Company Registration Number
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NEXUS LEEDS LIMITED
COMPANY INFORMATION
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NEXUS LEEDS LIMITED
CONTENTS
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NEXUS LEEDS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
The Directors present their Strategic Report for Nexus Leeds Limited (the "Company") for the year ended 31 July 2024.
The principal activity of the private limited company during the year was the provision of meeting facilities, event space, and serviced and co-working office accommodation, enabling industry to engage with the research expertise, capabilities, and infrastructure of the University of Leeds. The Company is a fully owned subsidiary of the University of Leeds.
Turnover for the year was £2,485,911 (2023: £2,296,457). The increase in turnover reflects price increases resulting from a combination of the recent high-inflation environment along with a change in commercial focus towards demand- and market-led pricing across all product types. The profit for the year, before taxation, was £135,608 (2023: £3,933). The increased profit is a result of continued stabilisation of energy prices, efficient expenditure controls, and both inflation- and market-driven sales price increases to align with Leeds City Centre commercial market rates for high-quality serviced office and lab space.
The Company monitors the risks and uncertainties facing its business and actively seeks to mitigate these risks through strong processes and procedures. These have been established across the key areas of the business to ensure that any potential risks are managed in a controlled manner and in accordance with the policies set by the Board.
The market for the provision of serviced office accommodation remains competitive. The Company manages the risk of losing business to competitors by the provision of value-added services to customers, including the provision of high-quality facilities that assist in the facilitation of links to the University of Leeds to enhance research and innovation. The Company's credit risk is primarily attributable to its trade debtors. Credit risk is managed by day-to-day control procedures to ensure that trade debtors are adhering to their contractual payment terms. The success of the business is dependent on the wider economy and business confidence. In particular, the costs are affected by recent global events which have impacted the energy prices for the Company. An economic downturn and further uncertainty will have an impact on the results achieved by the Company. In response to this risk, senior management keeps abreast of economic conditions and will modify the marketing and pricing strategies to reflect changes in market conditions should this prove necessary.
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NEXUS LEEDS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
2024 2023
£ £ Current ratio 0.60 0.40 Debtor days (external) 10 12 Adjusted Current Ratio 1.80 1.30 The current ratio and debtor days have remained broadly consistent with the prior year. While the current ratio remains below 1, this ratio is artificially deflated by a straight-line rent charge accrual of £1,271,044 which reflects potential future increases in rental income, payments for which will only fall due as and when those increases in rental income are realised. Removing this accrual from the current ratio calculation results in a ratio of 1.8 (2023: 1.3), which more accurately represents the Company’s ability to settle its short-term liabilities. Debtor days have improved during the year as a result of tightened internal processes. The Directors also measure the success of the business using non-financial key performance indicators, including occupancy rates, number of members, facilitation of access to research funding, and enabling the creation of new jobs for students and graduates. Occupancy has remained stable throughout the year, starting the year at 82% and ending the year at 82%, with attrition of existing resident members throughout the year being balanced by new resident members joining the community. Despite occupancy remaining flat, revenues from residents increased due to market-led pricing for new members and renewals. Our community of both resident and non-resident members also grew throughout this period, from 120 members at the end of 2023, to over 130 at the end of 2024. Nexus also continues to enable its members to access new collaborative research funding and create new jobs, with many members employing graduates from the University of Leeds, including providing internship and placement opportunities during their studies.
Over the next financial year, the Directors and team will continue to focus on enhancing the Nexus core proposition, increasing membership levels and maximising revenue from activities such as the hiring of events, conferencing and meeting room spaces. As the resident occupancy level is now strong, a focus on optimising the space within the Nexus building is a high priority, as is identifying potential expansion options to enable future growth. The Directors will also focus on attracting, designing and delivering SME accelerator and educational programmes, aimed at delivering income and future member pipeline growth.
The Directors have reviewed the financial health of the Company considering the ongoing global events. Stable occupancy levels accompanied by continued market-led rental, non-residential memberships, and event space price increases have resulted in increased income and profit this year, and the pipeline is strong for new members to come into the community, and interest in renting Nexus as an event space shows signs of continued growth. Management regularly reviews forecast information and manages costs carefully to maintain the profitable position that has been achieved in recent years.
