Company registration number 01548851 (England and Wales)
LENTA PROPERTIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
LENTA PROPERTIES LIMITED
COMPANY INFORMATION
Directors
Mrs I Gibbor
M A Gibbor
A J Schreier
Mrs S Temple
C Dudley-Scales
E Lewis
Secretary
E Lewis
Company number
01548851
Registered office
CP House
Otterspool Way
Watford
Hertfordshire
England
WD25 8HR
Auditor
RSM UK Audit LLP, Statutory Auditor
Chartered Accountants
25 Farringdon Street
London
EC4A 4AB
LENTA PROPERTIES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group profit and loss account
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 40
LENTA PROPERTIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

Introduction

The directors present their strategic report of the group for the year ended 31 December 2024.

The principal activity of the group and company continued to be the provision of flexible workspace within London.

The trading performance of the group continues to improve within an evolving post-COVID London office market, with the current year results reflecting increases to revenue and other key performance indicators.

Fair review of the business

The group's turnover of £11,069,056 for 2024 reflected an 8% uplift when compared to the prior year, driven by increases in both occupancy and average workstation rates in an improving market. Gross profits have increased 36% over the same period, as the group continues to control its costs wherever possible.

The group generated a profit from operations of £341,011, including a £122,315 credit on reversal of prior year impairments for one the group's property assets.

The profit before tax for the year was £62,367. The current year position is driven by the increase in gross profits, and is supplemented by a reduction in net finance costs and revaluation gains on the group's investment properties. Investment property gains were recognised in the year due to upward revisions made for estimated rental values, which now align more closely with rates evidenced in the current market. Net finance costs reduce due to lower fair value losses on the group's interest rate caps coupled with higher interest income on excess cash. During 2024 a new cap was purchased to align with the group's loan extension, this cap, along with an existing cap have better held their value against a backdrop of the expectation that interest rates may remain higher, for longer. Although the implementation of US trade tariffs do not impact the group directly, it certainly increases the risks of a financial downturn impacting the UK property market.

The directors believe that the group is in a solid financial position, with net assets at the year end of £40,776,263 (2023: £40,898,431). During the year the group generated £1,893,921 of cash from its underlying activities, ending 2024 with adequate liquidity reserves of £8,720,357.

The company did not pay any dividends during 2024 (2023: £nil).

Financial risk management objectives and policies

The main risk of the group continues to be a continued financial downturn which could suppress the demand for flexible office space, and lead to interest rates remaining higher, for longer.

 

The group's bank loan contains covenants related to the operating performance of the property portfolio, if these covenants were to be breached it could materially impact the group's ability to finance its business activities. The directors continuously model the forecast cash flows of the property portfolio in order to identify any risk related to the covenants, which can then be remedied in advance of possible breaches.

 

Further risks include the group's utilities and other input costs, which remain high following a sustained period of inflation, and result in the group's profitability and cash generation becoming more sensitive to any reductions in revenue. The group is currently exposed to risks regarding business rates, where future and currently unknown legislative changes could impact the group's access to reliefs, which might impact costs of this nature in future periods. The group continues to engage with its advisors in order to assess the impact of any changes in rates legislation.

 

The group maintains a policy of fixing utility rates in order to reduce its exposure to energy rate rises, and key property contracts are benchmarked and negotiated in order to control expenditure. During the year the group agreed contracts with energy suppliers to fix the majority of its utility costs until the end of 2026.

 

The directors believe that the group has sufficient resources to be able to withstand these short-term pressures.

 

 

LENTA PROPERTIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties

Liquidity risk

The group manages its cash and borrowing requirements to ensure it has sufficient liquid resources to meet the operating needs of its business.

Interest rate risk

The group has purchased interest rate caps to reduce its exposure to future interest rate rises.

Principal operational risks and uncertainties

The directors consider the following to be the principal operating risks and uncertainties facing the group:

The directors have taken measures to minimise the group's exposure to these risks, which are reviewed on an ongoing basis.

Key performance indicators

The key performance indicators for the group improved throughout the year. Average occupancy levels at its properties increased to 67% (2023: 65%) and average rates per workstation rose from £307 to £320 per month.

Future prospects

The directors remain focused on driving occupancy in the existing portfolio and improving the quality of the group's products and services. Despite ongoing market and economic uncertainty, particularly due to evolving working patterns and inflationary pressures; market sentiment is positive and current research suggests that there will be a shift in demand towards more flexible workspace in the UK commercial property sector.

Further to this, the directors continue to explore additional sources of revenue, whether through investment in new properties, or repositioning existing assets. Additionally, the group is reviewing opportunities to enter into agreements to manage flexible workspace operations for third party landlords.

The directors believe that the financial standing of the group, a good portfolio of properties, alongside a rolling program of targeted refurbishments, and the existing business model means the group is well placed to benefit from any increased demand in the longer term.

