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Company Registration Number 04582496























UNIVERSITY OF LEEDS IP LIMITED





FINANCIAL STATEMENTS





 31 JULY 2024

























 
UNIVERSITY OF LEEDS IP LIMITED
 

COMPANY INFORMATION


Directors
Andy Duley 
Jane Madeley 
Stephen Scott 




Company secretary
Helena Smith



Registered number
04582496



Registered office
Nexus Discovery Way
University of Leeds

Leeds

LS2 3AA




Independent auditors
Armstrong Watson Audit Limited
Chartered Accountants and Statutory Auditors

Third Floor

10 South Parade

Leeds

West Yorkshire

LS1 5QS





 
UNIVERSITY OF LEEDS IP LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 5
Independent Auditors' Report
6 - 9
Statement of Comprehensive Income
10
Statement of Financial Position
11
Statement of Changes in Equity
12
Notes to the Financial Statements
13 - 18

 
UNIVERSITY OF LEEDS IP LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Introduction
 
The Directors present their Startegic Report for University of Leeds IP Limited (the "Company") for the year ended 31 July 2024.

Business review
 
The principal activity of the Company is the management of intellectual property licensing through the provision of financial, contractual and patent support services. The Company is a fully owned subsidiary of the University of Leeds.
Turnover for the year was £952,916 (2023: £1,009,662). The profit for the year, after taxation, amounted to £90,289 (2023: £133,271). Turnover has decreased in the year reflecting the requirement to further develop the underlying IP portfolio, as well as the continued performance of the wider economy.

Future developments

From a relatively static performance over recent years, the Company is expected to achieve a small increase in performance in the next financial year, with a focus over the next five-year period on larger growth and development of the IP portfolio and related income. Significant IP licensing agreements can take several years before generating peak royalties and therefore, in the shorter term, the Company is targeting an increase in income through the licensing of research tools.

Principal risks and uncertainties
 
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 key areas of the business to ensure that potential risks are managed in a controlled manner and in accordance with the policies set by the Board.
The Company's credit risk is primarily attributable to its trade debtors. Credit risk is managed by tailored control procedures to ensure that trade debtors are adhering to their contractual payment terms. Credit checks are performed on new customers and aged balances are reviewed on a regular basis alongside past collection history. Consideration is given to the individual circumstances of the customer before a debt is written off.
The success of the business is dependent on the wider economy and business confidence. An economic downturn or uncertainty will have an impact on the results achieved by the Company. In response to this risk, senior management aims to keep abreast of economic conditions, including inflation and current global events, and will review the strategic direction of the Company to ensure it is appropriate for the conditions of the industry.

Financial key performance indicators

2024
2023
        £
        £
Turnover

952,916

1,009,662
 
Debtor days (excluding amounts owing from group undertakings)

111

70
 
Debtor days (including amounts owing from group undertakings)

155

87
 

Turnover has decreased by £56,746 from the prior year, due to a decrease in income from a number of agreements and, where new income has been generated in the final quarter of the financial year, the income being accrued into the next financial year.

Page 1

 
UNIVERSITY OF LEEDS IP LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024


This report was approved by the board and signed on its behalf.





................................................
Andy Duley
Director

................................................
Helena Smith
Company Secretary


Date: 28 February 2025
Page 2

 
UNIVERSITY OF LEEDS IP 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.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 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 2006They 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.

Principal activity and business review

The principal activity of the Company is the management of licensing projects providing financial, contractual and legal support services. Future developments are noted in the Strategic Report and form part of this report by cross reference on page 1.

Donations

During the year the Company made the following contributions:

2024
2023
        £
        £
Charitable donations

133,271

4,311
 

133,271

4,311
 

These contributions are gift aid donations to the University of Leeds.

Page 3

 
UNIVERSITY OF LEEDS IP LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Going concern

The Directors have reviewed the financial health of the Company in light of current economic conditions. The Company has sufficient current assets to meet its current liabilities as they fall due and will continue to be supported by the University of Leeds, its parent entity. Since the year-end, the activity levels have continued at similar levels.
The Directors have received a letter of support from the University as the parent undertaking signalling the University's willingness to provide the necessary financial support to allow the Company to meet its liabilities as they fall due in the normal course of business. 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.

