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Company Registration Number 06641083























LEEDS VENTURES LIMITED





AUDITED FINANCIAL STATEMENTS





 31 JULY 2024

























 
LEEDS VENTURES LIMITED
 

COMPANY INFORMATION


Directors
Helen Foster 
Jenny Creagh 
Martin Holmes 
Nicola Price 




Company secretary
Helena Smith



Registered number
06641083



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

LS1 5QS





 
LEEDS VENTURES LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 20


 
LEEDS VENTURES LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Introduction
 
The Directors present their Strategic Report for Leeds Ventures Limited (the "Company") for the year ended 31 July 2024.

Business review
 
The Company's principal activity is to provide a vehicle for delivery of the University of Leeds' overseas activities relating to marketing, promotion and recruitment of international students, and the development and servicing of key stakeholder relationships in selected territories. The Company is a fully owned subsidiary of the University of Leeds.
Total turnover for the year was £56,554 (2023: £318,925) and there was a profit before tax of £10,013 (2023: £2,233). Turnover reflects income from the University of Leeds in respect of managing its operations in China and South-East Asia (SEA). The decrease in turnover this year reflects a change in the structure of operations in China, moving from a service contract with a local provider, to acting in an intermediary capacity between the new overseas subsidiary, Leeds Management Consulting (Beijing) Co., Ltd, and the University of Leeds. This structure now mirrors the structure of operations in Malaysia and SEA. As a result of this change, turnover relating to overseas operations in China is now derecognised in the Company’s financial statements in accordance with FRS 102 section 23.36.
The Company aims to continue with its current activities to attract students to the University of Leeds, while still making use of virtual technologies that were implemented during the pandemic.

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 current education market remains extremely competitive amongst the most reputable universities across the country. There are also economic challenges in China that are influencing the choices of potential students and their parents. This environment is being very closely monitored and strategies are being put in place to secure recruitment to the University of Leeds. The risk of losing business to competitors is managed by the University’s provision of high-quality education which is monitored on many platforms, and there are controls in place to maintain these standards.
The Company needs to ensure that it operates within the legal framework of each of its territories. The Directors review this continuously, seeking professional advice where required.

Future developments

Over the next financial year, the Company aims to continue with its current activities to attract students to the University of Leeds. Management will continue to review the Company's approach to this, ensuring local regulations and on-going restrictions are adhered to without compromising the outcomes in relation to recruitment.

Page 1

 
LEEDS VENTURES LIMITED
 

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

Key performance indicators

                                                                                                                                    
                                                                                                
2024                                    2023     
Administrative expenses                                                      £
56,554                              £319,808
Current ratio                                                                          
   1.5                                        1.3     
Administrative costs have decreased substantially as expenditure relating to overseas operations in China is no longer recognised, as noted in the business review above, relating to the change in the structure of operations from a principal to an intermediary relationship. The current ratio has increased from 1.3 to 1.5, reflecting a decrease in amounts owed to group undertakings compared to the prior year, with a year end balance payable to the University of Leeds of £174,022 (2023: £345,416). This increase in the ratio has been offset to some extent by a smaller bank balance compared to last year of £241,457 (2023: £379,163). 


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





................................................
Jenny Creagh
Director

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


Date: 1 April 2025


Page 2

 
LEEDS VENTURES LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024

The Directors present their report and the audited financial statements for the year ended 31 July 2024.

Company information

Leeds Ventures Limited is a limited company incorporated in the United Kingdom. Its registered office address is The Company Secretariat, Nexus Discovery Way, University of Leeds, Leeds, LS2 3AA.

Going concern

The Directors have reviewed the financial health of the Company in light of on-going global events. The impacts of the COVID-19 pandemic, including local travel restrictions in overseas territories, are considered to no longer be an issue, and activities have now returned to pre-pandemic levels. International recruitment continues to be a key priority and the Company continues to be funded by the University of Leeds as part of the Group's international strategy.
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 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.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the audited financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare audited financial statements for each financial year. Under that law the Directors have elected to prepare the audited 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 audited 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 audited 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 audited 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 audited 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.

Results and dividends

The profit for the year, after taxation, amounted to £9,862 (2023: £5,432).

The Directors do not recommend the payment of a dividend (2023: £Nil).

Page 3

 
LEEDS VENTURES LIMITED
 

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


Directors

The Directors who served during the year were:

Helen Foster 
Jenny Creagh 
Martin Holmes 
Nicola Price 

Future developments

Future developments have been set out in the Strategic Report and form part of this report by cross-reference on page 1.