On behalf of the board

C Dudley-Scales
Director
9 June 2025
LENTA PROPERTIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid during the year. The directors do not recommend payment of a final dividend (2023: £nil).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

I Gibbor
(Resigned 30 June 2024)
Mrs I Gibbor
M A Gibbor
A J Schreier
Mrs S Temple
C Dudley-Scales
E Lewis
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditor

RSM UK Audit LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Matters covered in the strategic report

As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company and group is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company and the group is aware of that information.

On behalf of the board
C Dudley-Scales
Director
9 June 2025
LENTA PROPERTIES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors are responsible for preparing the Strategic Report and the Directors’ Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare group and company financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

 

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 group and the company and of the profit or loss of the group for that period. 

 

In preparing each of the group and company financial statements, the directors are required to:

 

 

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and the company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006.  They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LENTA PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LENTA PROPERTIES LIMITED
- 5 -
Opinion

We have audited the financial statements of Lenta Properties Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).

In our opinion the financial statements:

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 Auditor's 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 UK, 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 group's and parent 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 auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

LENTA PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LENTA PROPERTIES LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement on page 4, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

 

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

LENTA PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LENTA PROPERTIES LIMITED
- 7 -

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.


In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team:

 

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures and inspecting tax computations.

 

The group audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing a sample of journal entries and other adjustments utilising data analytics techniques, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and obtaining agreements to ensure revenue recognition is in line with the underlying agreements and FRS102.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities This description forms part of our auditor’s report.

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 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 auditor's 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.

Rebecca Minnich (Senior Statutory Auditor)
For and on behalf of RSM UK Audit LLP, Statutory Auditor,
Chartered Accountants
25 Farringdon Street
London
EC4A 4AB
9 June 2025
LENTA PROPERTIES LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
11,069,056
10,205,532
Cost of sales
(8,161,335)
(8,062,373)
Gross profit
2,907,721
2,143,159
Administrative expenses
(2,584,085)
(2,503,516)
Other operating income
4
17,375
13,616
Operating profit/(loss)
5
341,011
(346,741)
Fair value movements on investment properties
14
248,338
(1,816,984)
Operating profit/(loss) after fair value movement
589,349
(2,163,725)
Share of results of joint ventures
15
355,977
398,646
Interest receivable and similar income
10
310,974
197,864
Interest payable and similar expenses
12
(1,193,933)
(1,397,484)
Profit/(loss) before taxation
62,367
(2,964,699)
Tax on profit/(loss)
11
(184,535)
415,684
Loss for the financial year
28
(122,168)
(2,549,015)
Loss for the financial year is all attributable to the owners of the parent company.

There are no items of other comprehensive income for either the year or the prior year other than the profit/(loss) for the year. Accordingly, no statement of other comprehensive income has been presented.

LENTA PROPERTIES LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
46,584,010
47,561,244
Investment properties
14
3,186,813
3,462,928
Investments
15
4,714,664
4,347,160
54,485,487
55,371,332
Current assets
Debtors falling due after more than one year
19
524,669
631,471
Debtors falling due within one year
19
2,274,161
2,428,259
Cash at bank and in hand
8,720,357
7,686,113
11,519,187
10,745,843
Creditors: amounts falling due within one year
20
(4,843,650)
(5,124,902)
Net current assets
6,675,537
5,620,941
Total assets less current liabilities
61,161,024
60,992,273
Creditors: amounts falling due after more than one year
21
(15,528,752)
(15,421,122)
Provisions for liabilities
Provisions
23
11,527
-
0
Deferred tax liability
24
4,844,482
4,672,720
(4,856,009)
(4,672,720)
Net assets
40,776,263
40,898,431
Capital and reserves
Called up share capital
26
3,200,800
3,200,800
Profit and loss reserves
28
37,575,463
37,697,631
Total equity
40,776,263
40,898,431
The notes on pages 14 to 40  form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on
9 June 2025
09 June 2025
and are signed on its behalf by:
C Dudley-Scales
Director
LENTA PROPERTIES LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
43,644,106
45,171,417
Investments
15
36,131
36,131
43,680,237
45,207,548
Current assets
Debtors falling due after more than one year
19
524,669
630,647
Debtors falling due within one year
19
3,764,174
3,789,232
Cash at bank and in hand
8,280,867
7,271,369
12,569,710
11,691,248
Creditors: amounts falling due within one year
20
(4,230,347)
(4,556,293)
Net current assets
8,339,363
7,134,955
Total assets less current liabilities
52,019,600
52,342,503
Creditors: amounts falling due after more than one year
21
(11,779,971)
(11,639,796)
Provisions for liabilities
Deferred tax liability
24
4,373,610
4,311,478
(4,373,610)
(4,311,478)
Net assets
35,866,019
36,391,229
Capital and reserves
Called up share capital
26
3,200,800
3,200,800
Profit and loss reserves
28
32,665,219
33,190,429
Total equity
35,866,019
36,391,229

The notes on pages 14 to 40 form part of these financial statements.

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements. The company’s loss for the year was £525,210 (2023: £1,225,197 loss).

