Company registration number 00563751 (England and Wales)
LEEKES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
LEEKES LIMITED
COMPANY INFORMATION
Directors
Ms E J Leeke
Mr S J Leeke
Mr M A Fowler FCCA
Mr P Martin
Mr C Leeke
Mrs J E Littlejohn
Mr M Leeke
Secretary
Mr M Leeke
Company number
00563751
Registered office
Mwyndy Business Park
Mwyndy
Pontyclun
Mid Glamorgan
Wales
CF72 8PN
Auditor
UHY Hacker Young
Bradbury House
Mission Court
Newport
Gwent
United Kingdom
NP20 2DW
LEEKES LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 37
LEEKES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Fair review of the business

The company's principal activity continued to be that of the operation of home retail stores.

Performance review

Delivered sales in the retail business were 5% down on the prior year with the inflationary environment and sluggish housing market affecting the demand for high value home purchases. Despite the strong cost controls in place, the considerable cost inflation particularly on payroll and property costs meant that administrative expenses were up £0.7m on the prior year. The retail business opened a new store in Cheltenham in November 2024 which is trading strongly in line with expectations. The current year result includes pre-trading expenditure on this store in excess of the normal underlying overheads which included payroll, training and utility costs. The store generated a strong pipeline of orders by the year-end which will be delivered, and therefore recognised in the accounts, in the 2025/26 financial year.

A summary of the trading position is as follows:

| 202 4/​2 5 | 202 3/​​2 4 | Variance
| £'000 | £'000 | £'000
Turnover | 45,161 | 47,634 | (2,473)
EBITDA* | 1,113 | 2,793 | (1,680)
Profit/(Loss) before tax | (1,110) | 1,170 | (2,280)

*EBITDA is defined as earnings before interest, tax, deprecation, amortisation, loss on disposal, other gains and losses, store closure costs and store opening pre-trading costs.

Key performance indicators

The directors closely monitor the business performance using both financial and non-financial KPIs. Financial KPIs are used at the three main levels of the business - by store, by business unit and by department. These include sales targets by store, department and section, sales and profitability by store and department, pipeline sales orders generated, gross margin targets, additional income generated by sales teams, cash flow targets based on the cash flow generated from profitability, working capital movements and control of capital expenditure budgets. The directors review KPI performance on a daily, weekly or monthly basis as appropriate.

Non-financial KPIs used include mystery shopper surveys, delivery satisfaction surveys, employee retention levels, lead generation and sales conversions by sales teams which are utilised to ensure our team is working together to improve customer satisfaction, employee engagement and future business.

LEEKES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Principal risks and uncertainties

The J. H. Leeke group has moderate exposure to variations in interest rates and foreign exchange. At present, the directors do not consider it necessary to hedge our exposure to foreign exchange rate fluctuations but, given the amount of dollar purchases it makes in the retail business, it has a policy of holding the equivalent of at least 6 months purchases in US dollars. In respect of interest rate hedging, during 2019/20 the group took advantage of a 3-month LIBOR (subsequently converted to a base rate swap on the abolition of LIBOR) 10-year swap rate of 0.8825% per annum for £10m which will protect it against interest rate volatility over that period. The business is monitored for changes in the risk profile of such exposure and will consider using other financial instruments and derivatives as appropriate.

The group actively manages its exposure to fluctuations in energy costs utilising flexible purchasing contracts with our utility providers. We monitor our hedging strategy on a rolling three year basis to ensure we are protected from short term movements in pricing. In addition, our exposure to increased prices has been reduced by our energy consumption reduction strategies as indicated by our investment in solar panels on our owned properties.

The group has some exposure to credit or liquidity risk on its trade receivables, but this is not significant relative to the size of its balance sheet because it is principally a cash-based business. Cash flow risks, relating to demands of working capital, are mitigated through the careful management of stock holdings, review of supplier credit terms and the management of cash on a group-wide basis to meet the group's cash requirements.

Post year end trading review

Post year end trading has been more positive despite the impact on consumer confidence of the cost-of-living crisis and the business remains very cash generative and is trading in line with its budgets. At the date of reporting, pipeline sales are up 12% on the prior year which will have a positive impact on future profitability.

