-31 00239377 c:FRS102 2023-04-01 2024-03-31 00239377 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 00239377 c:FullAccounts 2023-04-01 2024-03-31 00239377 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00239377 d:Subsidiary1 2023-04-01 2024-03-31 00239377 d:Subsidiary1 1 2023-04-01 2024-03-31 00239377 2 2023-04-01 2024-03-31 00239377 4 2023-04-01 2024-03-31 00239377 5 2023-04-01 2024-03-31 00239377 6 2023-04-01 2024-03-31 00239377 f:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure



















Leeds Properties Limited

Registered number: 00239377
Information for filing with the Registrar
For the year ended 31 March 2024

 
 00239377
31 March 2024
LEEDS PROPERTIES LIMITED
REGISTERED NUMBER: 00239377

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
41,290
55,052

Investments
 5 
18,692,554
18,692,554

Investment property
 6 
7,301,469
6,801,469

  
26,035,313
25,549,075

Current assets
  

Debtors: amounts falling due within one year
 7 
220,316
23,515

Current asset investments
 8 
111,980
-

Cash at bank and in hand
 9 
155,956
52,642

  
488,252
76,157

Creditors: amounts falling due within one year
 10 
(1,021,914)
(267,515)

Net current liabilities
  
 
 
(533,662)
 
 
(191,358)

Total assets less current liabilities
  
25,501,651
25,357,717

  

Net assets
  
25,501,651
25,357,717


Capital and reserves
  

Called up share capital 
 12 
5,000
5,000

Revaluation reserve
 13 
2,615,672
2,543,773

Profit and loss account
 13 
22,880,979
22,808,944

  
25,501,651
25,357,717


- 1 -

 
 00239377
31 March 2024
LEEDS PROPERTIES LIMITED
REGISTERED NUMBER: 00239377
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 March 2025.




J Tishbi
Director

The notes on pages 3 to 13 form part of these financial statements.

- 2 -

 
 00239377
31 March 2024
LEEDS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Leeds Properties Limited ("the Company") is a private company, limited by shares, incorporated in England and Wales. The registered number 00239377. The registered office and principal place of business is 1 Ambassador Place, Stockport Road, Altrincham, WA15 8DB.
The Company's principal activity is property investment and property management. 
The functional currency of the Company is GBP £ Sterling rounded to the nearest pound.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

These financial statements have been presented in pound sterling which is the functional currency of the Company, and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

These financial statements have been prepared on the going concern basis.
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubt upon the Company's ability to continue as a going concern. The directors will pay liabilities as they fall due and fulfil negative reserves through the continued support of cash injections. On the basis of the above, the shareholders consider the Company to be a going concern for the foreseeable future. The Directors' have taken into consideration the Company’s own resources and projections.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Revenue comprises rent and ancillary property related income which is measured as the fair value of the consideration received or receivable, excluding value added tax.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

- 3 -

 
 00239377
31 March 2024
LEEDS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

No provision has been made for deferred tax on specific investment properties due to the following reasons:
 • These properties are intended to be held for long-term rental income and capital appreciation, with no immediate intention of disposal.
 • It is the Company’s policy to recover the carrying amounts of these investment properties primarily through rental income rather than sale.

 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

- 4 -

 
 00239377
31 March 2024
LEEDS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.10

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

- 5 -

 
 00239377
31 March 2024
LEEDS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

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 in the Company's Statement of Financial Position 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

- 6 -

 
 00239377
31 March 2024
LEEDS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

- 7 -

 
 00239377
31 March 2024
LEEDS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Fixtures and fittings

£



Cost


At 1 April 2023
987,201



At 31 March 2024

987,201



Depreciation


At 1 April 2023
932,149


Charge for the period
13,762



At 31 March 2024

945,911



Net book value



At 31 March 2024
41,290



At 31 March 2023
55,052

- 8 -

 
 00239377
31 March 2024
LEEDS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 April 2023
48,818,360



At 31 March 2024

48,818,360



Impairment


At 1 April 2023 (As restated)
30,125,806



At 31 March 2024

30,125,806



Net book value



At 31 March 2024
18,692,554



At 31 March 2023 (As restated)
18,692,554


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Realty Estates Limited
130-140 Princess Road, Manchester, M16 7BY
Ordinary
50%

The Company is deemed to have significant control over Realty Estates Limited ("Realty") through 50% share ownership and a director of the Company holding the remaining 50% of shares.