The financial statements were approved by the board of directors and authorised for issue on 9 June 2025 and are signed on its behalf by:
09 June 2025
C Dudley-Scales
Director
Company registration number 01548851 (England and Wales)
LENTA PROPERTIES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
3,200,800
40,246,646
43,447,446
Year ended 31 December 2023:
Loss  for the year
-
(2,549,015)
(2,549,015)
Balance at 31 December 2023
3,200,800
37,697,631
40,898,431
Year ended 31 December 2024:
Loss  for the year
-
(122,168)
(122,168)
Balance at 31 December 2024
3,200,800
37,575,463
40,776,263
LENTA PROPERTIES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
3,200,800
34,415,626
37,616,426
Year ended 31 December 2023:
Loss  for the year
-
(1,225,197)
(1,225,197)
Balance at 31 December 2023
3,200,800
33,190,429
36,391,229
Year ended 31 December 2024:
Loss  for the year
-
(525,210)
(525,210)
Balance at 31 December 2024
3,200,800
32,665,219
35,866,019
LENTA PROPERTIES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
1,893,921
2,725,772
Interest paid
(746,500)
(619,728)
Net cash inflow from operating activities
1,147,421
2,106,044
Investing activities
Purchase of tangible fixed assets
(309,879)
(2,292,923)
Repayments of loans with joint ventures
138,457
112,500
Loans made to joint ventures
-
(12,500)
Distributions from joint ventures
-
200,000
Interest received
310,974
197,864
Net cash generated from/(used in) investing activities
139,552
(1,795,059)
Financing activities
Payment of loan fees and charges
(36,729)
(70,135)
Purchase of derivatives
(216,000)
(326,500)
Net cash used in financing activities
(252,729)
(396,635)
Net increase/(decrease) in cash and cash equivalents
1,034,244
(85,650)
Cash and cash equivalents at beginning of year
7,686,113
7,771,763
Cash and cash equivalents at end of year
8,720,357
7,686,113
Cash and cash equivalents at the end of year comprise cash at bank and in hand.
LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information

The principal activity of Lenta Properties Limited is the provision of flexible workspace within London. The company is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is CP House, Otterspool Way, Watford, England, WD25 8HR.

 

The group consists of Lenta Properties Limited and all of its subsidiaries.

 

The financial statements are presented in Sterling (£).

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

 

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the company's accounting policies (see note 2).

 

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

 

The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

 

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -

Joint ventures

 

An entity is treated as a joint venture where the group is a party to a contractual agreement with one or more parties from outside the group to undertake an economic activity that is subject to joint control.

 

In the consolidated financial statements, interests in joint venture undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the joint venture. The consolidated profit and loss account includes the group's share of the profit or loss of such undertakings applying accounting policies consistent with those of the group. In the consolidated balance sheet, the interests in joint venture undertakings are shown as the group's share of the identifiable net assets.

 

Where entities are jointly controlled by the group but the economic interest in the joint interest differs, the entity is classified as a joint venture but the economic share is accounted for rather than the equity participation.

1.3
Going concern

Having considered the company and group's post year end trading performance, and through forecasting cash reserves on a rolling monthly basis, the directors have a reasonable expectation that the company and group has adequate resources to meet its liabilities as they fall due for a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

1.4
Turnover

Revenue is recognised to the extent that it is probable that the future economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, after deducting discounts, rebates, value added tax and other sales taxes.

 

Revenue comprises licence fee income, rental income, service charges and other recoveries from occupiers of the group's property assets, along with management fees charged to group undertakings.

 

Licence and rental income is recognised on an accruals basis in the period which it is earned, in accordance with the terms of the licence agreement or lease.

 

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 when all of the following conditions are satisfied:

LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.5
Tangible fixed assets

Tangible fixed assets under the cost model 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.

 

If the group's property assets cease to meet the definition of investment property they are reclassified as tangible fixed assets. Where reclassification is made, assets are transferred at their fair value at the date of change in use. Such assets are depreciated from the date of transfer.

 

At each reporting date the group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is estimated, which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

 

The group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Freehold land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

 

Depreciation is provided on the following basis:

Freehold buildings
2 - 5%
Long leasehold buildings
2 - 5%
Plant & machinery, fixtures, fittings & equipment
10 - 25%
Motor vehicles
25%
Capital projects
Depreciated once in use

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 within 'cost of sales' if relating to business centres and 'administrative expenses' for all other assets.

1.6
Investment properties

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.7
Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 

Investments in joint ventures are stated at the group's share of net assets. The group's share of the profits or losses of the joint ventures is included in the consolidated profit and loss account using the equity accounting basis.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
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.

LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

The group’s policies for its major classes of financial assets and financial liabilities are set out below.

Basic financial assets

Basic financial assets, including trade and other debtors, cash and bank balances and intercompany working capital balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

 

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Basic financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, and intercompany working capital balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derivative contracts

Derivatives, including interest rate caps, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

 

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 balance sheet date.