Future prospects and going concern

The J. H. Leeke group will continue to operate in the business areas in which it is engaged and aims to exploit new activities as they arise by reinvesting profits back into the group’s activities. Phases 1 and 2 of the refurbishment of our flagship Llantrisant store in South Wales have been completed and trading and customer feedback since the reopening of its furniture floor has been very encouraging. Phase 3 of this refurbishment is in progress and is on schedule to complete by the spring.

The group continues to comply with all its banking covenants with significant headroom including interest cover, senior leverage, gearing and loan to value covenants. The forward projections show that this compliance will continue for the foreseeable future. We will continue to benefit from the 10-year £10m 0.8825% interest rate swap which has provided the group significant protection against interest rate rises. The group successfully renewed its banking facility with Barclays Bank PLC in September 2024 with a £25m Revolving Credit Facility agreed on very favourable terms. Furthermore, the group recently completed a one year extension on this agreement which is now due to expire on 01 October 2028.

The group has net assets of £88.8m which includes substantial freehold property interests, very low levels of gearing of 14.3% at the date of this report and continues to perform strongly post year-end despite the challenging economic environment. The group financial projections for the 12 months following the date of signing of the financial statements show continued strong profitability and significant headroom on its debt facilities due to the highly cash generative nature of the group's activities.

Promoting the success of the company

Section 172 of the Companies Act 2006 requires that directors of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

a. The likely consequences of any decision in the long term;

b. The interests of the company’s employees;

c. The need to foster the company’s business relationships with suppliers, customers and others;

d. The impact of the company’s operations on the community and the environment;

e. The desirability of the company maintaining a reputation for high standards of business conduct; and

f. The need to act fairly to members of the company.

The directors acknowledge their responsibilities and are satisfied they have met their duties regarding these matters in the decisions they have made during the year ended 31 March 2025.

LEEKES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Corporate commitments

As a family own ed and operated business we appreciate the wider impact that we have on our teams, communities and the environment and have defined the following commitments:

- We will continue to focus our attention on all aspects of well-being, respecting our duty to protect and nurture;

- We will embrace technology in our products and processes to drive efficiencies and improvements;

- We are proud to be part of our local community and will continue to support and be a positive resource;

- We accept our environmental responsibility and will continue to look to mitigate our impact where possible.

Stakeholder responsibilities

The company recognises the contribution of all its employees and is committed to recruiting, developing and retaining a strong and diverse workforce. The company has a structured framework for employees to progress their careers with the Leekes Retail and Leisure Group and has reinforced the importance of fair and transparent performance management.

The directors acknowledge the importance of the company's customers to its success and in line with this, we are committed to providing the highest levels of service to our customers.

We recognise the important role that our suppliers play in our business. We value all our suppliers and enjoy positive and long standing relationships with our key suppliers.

The company is aware of its corporate social accountability, particularly in the area of our interaction with our community and the environment.

Health & safety

The company acknowledges its responsibilities under the Health and Safety at Work Act 1974, The Management of Health and Safety at Work Regulations 1992 and 1999 and associated protective legislation, both as an employer and as a business. To achieve these objectives the company has appointed designated team members to be responsible for ensuring that we keep workplace health, safety and welfare procedures under constant review; to implement continuous improvement; to liaise with the Health and Safety Executive wherever necessary; and to keep the company and its Board of Directors abreast of new legislation, in order to ensure ongoing compliance with the law.

On behalf of the board

Mr M A Fowler FCCA
Group Finance Director
26 September 2025
LEEKES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of the operation of home department stores in out-of-town locations.

Results and dividends

The results for the year are set out on page 10, a fair review of the business and performance review is set out in the strategic report on pages 1 to 3.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr G L Leeke OBE FCA
(Resigned 31 July 2024)
Ms E J Leeke
Mr S J Leeke
Mr M A Fowler FCCA
Mr P Martin
Mr C Leeke
Mrs J E Littlejohn
Mr M Leeke
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees, through staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

Auditor

UHY Hacker Young have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditor in the absence of an Annual General Meeting.

