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REGISTERED NUMBER: 10149679 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 31 August 2024

for

Leicester Lettings (2016) Limited

Leicester Lettings (2016) Limited (Registered number: 10149679)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Leicester Lettings (2016) Limited

Company Information
for the Year Ended 31 August 2024







DIRECTOR: J A Lewis





REGISTERED OFFICE: 42A Western Road
Leicester
Leicestershire
LE3 0GH





REGISTERED NUMBER: 10149679 (England and Wales)





ACCOUNTANTS: Bates Weston LLP
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

Leicester Lettings (2016) Limited (Registered number: 10149679)

Balance Sheet
31 August 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,188 805
Investment property 5 31,693,576 31,527,495
31,696,764 31,528,300

CURRENT ASSETS
Debtors 6 27,696,438 24,727,840
Investments 7 6,024,358 -
Cash at bank 287,595 1,307,422
34,008,391 26,035,262
CREDITORS
Amounts falling due within one year 8 23,681,532 25,167,086
NET CURRENT ASSETS 10,326,859 868,176
TOTAL ASSETS LESS CURRENT
LIABILITIES

42,023,623

32,396,476

CREDITORS
Amounts falling due after more than one
year

9

16,837,500

8,437,500
NET ASSETS 25,186,123 23,958,976

CAPITAL AND RESERVES
Called up share capital 2,857,619 2,857,619
Retained earnings 22,328,504 21,101,357
SHAREHOLDERS' FUNDS 25,186,123 23,958,976

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Leicester Lettings (2016) Limited (Registered number: 10149679)

Balance Sheet - continued
31 August 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 March 2025 and were signed by:





J A Lewis - Director


Leicester Lettings (2016) Limited (Registered number: 10149679)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Leicester Lettings (2016) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the invoiced value of completed stages of property development and rental income received, excluding value added tax. Turnover is recognised on the completion date of each stage of property development and date rent is invoiced.

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives as indicated below.

Motor vehicles- 20% on cost
Office equipment- 20% on cost

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

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

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit that arises from changes in fair value would be recognised in profit or loss and added to the fair value reserve.

Investment property comprises freehold and long leasehold buildings. They are measured initially at cost, including related transaction costs. These are held as investments to earn rental income and for capital appreciation and are stated at fair value at the balance sheet date.

The fair value of investment property reflects, amongst other things, rental income from current leases and assumptions about rental income from future leases in light of current market conditions.

Subsequent expenditure is added to the assets carrying amount only when it is probable that future economic benefits associated with the item will flow to the company and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the profit and loss account during the financial period in which they are incurred.


Leicester Lettings (2016) Limited (Registered number: 10149679)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The accounts have been prepared on the going concern basis. The director has confirmed the continued financial support from the group companies, as well as the related undertakings and that no repayments on inter-company loans will be made until the company has adequate funds.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 September 2023 2,100 1,341 3,441
Additions 3,100 215 3,315
Disposals (2,100 ) - (2,100 )
At 31 August 2024 3,100 1,556 4,656
DEPRECIATION
At 1 September 2023 2,100 536 2,636
Charge for year 620 312 932
Eliminated on disposal (2,100 ) - (2,100 )
At 31 August 2024 620 848 1,468
NET BOOK VALUE
At 31 August 2024 2,480 708 3,188
At 31 August 2023 - 805 805

Leicester Lettings (2016) Limited (Registered number: 10149679)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023 31,527,495
Additions 166,081
At 31 August 2024 31,693,576
NET BOOK VALUE
At 31 August 2024 31,693,576
At 31 August 2023 31,527,495

Fair value at 31 August 2024 is represented by:
£   
Valuation in 2024 31,693,576

If investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 31,693,576 31,527,495
Aggregate depreciation (5,778,632 ) (5,144,760 )

Investment property was valued on a fair value basis on 31 August 2024 by the director .

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 15,425 95,649
Other debtors 264 6
Amounts owed from related
parties 18,173,001 15,287,438
Director's loan account 7,077,326 6,983,857
Prepayments and accrued income 64,069 59,832
25,330,085 22,426,782

Amounts falling due after more than one year:
Tax 2,356,353 2,291,058
Deferred tax asset 10,000 10,000
2,366,353 2,301,058

Aggregate amounts 27,696,438 24,727,840

7. CURRENT ASSET INVESTMENTS

Term deposits mature on 9 September 2024.

Leicester Lettings (2016) Limited (Registered number: 10149679)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 450,000 450,000
Trade creditors 184,246 198,275
Amounts owed to group undertakings 22,535,236 22,535,084
Tax 127,574 1,572,024
Social security and other taxes 3,374 2,804
Other creditors 243,832 252,165
Accruals and deferred income 137,270 156,734
23,681,532 25,167,086

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 16,837,500 8,437,500

10. LEASING AGREEMENTS
The following operating lease income is committed to be received:

2024 2023
£ £

Within one year 389,394 360,030
Between one and five years - -
More than five years - -
389,394 360,030

Relates to investment property leases, income is received quarterly and monthly.

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 17,287,500 8,887,500

The bank loans are secured by a fixed and floating charge in favour of Svenka Handelsbanken AB (Publ) over all the property owned by the company, a debenture over the company's whole assets and undertaking, a guarantee by the Director up to a limit of £12 million, and an unlimited inter company composite guarantee by the parent company Leicester Lettings Limited.

Leicester Lettings (2016) Limited (Registered number: 10149679)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
£    £   
J A Lewis
Balance outstanding at start of year 6,983,857 2,752,591
Amounts advanced 204,304 4,231,266
Amounts repaid (110,835 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 7,077,326 6,983,857

Interest of £157,137 (2023: £57,919) was charged on the outstanding balance during the year.

The outstanding balance is repayable on demand.

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The director is considered to be the only member of key management personnel.

Leicester Lettings Limited is regarded by the director as being the company's ultimate parent company.

During the year net advances of £2,885,563 (2023: repayments of £1,754,177) were paid to (by) related companies. At the year end amounts owed by related companies is £18,173,001 (2023: £15,287,438). These loans are interest free and repayable on demand.