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Registered number: 02142854
LEAPASTUTE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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LEAPASTUTE LIMITED
REGISTERED NUMBER: 02142854
BALANCE SHEET
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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LEAPASTUTE LIMITED
REGISTERED NUMBER: 02142854
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
The directors consider 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 directors acknowledge their 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 by:
The notes on pages 4 to 12 form part of these financial statements.
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LEAPASTUTE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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At 1 October 2023 (as previously stated)
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Prior year adjustment - correction of error
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At 1 October 2023 (as restated)
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 4 to 12 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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At 1 October 2022 (as previously stated)
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Prior year adjustment - correction of error
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At 1 October 2022 (as restated)
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Total transactions with owners
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The notes on pages 4 to 12 form part of these financial statements.
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LEAPASTUTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Leapastute Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02142854.The registered office is Manderley, South Park, South Godstone, Surrey, RH9 8LF. The company is ultimately controlled by the directors.
The principal activity of the company during the year continued to be that of buying and selling of own real estate and holding investments in other companies.
The financial statements are presented in £ sterling, the functional currency, rounded to the nearest £1.
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:
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Associates and joint ventures
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Associates and Joint Ventures are accounted for using the equity method, whereby the investment is initially recognised at cost and subsequently adjusted for the company’s share of profits or losses.
The company’s share of the joint venture’s results is recognised in the profit and loss account.
Investments are reviewed for impairment whenever there is an indication that the carrying amount may not be recoverable.
The financial statements have been prepared on a going concern basis and the directors have considered the relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events, in making their assessment. This assessment is supported by the shareholders of the company who are willing to provide financial support if required.
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. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
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LEAPASTUTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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.
The Company 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 Company. 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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance.
Depreciation is provided on the following basis:
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 profit or loss.
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LEAPASTUTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Investment property is carried at fair value determined annually by external valuers 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.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
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.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial
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LEAPASTUTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Short-term 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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss 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.
Interest income is recognised in profit or loss using the effective interest method.
Tax is recognised in profit or loss 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 by the balance sheet date in the countries where the Company operates and generates income.
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LEAPASTUTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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The average monthly number of employees, including directors, during the year was 5 (2023 - 4).
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Charge for the year on owned assets
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LEAPASTUTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Investment in joint ventures
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At 1 October 2023 (as restated)
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Freehold investment property
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At 1 October 2023 (as restated)
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The valuations were made by the directors, on an open market value for existing use basis.
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LEAPASTUTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Amounts owed by related parties
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Accrued income and interest receivable
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Creditors: Amounts falling due within one year
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Amounts owed to related parties
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Allotted, called up and fully paid
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100 (2023 - 100) Ordinary shares of £1.00 each
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LEAPASTUTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
During the year ended 30 September 2023, two matters were identified that resulted in the restatement of comparative information and opening reserves. These adjustments have been treated as prior period adjustments in accordance with FRS 102.
Reclassification and fair value treatment of investment property
A property is held by the company to generate rental income and was classified as stock, rather than investment property as defined by FRS 102. The carrying value of £215,000 has now been reclassified from stock to investment property in the Statement of Financial Position.
In addition, a fair value increase of £50,000 arising in the prior year had been included within cost of sales rather than recognised as a fair value movement. This has now been reclassified to the appropriate line within the profit and loss account.
There is no impact on previously reported profit after tax or total equity as a result of this reclassification.
Accounting for joint venture and other investment interests
The company is a participant in a number of joint venture and LLP arrangements. These had not previously been accounted for in accordance with FRS 102. The effect of correcting this omission is as follows:
∙A prior year profit of £731,614 in respect of the company’s share of results of these entities has been recognised, with a corresponding increase in investments and retained earnings.
∙An adjustment to opening reserves of £428,126 has been recorded to reflect the cumulative profit share not previously recognised at the beginning of the comparative period.
∙A minor shareholding previously included within debtors has also been reclassified to investments. This reclassification does not affect profit or total equity.
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LEAPASTUTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Related party transactions
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At 30 September 2024, Leapastute Limited were party to the following balances from related undertakings:
∙Dod Street Homes Limited, a joint venture interest, owed Leapastute Limited £3,669,243 (2023: £3,771,243)
∙East Dulwich Homes Limited, a joint venture interest, owed Leapastute Limited £470,977 (2023: £470,477)
∙Cross Lane Limited, an entity with key management personnel in common, owed Leapastute Limited £588,000 (2023: £963,000).
∙Bow Exchange Homes Limited, a joint venture interest, owed Leapastute Limited £1,665,999 (2023: £1,797,516).
∙Solomons Passage Limited, a joint venture interest, owed Leapastute Limited £1,737,267 (2023: £1,822,267).
∙Earlsriver Limited, a joint venture interest, was due £309,987 from Leapastute Limited (2023: £925,463 due to Leapastute Limited).
∙Wandle Way Limited, a joint venture interest, owed Leapastute Limited £3,855,922 (2023: £2,579,434).
∙Woodcote Grove Limited, an entity with key management personnel in common, was owed £2,214,213 (2023: £2,010,894) from Leapastute Limited.
∙Dominus Advisory Services Limited, an entity with key management personnel in common, was owed £7,116,480 (2023: £7,244,000) from Leapastute Limited.
All of the amounts above are interest free and repayable on demand.
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