Company Registration Number
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LEEDS VENTURES LIMITED
COMPANY INFORMATION
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LEEDS VENTURES LIMITED
CONTENTS
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LEEDS VENTURES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
The Directors present their Strategic Report for Leeds Ventures Limited (the "Company") for the year ended 31 July 2024.
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.
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.
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.
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LEEDS VENTURES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
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.
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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.
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.
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.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the audited financial statements in accordance with applicable law and regulations.
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 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 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).
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LEEDS VENTURES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
The Directors who served during the year were:
Future developments have been set out in the Strategic Report and form part of this report by cross-reference on page 1.
There have been no events after the balance sheet date which impact these financial statements.
The auditors, Armstrong Watson Audit Limited, will 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.
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LEEDS VENTURES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEEDS VENTURES LIMITED
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 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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LEEDS VENTURES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEEDS VENTURES 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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LEEDS VENTURES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEEDS VENTURES 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: 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.
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LEEDS VENTURES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEEDS VENTURES 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 and Statutory Auditors
Leeds
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LEEDS VENTURES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
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LEEDS VENTURES LIMITED
REGISTERED NUMBER: 06641083
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024
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:
The notes on pages 12 to 20 form part of these financial statements.
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LEEDS VENTURES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
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LEEDS VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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
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:
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.
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.
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LEEDS VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
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.
Functional and presentation currency
Transactions and balances
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LEEDS VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
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.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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LEEDS VENTURES 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 Directors do not consider there are any critical judgements or sources of estimation uncertainty.
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LEEDS VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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LEEDS VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
7.Taxation (continued)
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LEEDS VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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LEEDS VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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LEEDS VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
The immediate parent undertaking, ultimate parent and controlling party is the
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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