1.13
Provisions

Provisions are made where an event has taken place that gives the group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

 

Provisions are charged as an expense to the consolidated profit or loss account in the year that the group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

 

When payments are eventually made, they are charged to the provision carried in the balance sheet.

1.14
Retirement benefits

Defined contribution pension plan

 

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.

 

The contributions are recognised as an expense in the consolidated profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.

 

Group pension plan

 

Lenta Properties Limited ("the company") participates in a group wide pension scheme administered by CP Holdings Limited providing benefits based on final pensionable pay. The assets of the scheme are held separately from those of the company. There is no contractual agreement or stated policy for charging the net defined benefit costs of the scheme to individual group entities. Therefore, the amounts charged in the consolidated profit and loss account are the contributions payable in the year.

LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.15
Leases

Rentals paid under operating leases are charged to the consolidated profit or loss account on a straight line basis over the lease term.

 

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term.

1.16

Finance costs

Finance costs are charged to the consolidated profit or loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

1.17

Interest income

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

1.18

Dividends

Equity dividends are recognised when they become legally payable while interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, which are described in note 1, the following judgements have been made by the directors:

 

Impairment of investments and tangible assets

 

In preparing these financial statements, the directors have exercised judgement in determining whether there are indicators of impairment of the group's investments and tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

 

Classification of property, plant and equipment and investment property

 

The majority of the Group's properties are used in the business of the Group, with the remainder held for rental income and capital appreciation.

 

The directors consider the Group's business to be the provision of flexible workspace, which is distinguished from the other property based activities of the Group by shorter, more flexible licence agreements with occupiers, which include a significant range of ancillary services, such as cleaning, utilities and internet. Where properties are occupied under licence agreements, these are considered as the operating assets of the Group and are classified as property, plant and equipment.

 

Where occupation is by tenants under the terms of leasehold agreements, property assets are determined to be held for rental income and capital appreciation, as such they are classified as investment properties.

 

Mixed use property

 

One of the Group's properties is partially used in the business of the Group, and the remainder is held for rental income and capital appreciation. As such, the valuation of the property is split between property, plant and equipment and investment property.

 

During the year ended 31 December 2024 the proportion of the property used in the business activities of the Group has increased further, and accordingly, a transfer is made between the two components.

 

The split of the two components is calculated using the total valuation of the property and apportioning this dependent on the use of each floor.

 

Investment property

 

The Group engaged both internal and independent valuation specialists to determine the fair value of investment properties at 31 December 2024. Investment properties are valued annually using yield methodology, using market rental values capitalised at market capitalisation rates, but there is an inevitable degree of judgement involved in this approach in that every property is unique and value can only ultimately be reliably tested in the market itself.

 

3
Turnover and other revenue

 

The whole of the turnover is attributable to the provision of services.

 

All turnover arose within the United Kingdom.

LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
4
Other operating income
2024
2023
£
£
Other operating income
17,375
13,616
5
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
1,788,571
1,669,385
Impairment of owned tangible fixed assets
-
150,020
Reversal of past impairment of tangible fixed assets
(122,315)
-
0
Operating lease charges
551,714
532,924
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor:
£
£
For audit services
Audit of the financial statements of the group and company
38,073
62,087
Audit of the financial statements of the company's subsidiaries
25,000
13,227
63,073
75,314
For other services
All other non-audit services
-
20,160
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration and management
55
46
50
45
LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Employees
(Continued)
- 24 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,156,776
2,023,239
2,104,362
1,980,134
Social security costs
248,907
218,827
244,562
214,717
Pension costs
130,478
112,974
127,399
110,065
2,536,161
2,355,040
2,476,323
2,304,916
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
165,579
194,425
Company pension contributions to defined contribution schemes
2,400
4,663
167,979
199,088

During the year retirement benefits were accruing to 1 director (2023:1) in respect of defined contribution pension schemes (see note 25 for Retirement benefit schemes).

 

The value of the company's contributions to a defined contribution pension scheme in respect of the highest paid director amounted to £nil (2023: £nil).

 

A number of directors also received remuneration through a shareholder, CP Holdings Limited.

9
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Impairment losses
Notes
£
£
In respect of:
Property, plant and equipment
13
-
150,020
Recognised in:
Cost of sales
-
150,020
2024
2023
Reversal of impairment losses
Notes
£
£
In respect of:
Property, plant and equipment
13
122,315
-
Recognised in:
Cost of sales
122,315
-
LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Impairments
(Continued)
- 25 -

Impairments, and reversals thereof, arise due to fluctuations in the market valuation of the property, plant and equipment component of the Group's mixed use asset, which is carried at fair value on the date of transfer from investment property, less accumulated depreciation therefrom.

 

At each reporting date, the asset is revalued as part of the investment property valuations. Where the valuation indicates the recoverable amount is lower than the carrying amount, an impairment loss is recognised within profit and loss. Where subsequent increases in the valuation occur, impairments are reversed to the extent the asset's value does not exceed the initial measurement less depreciation to date.