Results and dividends

The profit for the year, after taxation, amounted to £90,289 (2023:£133,271).



Directors

The directors who served during the year were:

Andy Duley 
Jane Madeley 
Stephen Scott 

Qualifying third party indemnity provisions

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

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsArmstrong Watson Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 4

 
UNIVERSITY OF LEEDS IP LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

This report was approved by the board and signed on its behalf.
 





................................................
Andy Duley
Director
................................................
Helena Smith
Company Secretary


Date: 28 February 2025
Page 5

 
UNIVERSITY OF LEEDS IP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIVERSITY OF LEEDS IP LIMITED
 

Opinion


We have audited the financial statements of University of Leeds IP Limited (the 'Company') for the year ended 31 July 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 31 July 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 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.


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 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 ReportOur 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.


Page 6

 
UNIVERSITY OF LEEDS IP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIVERSITY OF LEEDS IP LIMITED (CONTINUED)


Opinion 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 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.


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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 3, 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 is 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.


Page 7

 
UNIVERSITY OF LEEDS IP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIVERSITY OF LEEDS IP LIMITED (CONTINUED)


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 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 and tax 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 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.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Page 8

 
UNIVERSITY OF LEEDS IP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIVERSITY OF LEEDS IP LIMITED (CONTINUED)


Use of our report
 

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 2006Our 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.




Huw Nicholls (Senior Statutory Auditor)
for and on behalf of
Armstrong Watson Audit Limited
Chartered Accountants and Statutory Auditors
Leeds

28 February 2025
Page 9

 
UNIVERSITY OF LEEDS IP LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£

  

Turnover
 3 
952,916
1,009,662

Cost of sales
  
(786,491)
(819,328)

Gross profit
  
166,425
190,334

Administrative expenses
  
(113,611)
(71,775)

Operating profit
 4 
52,814
118,559

Interest receivable
 6 
37,475
14,712

Profit for the financial year
  
90,289
133,271

Gift aid paid
 7 
(133,271)
(4,311)

Total comprehensive (loss)/income for the year
  
(42,982)
128,960

The notes on pages 13 to 18 form part of these financial statements.
Page 10

 
UNIVERSITY OF LEEDS IP LIMITED
REGISTERED NUMBER: 04582496

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 8 
717,038
403,048

Cash at bank
  
422,486
544,557

  
1,139,524
947,605

Creditors: amounts falling due within one year
 9 
(864,895)
(629,994)

Net current assets
  
 
 
274,629
 
 
317,611

Total assets less current liabilities
  
274,629
317,611

  

Net assets
  
274,629
317,611


Capital and reserves
  

Called up share capital 
 10 
1
1

Profit and loss account
 11 
274,628
317,610

  
274,629
317,611


The financial statements were approved and authorised for issue by the Board and were signed on its behalf by: 




................................................
Andy Duley
Director

Date: 28 February 2025

The notes on pages 13 to 18 form part of these financial statements.
Page 11

 
UNIVERSITY OF LEEDS IP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 31 July 2022
1
188,650
188,651


Comprehensive income for the year

Profit for the year
-
133,271
133,271

Gift aid paid
-
(4,311)
(4,311)
Total comprehensive income for the year
-
128,960
128,960



At 31 July 2023
1
317,610
317,611


Comprehensive income for the year

Profit for the year
-
90,289
90,289

Gift aid paid
-
(133,271)
(133,271)
Total comprehensive income for the year
-
(42,982)
(42,982)