Qualifying indemnity provision

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.

Events after the balance sheet date

There have been no events after the balance sheet date which impact these financial statements.

Auditors

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

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





................................................
Jenny Creagh
Director
................................................
Helena Smith
Company Secretary


Date: 1 April 2025

Page 4

 
LEEDS VENTURES LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEEDS VENTURES LIMITED
 

Opinion


We have audited the financial statements of Leeds Ventures 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 5

 
LEEDS VENTURES LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEEDS VENTURES 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 6

 
LEEDS VENTURES LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEEDS VENTURES 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, 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: management override.

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 7

 
LEEDS VENTURES LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEEDS VENTURES 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

1 April 2025
Page 8

 
LEEDS VENTURES LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£

Turnover
 4 
56,554
318,925

Gross profit
  
56,554
318,925

Administrative expenses
  
(56,554)
(319,808)

Operating loss
  
-
(883)

Interest receivable
 6 
10,013
3,116

Profit before taxation
  
10,013
2,233

Tax (charge)/credit for the year
 7 
(151)
3,199

Profit for the financial year
  
9,862
5,432

Gift aid paid
  
-
(49,230)

Total comprehensive income/(expense) for the year
  
9,862
(43,798)

The notes on pages 12 to 20 form part of these financial statements.

All the activities of the Company are from continuing operations.

Page 9

 
LEEDS VENTURES LIMITED
REGISTERED NUMBER: 06641083

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 8 
116,715
116,715

  
116,715
116,715

Current assets
  

Debtors: amounts falling due within one year
 9 
138,639
192,741

Cash at bank
  
241,457
379,163

  
380,096
571,904

Creditors: amounts falling due within one year
 10 
(250,847)
(452,517)

Net current assets
  
 
 
129,249
 
 
119,387

Total assets less current liabilities
  
245,964
236,102

Net assets
  
245,964
236,102


Capital and reserves
  

Called up share capital 
 12 
125,100
125,100

Profit and loss account
  
120,864
111,002

Members funds
  
245,964
236,102


These Audited Financial Statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
The Audited Financial Statements were approved and authorised for issue by the Board and were signed on its behalf by: 




................................................
Jenny Creagh
Director

Date: 1 April 2025

The notes on pages 12 to 20 form part of these financial statements.

Page 10

 
LEEDS VENTURES 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
100
154,800
154,900



Profit for the year
-
5,432
5,432

Gift aid paid
-
(49,230)
(49,230)
Total comprehensive expense for the year
-
(43,798)
(43,798)


Total investments by and distributions to owners

Issue of shares
125,000
-
125,000



At 31 July 2023
125,100
111,002
236,102



Profit for the year
-
9,862
9,862
Total comprehensive income for the year
-
9,862
9,862


At 31 July 2024
125,100
120,864
245,964


The notes on pages 12 to 20 form part of these financial statements.

Page 11

 
LEEDS VENTURES 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. The registered office address 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 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 following principal accounting policies have been applied:

  
2.2

Investments in subsidiary undertakings

Investments in subsidiaries are accounted for at cost less, where appropriate, allowances for impairment.
Leeds Ventures Malaysia SDN BHD is a wholly owned subsidiary of Leeds Ventures Limited and its registered office is K03-08-05, Tower 3, UOA Business Park, No. 1 Jalan Pengaturcara U1/51A, Seksyen U1, 40150 Shah Alam, Selangor.
Leeds Management Consulting (Beijing) Co., Ltd is a wholly owned subsidiary of Leeds Ventures Limited and its registered office is Room 78, West, 5/F, 16 Chao Wai Street, Chaoyang District, Beijing.
The Company has taken advantage of the exemption from preparing consolidated financial statements under the terms of Section 400 of the Companies Act 2006.

 
2.3

Going concern

The Directors have reviewed the financial health of the Company in light of on-going global events. The impacts of the COVID-19 pandemic, including local travel restrictions in overseas territories, are considered to no longer be an issue, and activities have now returned to pre-pandemic levels. International recruitment continues to be a key priority and the Company continues to be funded by the University of Leeds as part of the Group's international strategy.
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 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.

Page 12

 
LEEDS VENTURES LIMITED
 

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

2.Accounting policies (continued)

  
2.4

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. 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 renumeration of key management personnel.
(d) No disclosure has been given for related party transactions.

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.6

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.

