Company registration number 00859426 (England and Wales)
W. P. LEPPARD & SONS LIMITED
Unaudited financial statements
For the year ended 31 March 2025
Pages for filing with registrar
W. P. LEPPARD & SONS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
W. P. LEPPARD & SONS LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Non-current assets
Investment property
5
4,052,000
3,795,000
Investments
6
-
0
25,685
4,052,000
3,820,685
Current assets
Trade and other receivables
7
2,134
2,082
Cash and cash equivalents
12,967
26,683
15,101
28,765
Current liabilities
8
(59,071)
(73,328)
Net current liabilities
(43,970)
(44,563)
Total assets less current liabilities
4,008,030
3,776,122
Provisions for liabilities
9
(894,885)
(830,635)
Net assets
3,113,145
2,945,487
Equity
Called up share capital
396
396
Capital redemption reserve
41
41
Retained earnings
3,112,708
2,945,050
Total equity
3,113,145
2,945,487
W. P. LEPPARD & SONS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
As at 31 March 2025
- 2 -

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 3 November 2025 and are signed on its behalf by:
Mr R O Leppard
Director
Company registration number 00859426 (England and Wales)
W. P. LEPPARD & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2025
- 3 -
1
Accounting policies
Company information

W. P. Leppard & Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is 85 Chestnut Grove, London, SW12 8JG.

1.1
Basis of preparation

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 a mounts 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.

1.2
Revenue

Turnover represents rents receivable by the company during the year.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

1.3
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 a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Non-current investments

Investments represent holdings in insurance bonds and as there is an active market in the sale and purchase of such insurance bonds, they are carried at fair value with valuation movements passing through the income statement.

1.5
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.

1.6
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 statement of financial position 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.

W. P. LEPPARD & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include trade and other receivables 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 trade and other payables, 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 paymen ts 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 payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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.

1.7
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.

1.8
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 income statement 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.

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.

1.9
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 non-current assets.

W. P. LEPPARD & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2025
- 5 -
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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
2
2
4
Taxation
2025
2024
£
£
Deferred tax
Deferred tax on revaluation of properties
64,250
-
0
5
Investment property
2025
£
Fair value
At 1 April 2024
3,795,000
Revaluations
257,000
At 31 March 2025
4,052,000

Investment property comprises three separate freehold properties. The fair value of the investment property has been arrived at on the basis of a valuation dated 02 March 2025 carried out by Capital Chartered Surveyors & Valuers, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6
Fixed asset investments
2025
2024
£
£
Other investments other than loans
-
0
25,685
W. P. LEPPARD & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2025
6
Fixed asset investments
(Continued)
- 6 -
Movements in non-current investments
Investments
£
Cost or valuation
At 1 April 2024
25,685
Disposals
(25,685)
At 31 March 2025
-
Carrying amount
At 31 March 2025
-
At 31 March 2024
25,685
7
Trade and other receivables
2025
2024
Amounts falling due within one year:
£
£
Prepayments and accrued income
2,134
2,082
8
Current liabilities
2025
2024
£
£
Other taxation and social security
2,894
8,398
Directors' current accounts
50,453
59,615
Accruals and deferred income
5,724
5,315
59,071
73,328
9
Provisions for liabilities
2025
2024
£
£
Deferred tax liabilities
894,885
830,635
10
Related party transactions

Included within current liabilities is an amount of £49,098 (2023: £59,098) due to the company's shareholders. The directors Mr M Leppard and Mr R O Leppard are owed £18,861 and £30,576 respectively.

Interest is charged on part of these loan balances at 2% above the Bank of England Base Rate. During the year loan repayments of £10,000 (2023: £0) were made by the company and interest of £838 (2024: £1,015 ) was charged to the company.

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