At 31 July 2024
1
274,628
274,629


The notes on pages 13 to 18 form part of these financial statements.
Page 12

 
UNIVERSITY OF LEEDS IP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

The Company is a private company limited by shares, registered in England and Wales on 6 November 2002. The address of the registered office is Nexus Discovery Way, University of Leeds, Leeds, LS2 3AA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under applicable UK law. University of Leeds IP Limited is a company incorporated in the United Kingdom under the Companies Act 2006. The address of the registered office is given on the Company Information page. The nature of the Company's operations and its principal activities are set out in the Director's report on page 3. The financial statements have been prepared under the historical cost convention, and in accordance with Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council.
The functional currency of the University of Leeds IP Limited is considered to be Pounds Sterling (£) because that is the currency of the principal economic environment in which it operates. The rounding tolerance within these financial statements is £3.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have reviewed the financial health of the Company in light of current economic conditions. The Company has sufficient current assets to meet its current liabilities as they fall due and will continue to be supported by the University of Leeds, its parent entity. Since the year-end, the activity levels have continued at similar levels.
The Directors have received a letter of support from the University as the parent undertaking signalling the University's willingness to provide the necessary financial support to allow the Company to meet its liabilities as they fall due in the normal course of business. 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.

  
2.3

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS102. Its financial statements are consolidated into the financial statements of The University of Leeds. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
(a) No cash flow statement has been presented for the Company.
(b) Disclosures in respect of financial instruments have not been presented
(c) No disclosure has been given for the aggregate remuneration of key management personnel.

Page 13

 
UNIVERSITY OF LEEDS IP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

  
2.4

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 amounts 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 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 Directors do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.

 
2.5

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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Interest income

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

  
2.7

Grant funding

Grants from non-government sources are recognised in income when the Company is entitled to the income and performance related conditions have been met. Income received in advance of performance related conditions being met is recognised as deferred income within creditors in the Statement of Financial Position and released to income as the conditions are met.

 
2.8

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.

Page 14

 
UNIVERSITY OF LEEDS IP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.


3.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Rendering of services
266,600
212,468

Grants
327,000
324,000

Royalties
359,316
473,194

952,916
1,009,662


Grant income is received from the University of Leeds in relation to the cost of patents.
The whole of the turnover is attributable to the principal activity of the Company wholly undertaken in the United Kingdom.


4.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Impairment of trade debtors
69,902
29,164

Fees payable for the audit of the financial statements
9,190
8,953

79,092
38,117

All the Directors who served in the year were remunerated through the ultimate parent undertaking. It is not practical to ascertain what proportion of this remuneration related to the Company. The Company has no employees (2023 -  Nil).

Page 15

 
UNIVERSITY OF LEEDS IP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
8,340
8,953

Fees payable to the Company's auditors for the production of the financial statements
850
-


6.


Other interest receivable and similar income

2024
2023
£
£


Interest on cash at bank
37,475
14,712

37,475
14,712


7.


Taxation



Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25% (2023: 21.01%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
90,289
133,271


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 21.01%)
22,572
27,994

Effects of:


Gift aid
(22,572)
(27,994)

Tax on profit
-
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


 

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UNIVERSITY OF LEEDS IP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


Debtors

2024
2023
£
£


Trade debtors
287,165
176,627

Amounts owed by group undertakings
111,536
63,192

Other debtors
117,832
27,844

Prepayments and accrued income
200,505
135,385

717,038
403,048


Amounts owed by group undertakings are non-interest bearing, unsecured and non-repayable on demand.


9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
75,899
80,586

Amounts owed to group undertakings
407,562
283,023

Accruals and deferred income
381,434
266,385

864,895
629,994


Amounts owed to group undertakings are non-interest bearing, unsecured and non-repayable on demand.


10.


Called up share capital

2024
2023
£
£
Issued, called up and fully paid



1 (2023: 1) Ordinary share of £1
1
1



11.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses. The Company has made a gift aid payment out of reserves in the year of £133,271 (2023: £4,311).

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UNIVERSITY OF LEEDS IP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
12.


Analysis of net debt




At 1 August 2023
Cash flows
At 31 July 2024
£

£

£

Cash at bank

544,557

(122,071)

422,486


544,557
(122,071)
422,486


13.


Related party transactions

As a subsidiary company of ultimate and immediate parent undertaking the University of Leeds, the Company has taken advantage of the exemptions in FRS102 section 33 "Related Party Transactions", from disclosing transactions with members of the University of Leeds.


14.


Controlling party

The immediate and ultimate parent and controlling party is the University of Leeds, incorporated in England and Wales in 1904. Consolidated financial statements of the smallest and largest group into which the Company is consolidated are available from the University of Leeds, Leeds, LS2 9JT, its registered address.


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