 
2.7

Interest income

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

Page 13

 
LEEDS VENTURES LIMITED
 

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

2.Accounting policies (continued)

  
2.8

Investment Income

Investment income in the form of distributions from subsidiary companies is recognised when it is receivable. This is taken to be when the dividend has been approved by the Board of Directors in the subsidiary company and notified to the Company. 

 
2.9

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.

 
2.10

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.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

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 liabilities and equity instruments are classified according to the substance of the contractual arrangement 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.
 
Page 14

 
LEEDS VENTURES LIMITED
 

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

2.Accounting policies (continued)


2.12
Financial instruments (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.


3.


Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, the Directors are required to make judgements estimates and assumptions about the carrying 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.


4.


Turnover

Turnover arises from:


2024
2023
£
£

Rendering of services
56,554
318,925


Turnover represents the value of the services supplied by the Company, and is recognised on an accrual basis. All turnover arose from the principal activities and continuing operations wholly in the United Kingdom.

Page 15

 
LEEDS VENTURES LIMITED
 

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

5.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
5,980
4,910

Fees payable to the Company's auditors for the preparation of the

Company's financial statements
850
-


6.


Interest receivable

2024
2023
£
£


Bank interest
10,013
3,116

10,013
3,116


7.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
-
(3,384)

Deferred tax


Origination and reversal of timing differences
151
185


Tax charge/(credit) for the year
151
(3,199)
Page 16

 
LEEDS VENTURES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
7.Taxation (continued)


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
10,013
2,233


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 21%)
2,503
469

Effects of:


Expenses not deductible for tax purposes
422
7,146

Group relief surrendered/(claimed)
-
(7,460)

Adjustments to tax charge in respect of previous periods
-
(3,384)

Remeasurement of deferred tax for changes in tax rates
-
30

Gift Aid
(2,774)
-

Total tax charge/(credit) for the year
151
(3,199)


8.


Investments





Shares in group undertakings

£



Cost or valuation


At 1 August 2023
116,715



At 31 July 2024
116,715






Net book value



At 31 July 2024
116,715



At 31 July 2023
116,715

Page 17

 
LEEDS VENTURES LIMITED
 

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

Subsidiaries, associates and other investments


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Leeds Ventures Malaysia SDN BHD
No. 1 Jalan Pengaturcara, Selangor, Malaysia
Ordinary
100%
Leeds Management Consulting (Beijing) Co., Ltd
16 Chao Wai Street, Beijing, China
Ordinary
100%

The aggregate of the share capital and reserves as at 31 July 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit
£
£

Leeds Ventures Malaysia SDN BHD
39,601
17,700

Leeds Management Consulting (Beijing) Co., Ltd
118,040
26,416

Page 18

 
LEEDS VENTURES LIMITED
 

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

9.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
136,699
181,522

Prepayments and accrued income
1,251
10,379

Deferred tax asset
689
840

138,639
192,741


Amounts owed by group undertakings and undertakings in which the Company has a participating interest are non-interest bearing, unsecured and repayable on demand.


10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
15,082
2,236

Amounts owed to group undertakings
174,022
345,416

Social security and other taxes
54,913
43,313

Accruals and deferred income
6,830
61,552

250,847
452,517


Amounts owed to group undertakings and undertakings in which the Company has a participating interest are non-interest bearing, unsecured and repayable on demand.


11.


Deferred tax asset




2024
2023


£

£






At beginning of year
840
1,025


Charged to profit or loss
(151)
(185)



At end of year
689
840

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
689
840

689
840

Page 19

 
LEEDS VENTURES LIMITED
 

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

12.


Called up share capital

2024
2023
£
£
Issued, called up and fully paid



125,100 (2023:125,100) Ordinary shares of £1 each
125,100
125,100



13.

Net debt

The Company has no borrowings or overdrafts, therefore its net debt position comprises solely cash:

2024
2023
        £
        £
Balance brought forward

379,163

45,162
 
Cash flows

(137,706)

334,001
 
Balance carried forward

241,457

379,163
 


14.


Related party transactions

The Company has taken advantage of the exemption available in FRS 102 section 33 to wholly owned subsidiaries not to disclose related party transactions with other group companies which are included in the consolidated financial statements of the ultimate parent entity, the University of Leeds.


15.


Controlling party

The immediate parent undertaking, ultimate parent and controlling party is the University of Leeds. The University of Leeds is the parent undertaking of the only group which includes the Company and for which group financial statements are prepared.
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.


Page 20