| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 30 September 2024 |
| for |
| Leonard Design Limited |
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 30 September 2024 |
| for |
| Leonard Design Limited |
| Leonard Design Limited (Registered number: 05925905) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Leonard Design Limited |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Hine House |
| 25 Regent Street |
| Nottingham |
| Nottinghamshire |
| NG1 5BS |
| Leonard Design Limited (Registered number: 05925905) |
| Balance Sheet |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| 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 |
| Leonard Design Limited (Registered number: 05925905) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Leonard Design Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| The presentation and functional currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared on a going concern basis. |
| The loss arose during the year due to a significant proportion of employee and other related overheads being incurred in respect of work on a specific major client contract. The contract was paused at short notice, however, a position was agreed to retain staff and related resources to ensure that the company would be able to fulfil the contract when the client chose to recommence the project. The project unfortunately did not recommence, although the relevant industry expertise has led to other similar and related contracts. |
| Despite these challenges, the directors are continuing to take appropriate actions to improve the financial position of the company, and as a result it has returned to a profitable position in the last few months of the following year. Based on prudent management accounts it is expected to make a profit in the year to 30th September 2026. The directors have provided assurances that they will support the company and source appropriate funding to cover any short term cash shortfalls that may arise as a result of recent trading difficulties. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Leonard Design Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Revenue |
| Revenue is measured at the fair value of the consideration received or receivable from the provision of services which fall within the company's activities and is shown net of VAT. Revenue is recognised upon delivery of the service and in accordance with agreed contracts, and is adjusted to include the value of work done but not invoiced at the Balance Sheet date. |
| 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 |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income. |
| Leonard Design Limited (Registered number: 05925905) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 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. |
| Long-term contracts |
| Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as the proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen. |
| Operating lease agreements |
| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight-line basis over the period of the lease. |
| Investments in subsidiaries |
| Investments in subsidiaries are measured at costs less any accumulated impairment. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Leonard Design Limited (Registered number: 05925905) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST OR VALUATION |
| At 1 October 2023 |
| and 30 September 2024 |
| AMORTISATION |
| Revaluation adjustments |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| During the previous year the company purchased the intellectual property of Blossom Homes Ltd, along with the client database and trading logo of the company. The value has been impaired in full during the year. |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and | Computer |
| property | machinery | fittings | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| Leonard Design Limited (Registered number: 05925905) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |