Company registration number 00539351 (England and Wales)
LEYWOOD ESTATES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
LEYWOOD ESTATES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 10
LEYWOOD ESTATES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
10,841
14,455
Investment property
5
30,108,500
27,746,792
Investments
6
22,601
22,601
30,141,942
27,783,848
Current assets
Debtors
7
2,110,933
1,871,733
Cash at bank and in hand
275,105
354,546
2,386,038
2,226,279
Creditors: amounts falling due within one year
8
(1,328,418)
(669,894)
Net current assets
1,057,620
1,556,385
Total assets less current liabilities
31,199,562
29,340,233
Creditors: amounts falling due after more than one year
9
(1,916,662)
(1,794,460)
Provisions for liabilities
(4,039,269)
(3,681,765)
Net assets
25,243,631
23,864,008
Capital and reserves
Called up share capital
59,192
59,192
Non-distributable profits reserve
12
17,175,198
15,529,238
Distributable profit and loss reserves
8,009,241
8,275,578
Total equity
25,243,631
23,864,008
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
S K Funnell
Director
Company Registration No. 00539351
LEYWOOD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Leywood Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Leywood House, 47 Woodside Road, Amersham, Buckinghamshire, United Kingdom, HP6 6AA.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is the total rent and management fees receivable by the company for the period, excluding value added tax adjusted for accrued revenue calculated by reference to the fair value of rents due up to the balance sheet date.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
- 20% on reducing balance
Motor vehicles
- 25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
LEYWOOD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments
Investments are included at cost less amounts written off. Profits or losses arising from disposals of fixed asset investments are treated as part of the result from ordinary activities.
Income from investments
Investment income comprises dividends declared during the accounting period and interest receivable on loans from group and related companies.
1.6
Impairment of fixed assets
At each reporting period end date, the company 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.
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.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
LEYWOOD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
LEYWOOD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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 when the company has 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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the opinion of the Directors, the fair valuation of investment properties are considered to be subject to key judgements and areas of estimation.
LEYWOOD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
3
Employees
The average monthly number of persons employed by the company during the year was:
2024
2023
Number
Number
Total
6
6
4
Tangible fixed assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 October 2023 and 30 September 2024
5,960
42,171
48,131
Depreciation and impairment
At 1 October 2023
5,960
27,716
33,676
Depreciation charged in the year
3,614
3,614
At 30 September 2024
5,960
31,330
37,290
Carrying amount
At 30 September 2024
10,841
10,841
At 30 September 2023
14,455
14,455
5
Investment property
2024
£
Fair value
At 1 October 2023
27,746,792
Additions
523,358
Disposals
(165,114)
Revaluations
2,003,464
At 30 September 2024
30,108,500
The above valuations were carried out by a director who holds membership with the Royal Institution of Chartered Surveyors (RICS). The requirements of fair value measurement per FRS 102 Section 16 have been treated as synonymous with the RICS definition of "Market Value" using readily available public data and net rental yield calculations factoring in the geographic location in which the property is situated and the relative condition of the property.
The definition of "Market Value" is the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm's length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion. The director has considered where the requirements for complying with fair value measurement per FRS 102 Section 16 may differ from the RICS definition, and in instances where this occurs has recorded and amended the valuation in order to comply with UK GAAP.
LEYWOOD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
5
Investment property
(Continued)
- 7 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
8,894,034
8,535,790
Carrying amount
8,894,034
8,535,790
6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
22,601
22,601
The market value of the listed investments at the balance sheet date was £334 (2023: £383).
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
212,584
219,765
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,884,571
1,627,666
Other debtors
13,778
24,302
2,110,933
1,871,733
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
680,616
36,947
Trade creditors
284,422
267,940
Taxation and social security
35,430
34,821
Other creditors
327,950
330,186
1,328,418
669,894
LEYWOOD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,789,665
1,728,854
Other creditors
126,997
65,606
1,916,662
1,794,460
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
209,308
258,219
10
Loans and overdrafts
2024
2023
£
£
Bank loans
2,428,854
1,765,801
Bank overdrafts
41,427
2,470,281
1,765,801
Payable within one year
680,616
36,947
Payable after one year
1,789,665
1,728,854
Both the overdraft and loan balances owed to Lloyds TSB Bank plc are secured with fixed and floating charges against several of the company's freehold properties.
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Revaluations
4,039,269
-
Investment property
-
3,681,765
4,039,269
3,681,765
LEYWOOD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
11
Deferred taxation
(Continued)
- 9 -
2024
Movements in the year:
£
Liability at 1 October 2023
3,681,765
Charge to profit or loss
357,504
Liability at 30 September 2024
4,039,269
12
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
15,529,238
15,658,972
Non distributable profits in the year
1,645,960
(129,734)
At the end of the year
17,175,198
15,529,238
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Adam East ACA
Statutory Auditor:
Azets Audit Services
LEYWOOD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
14
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Management fees of £90,255 (2023: £106,638) were paid to related companies (aggregated).
Consultancy fees of £nil (2023: £36,440) were paid to Kennedy Funnell Limited. Simon Funnell is a director of the company and also Kennedy Funnell Limited.
Consultancy fees of £10,800 (2023: £11,000) were paid to Blueseas Management Limited. I.F.C. Murray is a director of the company and also Blueseas Management Limited.
Loan interest of £27,507 (2023: £103,923) was received from from group and joint venture companies (aggregated).
Loans of £1,884,571 (2023: £1,627,666) were made by the company to group, related and joint venture companies (aggregated).
Loans of £Nil (2023: £2,324) were made to the company by group, related and joint venture companies (aggregated).
Dividends of £373,654 (2023: £372,040) were paid to directors and their associates (aggregated).
Creditors due after one year include an accruing bonus for a director of £88,101 (2023: £40,046).
Group, related and joint venture companies include the following :-
- Leywood Developments Limited
- Blackwood Property Services Limited
- Lexham Properties Limited
Related and joint venture companies are companies with common directors and shareholders.
Other information
Directors and their associates include the following :-
- L.J. Watson
- S.M. Queenborough
- J.R. Woodley
- C.A Watson
- B.O. Queenborough
- S.A. Queenborough
15
Parent company
There is no ultimate controlling party.
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