10
Interest receivable and similar income
2024
2023
£
£
Interest on bank deposits
310,974
197,864
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
12,773
(12,773)
Deferred tax
Origination and reversal of timing differences
17,802
(384,281)
Adjustment in respect of prior periods
153,960
(18,630)
Total deferred tax
171,762
(402,911)
Total tax charge/(credit)
184,535
(415,684)
LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Taxation
(Continued)
- 26 -

The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
62,367
(2,964,699)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
15,592
(697,297)
Tax effect of expenses that are not deductible in determining taxable profit
(14,862)
467,641
Adjustments in respect of prior years
166,733
(18,629)
Depreciation on assets not qualifying for tax allowances
137,739
93,577
Adjustments in respect of financial assets
80,495
152,418
Effect of different rates of tax on deferred tax
-
0
(33,478)
Other
-
0
58,899
Non-taxable income
(41,775)
-
0
Impact of joint venture
(46,198)
(106,747)
Unrecognised DT movement on losses
(220,689)
181,235
Effect of revaluation on investment properties
107,500
(513,303)
Taxation charge/(credit)
184,535
(415,684)
12
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
871,955
749,447
Other finance costs:
Fair value loss on financial instruments - interest rate cap
321,978
648,037
Total finance costs
1,193,933
1,397,484

Interest on bank overdrafts and loans is disclosed net of interest receivable in respect of interest rate caps.

LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
13
Tangible fixed assets
Group
Freehold buildings
Long leasehold buildings
Capital projects
Plant & machinery, fixtures, fittings & equipment
Total
£
£
£
£
£
Cost
At 1 January 2024
49,444,857
5,845,451
278,971
6,459,532
62,028,811
Additions
650
9,800
66,579
87,540
164,569
Disposals
-
0
-
0
-
0
(1,194,086)
(1,194,086)
Transfers
133,094
-
0
(254,669)
121,575
-
0
Transfer from investment property
524,453
-
0
-
0
-
0
524,453
At 31 December 2024
50,103,054
5,855,251
90,881
5,474,561
61,523,747
Depreciation and impairment
At 1 January 2024
9,099,499
1,598,832
-
0
3,769,236
14,467,567
Depreciation charged in the year
1,008,187
258,352
-
0
522,032
1,788,571
Reversal of past impairment
(122,315)
-
0
-
0
-
0
(122,315)
Eliminated in respect of disposals
-
0
-
0
-
0
(1,194,086)
(1,194,086)
At 31 December 2024
9,985,371
1,857,184
-
0
3,097,182
14,939,737
Carrying amount
At 31 December 2024
40,117,683
3,998,067
90,881
2,377,379
46,584,010
At 31 December 2023
40,345,358
4,246,619
278,971
2,690,296
47,561,244

Freehold and leasehold property with a net book value of £43,953,929 (2023: £44,430,760) are pledged as security for bank loans.

LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Tangible fixed assets
(Continued)
- 28 -
Company
Freehold buildings
Long leasehold buildings
Capital projects
Plant & machinery, fixtures, fittings & equipment
Total
£
£
£
£
£
Cost
At 1 January 2024
46,864,769
5,845,451
278,971
6,449,540
59,438,731
Additions
650
9,800
66,579
81,636
158,665
Disposals
-
0
-
0
-
0
(1,194,086)
(1,194,086)
Transfers
133,094
-
0
(254,669)
121,575
-
0
At 31 December 2024
46,998,513
5,855,251
90,881
5,458,665
58,403,310
Depreciation and impairment
At 1 January 2024
8,907,893
1,598,832
-
0
3,760,589
14,267,314
Depreciation charged in the year
906,881
258,352
-
0
520,743
1,685,976
Eliminated in respect of disposals
-
0
-
0
-
0
(1,194,086)
(1,194,086)
At 31 December 2024
9,814,774
1,857,184
-
0
3,087,246
14,759,204
Carrying amount
At 31 December 2024
37,183,739
3,998,067
90,881
2,371,419
43,644,106
At 31 December 2023
37,956,876
4,246,619
278,971
2,688,951
45,171,417
Freehold and leasehold property with a net book value of £41,019,981 (2023: £42,043,688) are pledged as security for bank loans.
14
Investment property
Group
2024
£
Fair value
At 1 January 2024
3,462,928
Transfers
(524,453)
Net losses through fair value adjustments
248,338
At 31 December 2024
3,186,813
LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Investment property
(Continued)
- 29 -

At 31 December 2024, one investment property was valued at £1,880,000 and one mixed use property was valued at £4,400,000. Both properties were valued by the directors.

 

At 31 December 2023, one investment property was valued by the directors at £1,750,000, and one mixed use property was valued by a third party RICS qualified surveyor at £4,100,000.

 

The mixed use property has been apportioned on a floor space basis, dependent on the use of each floor, with a value of £1,306,809 included within the total at 31 December 2024 (2023: £1,712,928). At 31 December 2024 the balance of £3,093,191 has been transferred to property, plant and equipment within fixed assets (2023: £2,580,088).

 

Both valuations were made on an open market value for existing use basis.

