| REGISTERED NUMBER: |
| Report of the Directors and |
| Unaudited Financial Statements for the Year Ended 31 December 2024 |
| for |
| Ledmore Limited |
| REGISTERED NUMBER: |
| Report of the Directors and |
| Unaudited Financial Statements for the Year Ended 31 December 2024 |
| for |
| Ledmore Limited |
| Ledmore Limited (Registered number: 10619416) |
| Contents of the Financial Statements |
| for the year ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 6 |
| Chartered Accountants' Report | 10 |
| Ledmore Limited |
| Company Information |
| for the year ended 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Suite 5, 10 Churchill Square |
| West Malling |
| Kent |
| ME19 4YU |
| Ledmore Limited (Registered number: 10619416) |
| Report of the Directors |
| for the year ended 31 December 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of a private members club, storage and advice around modern and historical classic cars. |
| REVIEW OF BUSINESS |
| Business Overview |
| Since its inception in 2020, Ledmore has positioned itself as the benchmark provider of comprehensive and discrete management services for collector-grade vehicles, delivered by a skilled team of industry professionals operating from a state-of-the-art campus on Dunsfold Park in Surrey, UK. |
| Adopting a limited and exclusive membership model, Ledmore ensures that each member and their vehicles receive an unparalleled level of personal service, setting a new standard in the collector car industry. The attraction of distinguished UK and international collectors, along with the Company's rapid growth, reflects not only the trust generated by the exceptional membership experience but also the recognition of the extensive array of round-the-clock services available. These offerings include bespoke care and secure storage for every vehicle-including private garaging for larger collections-expert knowledge in discovery and acquisition, maintenance, detailing, and global logistics solutions. Every facet of a member's experience is tailored to meet individual needs, allowing owners to fully enjoy their cars anytime, anywhere. Dunsfold Park is conveniently located for road access from London and Goodwood, and also features an active airstrip accommodating large private jets, while onsite helicopters offer convenient access to central London and the UK's international airports for visiting members |
| In addition to providing an ideal environment for vehicle care, the Clubhouses offer a luxurious hospitality space accessible seven days a week. Members can utilise the facilities for private meetings in dedicated boardrooms or host more formal events in the bar, library, or wine room. Furthermore, all members benefit from a curated private events program designed for the discreet enjoyment of their collections, showcasing unique experiences both in the UK and abroad. Launched at the 2023 Le Mans 24 Hours, this program has gained significant traction and continues to expand. |
| In 2024, Ledmore's membership has continued to grow, driven primarily by referrals from existing members and partners who have enthusiastically shared their positive experiences with fellow collectors, creating a robust word-of-mouth network that attracts new interest. This growth has been further supported by the strategic addition of new experts to the team, the expansion of bespoke garaging facilities, and the introduction of the Old Fire Station at Ledmore. This new trackside event space not only provides an exciting venue for members, guests and OEMs with direct access to the ex- 'Top Gear Test Track' but also incorporates in-house engineering solutions, allowing members to take full advantage of onsite expert support and services for their cars. As a result, Ledmore is better equipped than ever to meet the needs of its expanding community of enthusiasts and their collections. |
| Ledmore Limited (Registered number: 10619416) |
| Report of the Directors |
| for the year ended 31 December 2024 |
| Future Outlook |
| With the shift towards sustainable powertrains, collectible cars will progressively represent an era of engineering and design that enthusiasts are eager to preserve. As a result, they are likely to become even more coveted as they stand out in a world dominated by electric vehicles, offering a tangible connection to the past and a driving experience that cannot be replicated by EVs. Specialist services will play a crucial role in not only enabling owners to enjoy their collections, but also in curating and maintaining the value of such vehicles, ensuring that collectible cars remain not only preserved but also cherished by future generations of enthusiasts. |
| Ledmore is uniquely positioned to provide a comprehensive suite of solutions addressing the challenges of collectible car ownership, both now and in the evolving future. The outlook for the company's continued growth and success remains. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| GOING CONCERN |
| At the balance sheet date, the company had net liabilities of £1,362,296 and net current liabilities of £3,244,401. The directors have confirmed their intention to make resources available as necessary for the company to remain a going concern for at least 12 months from the date of signing these financial statements. For this reason, the directors consider it appropriate to prepare these financial statements on a going concern basis. |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| Ledmore Limited (Registered number: 10619416) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| Ledmore Limited (Registered number: 10619416) |
| Balance Sheet - continued |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital |
| Other reserves |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The directors acknowledge their 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. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Ledmore Limited (Registered number: 10619416) |
| Notes to the Financial Statements |
| for the year ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Ledmore Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Land and buildings | - |
| Plant and machinery etc | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Ledmore Limited (Registered number: 10619416) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Ledmore Limited (Registered number: 10619416) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| Ledmore Limited (Registered number: 10619416) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts |
| 9. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Section 33 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. |
| 10. | ULTIMATE CONTROLLING PARTY |
| The controlling party is G R Manchester. |
| 11. | RETAINED EARNINGS |
| The accumulated losses are split as below with regards to the two trades, the old motor racing trade Jack Manchester Racing Limited "JMR" and the new classic car trade Ledmore & Co Historic and Modern Classic Cars Limited "Ledmore & Co". |
| Total | JMR | Ledmore & Co |
| Profit/(Loss) brought forward |
(10,180,159) |
(7,488,314 |
) |
(2,691,845 |
) |
| Profit/(Loss) for the year | (1,226,788) | (90,619 | ) | (1,136,169 | ) |
| Reduction in share capital | 10,000,000 | 7,488,314 | 2,511,686 |
| Profit/(Loss) carried forward |
(1,406,947) |
(90,619 |
) |
(1,316,328 |
) |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Ledmore Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ledmore Limited for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Ledmore Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ledmore Limited and state those matters that we have agreed to state to the Board of Directors of Ledmore Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ledmore Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Ledmore Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ledmore Limited. You consider that Ledmore Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Ledmore Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Suite 5, 10 Churchill Square |
| West Malling |
| Kent |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Ledmore Limited |
| ME19 4YU |