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Registered number: 03458968
LEITRIM PROPERTIES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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LEITRIM PROPERTIES LIMITED
REGISTERED NUMBER: 03458968
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital redemption reserve
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Investment property reserve
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LEITRIM PROPERTIES LIMITED
REGISTERED NUMBER: 03458968
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the Statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 September 2025.
The notes on pages 3 to 10 form part of these financial statements.
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LEITRIM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Leitrim Properties Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 101 Rowlands Avenue, Hatch End, Pinner, Middlesex, HA5 4AW.
The principal activity of the company during the year continued to be that of property letting and management services.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
The director and controlling party has provided an undertaking that he will continue to support the company for the foreseeable future to enable the company's liabilities to be met as they fall due, and specifically for a period of not less than twelve months from the date of approval of these financial statements. On this basis, the director believes that the preparation of the accounts on a going concern is appropriate.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'.
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LEITRIM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from property letting is recognised in accordance with the terms of the respective rental agreement.
Investment properties are properties held to earn rent and or capital appreciation. Investment properties are initially measured at cost, including transaction costs.
Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of the investment properties are included in the Statement of comprehensive income in the year in which they arise.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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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.
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LEITRIM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and bank loans.
Financial assets that are measured at cost and amortised cost are assessed at each reporting date for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Statement of comprehensive income 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, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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LEITRIM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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Current and deferred taxation
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Tax expense is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted at the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
• The recognition of deferred tax assets is limited to the extent that it is probable that they will be
recovered against the reversal of deferred tax liabilities or other future taxable profits; and
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax
allowances have been met.
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 reporting date.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
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The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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LEITRIM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Freehold investment properties
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The 2024 valuations were made by key management, on an open market value for existing use basis.
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Amounts owed by related undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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LEITRIM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to related undertakings
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Other taxation and social security
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Accruals and deferred income
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Bank loans amounting to £65,457 (2023 - £165,457) are secured by way of legal charges on some of the freehold investment properties of the company.
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Creditors: Amounts falling due after more than one year
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Bank loans amounting to £4,766,264 (2023 - £5,108,930) are secured by way of legal charges on some of the freehold investment properties of the company.
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LEITRIM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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The provision for deferred taxation is made up as follows:
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Potential capital gain tax
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Allotted, called up and fully paid
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2,000 Ordinary shares of £1 each
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LEITRIM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The company made contributions to a defined contribution scheme during the year. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions of £300 (2023 - £300) were paid by the company into this scheme during the year. Contributions totalling £67 (2023 - £67) were payable into the scheme at the reporting date.
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Related party transactions
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The company has taken advantage of the exemption provided by FRS102 from the requirement to disclose transactions with its parent company on the grounds that it is wholly owned.
Included in amounts owed by related undertakings is an amount of £663,744 (2023 - £663,744) due from Cappard Estates Limited, a company controlled by close family members of the director.
Included in amounts owed by related undertakings is an amount of £57,060 (2023 - £57,060) due from O'Hara Transport Limited, a company under common control.
Included in amounts owed by related undertakings is an amount of £37,695 (2023 - £37,695) due from Vantage Investments Limited, a company in which the director is a shareholder.
Included in amounts owed by related undertakings is an amount of £675,095 (2023 - £675,095) due from Blackrock Property Trading Limited, a company controlled by close family members of the director.
During the year, the company paid rent of £80,000 (2023 - £80,000) to G A Wood & Co Limited, a company controlled by close family members of the director. Included in amounts owed to related undertakings is an amount of £340,000 (2023 - £260,000) due to G A Wood & Co Limited.
During the year, the company paid management charges of £80,000 (2023 - £80,000) to Pearce Property Investments Limited, a company controlled by close family members of the director. Included in amounts owed by related undertakings is a loan of £4,898,366 (2023 - £4,978,366) due from Pearce Property Investments Limited.
Included in amounts owed to related undertakings is an amount of £3,771,725 (2023 - £3,102,811) due to O'Hara Bros. Surfacing Limited, a company under common control.
Included in amounts owed by related undertakings is an amount of £1,500,000 (2023 - £1,500,000) due from Cappard Finance Limited, a company under common control.
Included in amounts owed by related undertakings is an amount of £12,600 (2023 - £12,600) due from Cappard Estates (TY) Limited, a company controlled by close family members of the director.
Included in amounts owed by related undertakings is an amount of £501,960 (2023 - £501,960) due from Cappard Estates (LH) Limited, a company controlled by close family members of the director.
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Ultimate parent undertaking and controlling party
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The immediate and ultimate parent undertaking is Leitrim Properties Holdings Limited, a company incorporated in England and Wales.
The ultimate controlling party is its director by virtue of his majority shareholding in the ultimate parent undertaking.
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