Forecasts show growth in profit in the next few years as income growth continues. The University, as the parent undertaking, has provided a letter of support to the Company signalling the University's willingness to provide the necessary financial support to allow it to meet its liabilities as they fall due in the normal course of business if required. The Directors have considered the financial strength of the University and are satisfied that the University has sufficient available funds to provide this support as needed. On this basis, the Directors believe that the Company has sufficient funds to meet its commitments for the foreseeable future, being at least 12 months from the date of signing. As a result, the accounts continue to be prepared on a going-concern basis.
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NEXUS LEEDS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
This report was approved by the Board and signed on its behalf. 25 February 2025
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NEXUS LEEDS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
The Directors present their report and the financial statements for the year ended 31 July 2024.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable laws and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.
The Directors who served during the year were:
The auditors, Armstrong Watson Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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NEXUS LEEDS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
This report was approved by the Board and signed on its behalf.
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NEXUS LEEDS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEXUS LEEDS LIMITED
We have audited the financial statements of Nexus Leeds Limited (the 'Company') for the year ended 31 July 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
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NEXUS LEEDS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEXUS LEEDS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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NEXUS LEEDS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEXUS LEEDS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙We obtained an understanding of laws and regulations that affect the Company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation and occupational health and employment legislation.
∙We enquired of the Directors, reviewed correspondence with HMRC and reviewed Directors meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the Directors have in place to ensure compliance.
∙We gained an understanding of the controls that the Directors have in place to prevent and detect fraud. We enquired of the Directors about any incidences of fraud that had taken place during the accounting period.
∙The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition.
∙We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.
∙We enquired of the Directors and relevant third-party advisors about actual and potential litigation and claims.
∙We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
∙In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
Due 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. For example, as with any audit, there remained a higher risk of non- detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non- compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
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 Auditors' Report.
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NEXUS LEEDS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEXUS LEEDS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditor
Third Floor
10 South Parade
LS1 5QS
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NEXUS LEEDS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JULY 2024
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NEXUS LEEDS LIMITED
REGISTERED NUMBER: 11099539
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024
The financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf by:
The notes on pages 12 to 24 form part of these financial statements.
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NEXUS LEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Nexus Leeds Limited is a private company limited by shares, registered in England and Wales. The address of the registered office is Nexus Discovery Way, University of Leeds, Leeds, England, LS2 3AA.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with 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 (see note 3).
The Directors have reviewed the financial health of the Company considering the ongoing global events. Stable occupancy levels accompanied by continued market-led rental, non-residential memberships and event space price increases have resulted in increased income and profit this year, and the pipeline is strong for new members to come into the community, and interest in renting Nexus as an event space shows signs of continued growth. Management regularly reviews forecast information and manages costs carefully to maintain the profitable position that has been achieved in recent years.
Forecasts show growth in profit in the next few years as income growth continues. The University, as the parent undertaking, has provided a letter of support to the Company signalling the University's willingness to provide the necessary financial support to allow it to meet its liabilities as they fall due in the normal course of business if required. The Directors have considered the financial strength of the University and are satisfied that the University has sufficient available funds to provide this support as needed. On this basis, the Directors believe that the Company has sufficient funds to meet its commitments for the foreseeable future, being at least 12 months from the date of signing. As a result, the accounts continue to be prepared on a going-concern basis.
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NEXUS LEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
Income from government grants is recognised when the Company has entitlements to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
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NEXUS LEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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NEXUS LEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimates where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
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NEXUS LEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration to be paid or received, net of impairment. Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The Company recognises a straight-line charge for rent to the University of Leeds under an operating lease agreement for the Nexus building. As the rental charge is based on a percentage of turnover, the straight-line charge is calculated with reference to forecast turnover over the remaining period of the lease. As a result, the straight-line rent charge is higher than the actual amount paid as the Company has undergone growth since inception and expects growth to continue. An accrued expense of £1,271,044 (2023: £1,255,013) is reflected in the statement of financial position to reflect the mismatch between rent paid and rent charged in the statement of income and retained earnings, but the actual amount to be paid as the lease term progresses could differ depending on the future performance of the Company.
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NEXUS LEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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NEXUS LEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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NEXUS LEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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NEXUS LEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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NEXUS LEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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NEXUS LEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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NEXUS LEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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NEXUS LEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
The ultimate controlling party, parent, and the only group into which the figures are consolidated, is the University of Leeds. These consolidated financial statements are available from the University of Leeds, Woodhouse Lane, Leeds, England, LS2 9JT, its registered address.
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