REGISTERED NUMBER: 07405233 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

Leafield Environmental Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C T Edge

Ms J L D Crawford

J S Rhodes

P M Maddox

REGISTERED OFFICE:

Leafield Way

Leafield Industrial Estate

Corsham

Wiltshire

SN13 9UD

REGISTERED NUMBER:

07405233 (England and Wales)

FIXED ASSETS

Tangible assets

4

2,171,367

2,065,954

Investments

5

5,125,471

5,125,471

7,296,838

7,191,425

CURRENT ASSETS

Stocks

6

431,141

404,022

Debtors

7

1,712,110

1,503,914

Cash at bank and in hand

963,768

650,025

3,107,019

2,557,961

CREDITORS

Amounts falling due within one year

8

1,602,510

1,354,057

NET CURRENT ASSETS

1,504,509

1,203,904

TOTAL ASSETS LESS CURRENT LIABILITIES

8,801,347

8,395,329

CREDITORS

Amounts falling due after more than one year

9

(953,334

)

(1,276,667

)

PROVISIONS FOR LIABILITIES

(79,655

)

(49,676

)

NET ASSETS

7,768,358

7,068,986

CAPITAL AND RESERVES

Called up share capital

1,365,001

1,365,001

Retained earnings

6,403,357

5,703,985

7,768,358

7,068,986

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

P M Maddox - Director

1.	STATUTORY INFORMATION

Leafield Environmental Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Functional and presentation currency

The company's functional and presentation currency is Sterling (£).

Preparation of consolidated financial statements

The financial statements contain information about Leafield Environmental Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Leafield Environmental Holdings Limited, Leafield Way, Leafield Industrial Estate, Corsham, Wiltshire, SN13 9UD.

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.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover 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;

- 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.

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Revenue earned but not billed to customers is included in trade receivables and amounts billed in advance of the revenue being recognised are included in trade payables.

Sales of goods are recognised on transfer of title of the goods on dispatch.

Tangible fixed assets

Tangible 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.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range is as follows:

Freehold buildings

20 years

Plant and machinery

3-10 years

Motor vehicles

2 years

Computer equipment

3 years

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Investments in subsidiaries

Investments in subsidiaries are measured at cost less accumulated impairment.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the standard cost of purchase. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income

Financial instruments

The Company is applying section 11 and 12 of FRS 102 in respect of recognition and measurement of financial statements.

Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow group companies, 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax 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 by 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;

- 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.

Research and development

Expenditure on research and development is written off against profits in the year in which it is incurred.

Foreign currencies

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At the period 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 period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension 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.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash at bank and in hand

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.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans and amounts owed to subsidiary undertakings, are initially measured at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

Borrowing costs

Borrowing costs consist of interest and other costs incurred in connection with the borrowing of funds.

Borrowing costs are recognised in the income statement in the period in which they are incurred, with costs relating to the direct of cost of debt issue spread over the borrowing term.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2023 - 42 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

2,080,920

2,709,420

53,105

79,664

4,923,109

Additions

-

206,544

-

40,084

246,628

Disposals

-

(38,395

)

(7,355

)

-

(45,750

)

At 31 December 2024

2,080,920

2,877,569

45,750

119,748

5,123,987

DEPRECIATION

At 1 January 2024

241,720

2,495,735

46,976

72,724

2,857,155

Charge for year

13,400

117,835

3,984

3,851

139,070

Eliminated on disposal

-

(38,395

)

(5,210

)

-

(43,605

)

At 31 December 2024

255,120

2,575,175

45,750

76,575

2,952,620

NET BOOK VALUE

At 31 December 2024

1,825,800

302,394

-

43,173

2,171,367

At 31 December 2023

1,839,200

213,685

6,129

6,940

2,065,954

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

5,125,471

NET BOOK VALUE

At 31 December 2024

5,125,471

At 31 December 2023

5,125,471

6.

STOCKS

2024

2023

£

£

Raw Materials

361,952

381,696

Finished goods

69,189

22,326

431,141

404,022

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,322,543

1,355,783

Amounts owed by group undertakings

25,805

39,000

Other debtors

245,150

52,191

Prepayments and accrued income

118,612

56,940

1,712,110

1,503,914

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

73,333

173,333

Trade creditors

621,249

633,272

Tax

311,548

165,798

Social security and other taxes

34,480

50,063

VAT

2,477

11,584

Other creditors

35,833

20,905

Accruals and deferred income

523,590

299,102

1,602,510

1,354,057

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

73,334

73,334

CBILs loan - 1-2 years

-

100,000

Bank loans - 2-5 years

220,000

220,000

CBILs loan - 2-5 years

-

150,000

Bank loans more 5 yr by instal

660,000

733,333

953,334

1,276,667

2024

2023

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

660,000

733,333

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

32,421

27,746

Between one and five years

23,220

15,225

55,641

42,971

11.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

1,026,667

1,450,000

The bank loan bears interest at 2.50% plus base rate and is secured by a fixed and floating charge over the assets of the company. The CBILs loan bears interest at 3.50% plus base rate and is also secured by a fixed and floating charge over the assets of the company. During the year, the CBILs loan was repaid in full.

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Iain Black (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

13.	RELATED PARTY DISCLOSURES

The Directors J L D Crawford and C T Edge are partners of Chamonix Private Equity LLP. During the year, Chamonix Private Equity LLP charged the company £200,000 (2023: £150,000) in respect of management charges and other expenses.

During the year, the Director P Maddox charged the company £16,668 (2023: Nil) in respect of management charges.

14.	ULTIMATE CONTROLLING PARTY

The company was controlled throughout the financial year by its ultimate parent company Leafield Environmental Holdings Limited, a company which is incorporated in England and Wales. Copies of the Leafield Environmental Holdings Limited consolidated financial statements can be obtained from the company secretary at Leafield Way, Leafield Industrial Estate, Corsham, Wiltshire, SN13 9UD.

As at the date of approval and as at 31 December 2024, in the opinion of the Directors there is no ultimate controlling party.