- 9 -

 
 00239377
31 March 2024
LEEDS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
6,801,469


Transfers intra group
500,000



At 31 March 2024
7,301,469

The 2024 valuations were made by the director, on an open market value for existing use basis.







7.


Debtors

As restated
2024
2023
£
£


Trade debtors
6,094
-

Amounts owed from connected companies
144,352
15,977

Other debtors
6,980
-

Prepayments and accrued income
56,550
500

Deferred taxation
6,340
7,038

220,316
23,515


Included within other debtors is £6,980 (2023: £Nil) which relates to amounts owed by directors. Amounts owed by directors are interest free, unsecured and repayable on demand.
Amounts owed from connected companies are unsecured, interest free and repayable on demand.


8.


Current asset investments

2024
2023
£
£

Other investments
111,980
-


- 10 -

 
 00239377
31 March 2024
LEEDS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
155,956
52,642



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
23,709
4,226

Amounts owed to group undertakings
823,268
1,200

Corporation tax
51,803
66,222

Other taxation and social security
14,746
5,795

Other creditors
-
92,703

Accruals and deferred income
108,388
97,369

1,021,914
267,515


Included within other creditors is £Nil (2023: £92,222) which relates to amounts owed to directors.  Amounts owed to directors are interest free, unsecured and repayable on demand.
Amounts owed to group undertakings are interest free, unsecured and repayable on demand.

- 11 -

 
 00239377
31 March 2024
LEEDS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Deferred taxation




2024
2023


£

£






At beginning of year
7,038
7,845


Charged to profit or loss
(698)
(807)



At end of year
6,340
7,038

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
6,340
7,038

The accounting policy applied to investment properties aligns with FRS 102, which requires recognition of deferred tax unless recovery is not expected to occur through sale. Management has exercised judgment in determining that recovery through use is the primary intention for these properties. The Directors believe that the treatment of deferred tax in relation to these investment properties ensures that the financial statements provide a true and fair view of the Company’s financial performance and position.
If all revalued investment properties were to be sold at their revalued amounts, the deferred tax liability on the revaluation gains would amount to £245,726 as of the reporting date. This amount represents the estimated capital gains tax payable upon such hypothetical disposals.


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,000 (2023 - 5,000) Ordinary shares of £1.00 each
5,000
5,000



13.


Reserves

Revaluation reserve

The revaluation reserve represents cumulative gains recognised on the revaluation of investment property.

Profit and loss account

The profit & loss account represents the cumulative retained profits of the Company.

- 12 -

 
 00239377
31 March 2024
LEEDS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Prior year adjustment

A prior year adjustment has been posted to impair the investment in subsidiaries in order to more accurately reflect the net book value of the investment as at 31 March 2023. As a result prior year profit has decreased by £30,125,806.


15.


Related party transactions

During the year the Company made sales of £373,573 (2023: £369,424) and purchases of £30,522 (2023: £65,063) to Apex Self Storage Limited, a related party through directors in common. At the balance sheet date there was £144,352 owed by (2023: £110,401 owed to) Apex Self Storage Ltd.
During the year the Company made sales of £215,500 (2023: £Nil) and purchases of £208,098 (2023: £96,309) to a subsidiary company that is not 100% owned. The Company also purchased property from this subsidiary of £500,000. At the balance sheet date £823,268 (2023: £Nil) was owed to the subsidary.
At the balance sheet date there was £6,980 owed by (2023: £92,222 owed to) the directors of the Company.

 
- 13 -