| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 August 2024 |
| for |
| Leicester Lettings (2016) Limited |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 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 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Investments | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 were approved by the director and authorised for issue on |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| 4. | TANGIBLE FIXED ASSETS |
| Motor | Office |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 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 |
| Additions |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 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 |
| Other debtors |
| 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 |
| Amounts falling due after more than one year: |
| Tax |
| Deferred tax asset | 10,000 | 10,000 |
| Aggregate amounts |
| 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 |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| 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 |
| 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 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 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. |