Investment properties with a valuation of £3,186,813 (2023: £3,462,928) are pledged as security for bank loans.

15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
4
4
Investments in joint ventures
17
4,714,664
4,347,160
36,127
36,127
4,714,664
4,347,160
36,131
36,131
LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Fixed asset investments
(Continued)
- 30 -
Movements in fixed asset investments
Group
Investment in joint ventures
£
Cost
At 1 January 2024
4,347,160
Share of profit/(loss)
355,977
At 31 December 2024
4,703,137
Impairment
At 1 January 2024
-
Impairment losses
(11,527)
At 31 December 2024
(11,527)
Carrying amount
At 31 December 2024
4,714,664
At 31 December 2023
4,347,160

For the year ended 31 December 2024, the share of the result from joint ventures in the profit and loss account is £355,977 (2023: £398,646).

 

The provision above represents the group's share of the net liabilities of Lenta Management Limited at 31 December 2024.

Movements in fixed asset investments
Company
Investment in subsidiaries and joint ventures
£
Cost
At 1 January 2024 and 31 December 2024
36,131
Carrying amount
At 31 December 2024
36,131
At 31 December 2023
36,131
LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
16
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Lenta Business Centres Limited
CP House, Otterspool Way, Watford, Hertfordshire, England, WD25 8HR
Dormant
£1 ordinary (2)
100.00
Tottenham Enterprise Centre Limited
CP House, Otterspool Way, Watford, Hertfordshire, England, WD25 8JJ
Dormant
Limited by guarantee
100.00
Lenta 2 Limited
CP House, Otterspool Way, Watford, Hertfordshire, England, WD25 8HR
Property Investment
£1 ordinary (2)
100.00
17
Joint ventures

Details of joint ventures at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Interest
% Held
held
Direct
Applepeach Limited
CP House, Otterspool Way, Watford, Hertfordshire, England, WD25 8JJ
Provision of flexible workspace
£1 ordinary (1)
50.00
Co-Work Space Two LLP
CP House, Otterspool Way, Watford, Hertfordshire, England, WD25 8HR
Dormant
LLP member
50.00
Co-Work Space Limited
CP House, Otterspool Way, Watford, Hertfordshire, England, WD25 8JJ
Provision of flexible workspace
£1 ordinary (40,000)
40.00
Lenta IDM LLP
Office B West Gainsborough Studios, 1 Poole Street, London, England, N1 5EA
Residential development
LLP member
50.00
Lenta Properties Limited and Searchgrade Limited
CP House, Otterspool Way, Watford, Hertfordshire, England, WD25 8JJ
Provision of flexible workspace
Unincorporated joint venture
50.00
Lenta Management Limited
CP House, Otterspool Way, Watford, Hertfordshire, England, WD25 8JJ
Provision of flexible workspace
£1 ordinary A (300), £1 ordinary B (325)
62.50

Co-Work Space Two LLP operated from one set of leased premises, for which the lease expired on the 30 April 2023. The members made the decision to renew this lease from 1 May 2023 within another associated company as part of a restructure. All licences, employees and assets were transferred to the associated company. The members intend for the LLP to be liquidated within the next 6 months.

 

Lenta Management Limited was incorporated on 16 March 2023 and has not yet commenced trading. The group owns 62.5% of the ordinary share capital, however, the number of shares with voting rights attached equal those of another member. As such, the entity is classified as a joint venture at 31 December 2024.

 

18
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
524,669
630,647
524,669
630,647

Financial assets measured at fair value through profit or loss comprise interest rate caps which are valued at the present value of future cash flows estimated and discounted based upon the applicable yield curves derived from quoted interest rates.

LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
432,509
399,948
342,229
329,399
Corporation tax recoverable
-
0
12,773
-
0
12,773
Amounts owed by group undertakings
42,212
85,742
125,297
148,929
Amounts owed by joint ventures
846,266
998,418
2,486,304
2,467,272
Other debtors
292,899
215,358
175,943
141,328
Prepayments and accrued income
660,275
716,020
634,401
689,531
2,274,161
2,428,259
3,764,174
3,789,232
Amounts falling due after more than one year:
Derivative financial instruments
524,669
630,647
524,669
630,647
Other debtors
-
0
824
-
0
-
0
524,669
631,471
524,669
630,647
Total debtors
2,798,830
3,059,730
4,288,843
4,419,879

Amounts owed by group undertakings are unsecured, interest free and have no fixed date for repayment.

 

Amounts owed by joint ventures are unsecured, interest free and have no fixed date for repayment.

 

20
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
22
802,150
751,038
501,986
436,687
Trade creditors
597,798
598,895
579,651
585,886
Amounts owed to group undertakings
82,685
11,038
80,817
10,538
Other taxation and social security
455,283
343,153
426,289
323,444
Other creditors
1,544,887
1,613,089
1,430,560
1,533,151
Accruals and deferred income
1,360,847
1,807,689
1,211,044
1,666,587
4,843,650
5,124,902
4,230,347
4,556,293

Amounts owed to group undertakings are unsecured, interest free and have no fixed date for repayment.

LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
21
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
22
15,260,964
15,223,349
11,512,183
11,464,088
Other creditors
267,788
197,773
267,788
175,708
15,528,752
15,421,122
11,779,971
11,639,796
22
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
16,063,114
15,974,387
12,014,169
11,900,775
Payable within one year
802,150
751,038
501,986
436,687
Payable after one year
15,260,964
15,223,349
11,512,183
11,464,088

The company and its subsidiary have a term loan facility, consisting of a £12m company term loan and £4m subsidiary term loan. The loan facility has a final maturity date of 14 June 2026.

 

The loans have been secured by fixed charges over certain group properties, and floating charges over certain assets of the group.

 

The bank loan represents the financial liability amount currently drawn down on the facility, measured at amortised cost using the effective interest rate method. The drawn down amount and any future borrowings bear interest at a rate of SONIA plus a margin which ranges between 2.1% and 2.75%. The rate of SONIA which is applied to the company's borrowings is capped at 2.0% to 14 June 2025, and 2.5% thereafter.

23
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Provision for investment in joint venture
11,527
-
-
-

The provision at 31 December 2024 consists of the group's share of accumulated losses of a joint venture. The accumulated losses of the joint venture exceeded the carrying amount of the investment.

 

LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
23
Provisions for liabilities
(Continued)
- 34 -
Movements on provisions:
Provision for investment in joint venture
Group
£
Additional provisions in the year
11,527
LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 35 -
24
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
928,945
865,244
Indexation of rolled over gains
3,490,227
3,490,227
Short term timing differences
(6,493)
(7,054)
Investment property
431,803
324,303
4,844,482
4,672,720
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
889,876
828,305
Indexation of rolled over gains
3,490,227
3,490,227
Short term timing differences
(6,493)
(7,054)
4,373,610
4,311,478
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
4,672,720
4,311,478
Charge to profit or loss
171,762
62,132
Liability at 31 December 2024
4,844,482
4,373,610
LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 36 -
25
Retirement benefit schemes

The company participates in a defined benefit pension scheme known as the CP Holdings Limited (1986) Retirement Benefit Scheme. The scheme provides retirement benefits on the basis of members’ final salary. The scheme is a group scheme that shares risks between entities under the common control of CP Holdings Limited. There is no contractual agreement or stated policy for charging the net defined benefit cost of the plan as a whole to individual group entities that participate in the plan. Therefore, as required by FRS 102 Section 28 “Employee Benefits”, the company accounts for this scheme as if it was a defined contribution scheme. The amount charged to the consolidated profit and loss account represents contributions payable to the scheme in respect of the accounting period.

 

The company agreed a funding plan with the trustee, whereby ordinary contributions were made into the scheme based on a percentage of active employees’ salary. Additional contributions are agreed with the trustee to reduce the funding deficit where necessary.

 

The surplus for CP Holdings Limited (1986) Retirement Benefit Scheme as at 31 December 2024 was £3,327,000 (2023: £3,586,000). This valuation is based upon the most recent actuarial valuation of the scheme as at 5 April 2022, which has been adjusted to 31 December 2024 by a qualified independent actuary.

 

The contribution rate is generally reviewed every three years following each full actuarial valuation of the scheme. Following the full actuarial valuation of the scheme as at 5 April 2022, the schemes trustees and participating employers agreed that no further employer contributions were required with effect from 1 October 2022.

 

There were no contributions made by the company during the year (2023: £nil).

 

The fair value of the major class of scheme assets as at the reporting date was as follows:

 

Annuities

£10,467,000

Gilts

£6,174,000

Cash

£461,000

Liquidity Fund

£1,103,000

Corporate bonds

£1,465,000

 

The group also operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £130,477 (2023: £112,974).

26
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3,200,800
3,200,800
3,200,800
3,200,800

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 37 -
27
Contingent liabilities

Company

 

The company has guaranteed bank borrowings of other group companies. At 31 December 2024 the amount outstanding was £4,000,000 (2023: £4,000,000).

 

Group and company

 

The company has provided guarantees for rental payments due under the terms of operating leases held by joint ventures with an annual commitment of £537,000 (2023: £716,000).

28
Reserves
Profit and loss reserve

The profit and loss account represents accumulated comprehensive income for the year and prior periods.

29
Operating lease commitments
Lessee

At 31 December 2024 the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
187,000
187,000
187,000
187,000
Between two and five years
748,000
748,000
748,000
748,000
In over five years
10,781,900
10,968,900
10,781,900
10,968,900
11,716,900
11,903,900
11,716,900
11,903,900
LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 38 -
30
Related party transactions
The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
Transactions with other related parties are as follows:
Amount
Amount due (to)/from related party
2024
2023
2024
2023
£
£
£
£
Applepeach Limited
Loan
-
-
763,182
763,182
(joint venture undertaking)
Recharges
113,660
202,957
35,093
70,412
Management fees
78,000
78,000
-
-
Share of profit
168,739
68,941
-
-
Co-Work Space Two LLP
Recharges
(787)
38,914
(500)
(500)
(joint venture undertaking)
Management fees
-
2,335
-
-
Share of profit
9,482
40,384
73,032
63,550
Cash distribution
-
200,000
-
-
Co-Work Space Limited
Current account
-
-
31,689
14,668
(joint venture undertaking)
Recharges
90,815
78,096
-
-
Management fees
45,988
58,737
-
-
Purchases
17,767
-
-
-
Share of profit
116,821
94,228
-
-
Lenta Properties Limited
Loan
(138,457)
(112,500)
-
138,457
and Searchgrade Limited
Recharges
10,467
919
2,701
196
(joint venture undertaking)
Management fees
9,000
9,000
-
-
Share of profit
157,085
145,304
1,338,460
1,181,375
Lenta IDM LLP
Share of profit / (loss)
531
(6,403)
237,456
236,925
(joint venture undertaking)
Lenta Management Limited
Loan
(1,000)
(1,000)
(1,000)
(1,000)
(joint venture undertaking)
Recharges
1,750
-
2,100
-
Share of loss
(10,930)
-
(10,930)
-
Technology Within Limited
Current account
-
-
(38,841)
8,171
(majority owned Group company)
Sales
17,556
12,105
-
-
Recharges
28,231
27,595
-
-
Management fees
53,000
24,998
-
-
Purchases
192,723
178,680
-
-
Buxton Crescent Limited
Recharges
7,557
3,213
5,641
(10,538)
(joint venture of a Group company)
Management fees
18,500
18,502
-
-
Old Hall Hotel Limited
Recharges
7,959
-
2,250
2,386
(joint venture of a Group company)
Management fees
7,500
7,500
-
-
R & W Estates Limited
Recharges
136
-
-
136
(joint venture of a Group company)
Management fees
4,000
4,000
-
-
Waystone Developments Limited
Management fees
10,660
3,600
3,198
1,080
(majority owned Group company)
Waystone Hargreaves Land LLP
Recharges
891
-
14,395
5,391
(majority owned Group company)
Management fees
44,420
15,000
-
-
LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
30
Related party transactions
(Continued)
- 39 -
Waystone Limited
Recharges
8,724
9,954
13,571
14,757
(majority owned Group company)
Management fees
44,420
23,400
-
-

Amounts owed to related parties are unsecured, interest free and repayable on demand.

 

The aggregate remuneration of key management personnel for the year ended 31 December 2024 was £322,826 (2023: £199,088).

31
Controlling party

The parent undertaking of the smallest group of undertakings for which group financial statements are drawn up and of which the company is a member of CP Holdings Limited, whose registered office is at CP House, Otterspool Way, Watford, WD25 8HR. Copies of these group financial statements are available to the public from Companies House, Crown Way, Cardiff, CF14 3UZ.

 

The ultimate controlling parties are the Gibbor and Schreier families.

32
Subsequent events

On 16 May 2025 Applepeach Limited sold Delta House for gross proceeds of £2,850,000. At 31 December 2024 the property was held at its net book value of £1,463,428 within Freehold property.

 

The group owns 50.0% of the ordinary share capital of Applepeach Limited.

 

On 16 April 2025 Lenta Management Limited agreed a management contract to operate flexible workspace on behalf of a third-party landlord.

 

The agreement requires Lenta Management Limited to loan the client funds for the upfront fit-out costs of a new business centre, which will be repaid with interest over an initial term of five years. Lenta Management Limited will then manage this business centre in order to generate returns for the client, earning a base fee for its services, with a profit share arrangement also agreed.

 

The group owns 62.5% of the ordinary share capital of Lenta Management Limited.

LENTA PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 40 -
33
Cash generated from group operations
2024
2023
£
£
Loss for the year after tax
(122,168)
(2,549,015)
Adjustments for:
Share of results of associates and joint ventures
(367,504)
(383,688)
Taxation charged/(credited)
184,535
(415,684)
Finance costs
1,193,933
1,397,484
Investment income
(310,974)
(197,864)
Fair value (gain)/loss on investment properties
(248,338)
1,816,984
Depreciation and impairment of tangible fixed assets
1,666,256
1,819,405
Increase/(decrease) in provisions
11,527
(14,958)
Movements in working capital:
Decrease in debtors
3,694
248,519
(Decrease)/increase in creditors
(117,040)
1,004,589
Cash generated from operations
1,893,921
2,725,772

Cash and cash equivalents at the end of the year comprise cash at bank and in hand.

34
Analysis of changes in net debt - group
1 January 2024
Cash flows
Non cash flows
31 December 2024
£
£
£
£
Cash at bank and in hand
7,686,113
1,034,244
-
8,720,357
Borrowings excluding overdrafts
(15,974,387)
36,729
(125,456)
(16,063,114)
Derivatives relating to debt
630,647
216,000
(321,978)
524,669
(7,657,627)
1,286,973
(447,434)
(6,818,088)
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