Energy and carbon report

Details around the company's energy and carbon usage are included in the consolidated accounts of J.H. Leeke and Sons Limited.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

LEEKES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
Employment policies

It is the policy of the company that there should be no discrimination in considering applications for employment including those from disabled persons. All employees, including the disabled, are given equal opportunities in terms of career development and promotion. Appropriate training is arranged for disabled persons, including retraining for alternative work of employees who become disabled while in employment with the company, to promote their career development within the organisation.

The company remains committed to its policy of keeping employees fully informed about all matters which concern them; formal communications are used to achieve this objective. Employee involvement takes different forms in each subsidiary, ranging from formal committee meetings to less formal discussion groups.

Schemes have been implemented to ensure that employees are properly rewarded for performance and loyalty.

Supplier payment policy

The company's policy is to settle terms of payment with suppliers when agreeing the terms of each transaction, ensure that suppliers are made aware of the terms of payment and abide by the terms of payment. Trade creditors of the company at 31 March 2025 were equivalent to 32 days' purchases (2024: 29), based on the average daily amount invoiced by suppliers during the year.

On behalf of the board
Mr M A Fowler FCCA
Group Finance Director
26 September 2025
LEEKES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LEEKES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LEEKES LIMITED
- 7 -
Opinion

We have audited the financial statements of Leekes Limited (the 'company') for the year ended 31 March 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

LEEKES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LEEKES LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

LEEKES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LEEKES LIMITED
- 9 -

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr John Griffiths (Senior Statutory Auditor)
For and on behalf of UHY Hacker Young
26 September 2025
Chartered Accountants
Statutory Auditor
Newport
Gwent
United Kingdom
LEEKES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
45,161,053
47,633,765
Cost of sales
(25,953,094)
(27,335,084)
Gross profit
19,207,959
20,298,681
Administrative expenses
(21,038,878)
(20,299,575)
Other operating income
1,147,785
1,311,980
Operating (loss)/profit
5
(683,134)
1,311,086
Interest receivable and similar income
9
57,317
21,445
Interest payable and similar expenses
10
(572,386)
(612,976)
Other gains and losses
11
87,965
450,000
(Loss)/profit before taxation
(1,110,238)
1,169,555
Tax on (loss)/profit
12
21,647
(427,385)
(Loss)/profit for the financial year
(1,088,591)
742,170

The profit and loss account has been prepared on the basis that all operations are continuing operations.

LEEKES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
2025
2024
£
£
(Loss)/profit for the year
(1,088,591)
742,170
Other comprehensive income
Actuarial loss on defined benefit pension schemes
(25,000)
(47,333)
Tax relating to other comprehensive income
6,250
11,833
Total other comprehensive income for the year
(18,750)
(35,500)
Total comprehensive income for the year
(1,107,341)
706,670
LEEKES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
13
2,003,460
2,025,436
Tangible assets
14
42,699,634
42,385,838
Investments
15
90,992
2,441
44,794,086
44,413,715
Current assets
Stocks
18
12,223,592
12,523,247
Debtors
19
5,241,171
29,788,383
Cash at bank and in hand
610,744
-
0
18,075,507
42,311,630
Creditors: amounts falling due within one year
20
(10,685,475)
(10,026,778)
Net current assets
7,390,032
32,284,852
Total assets less current liabilities
52,184,118
76,698,567
Creditors: amounts falling due after more than one year
21
(21,822,869)
(45,202,080)
Provisions for liabilities
Deferred tax liability
24
(2,548,355)
(2,576,252)
(2,548,355)
(2,576,252)
Net assets excluding pension liability
27,812,894
28,920,235
Defined benefit pension liability
26
-
0
-
0
Net assets
27,812,894
28,920,235
Capital and reserves
Called up share capital
25
981,202
981,202
Share premium account
2,687,678
2,687,678
Revaluation reserve
11,045,993
10,979,306
Profit and loss reserves
13,098,021
14,272,049
Total equity
27,812,894
28,920,235
The financial statements were approved by the board of directors and authorised for issue on 26 September 2025 and are signed on its behalf by:
Mr M A Fowler FCCA
Group Finance Director
Company Registration No. 00563751
LEEKES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2023
981,202
2,687,678
10,752,206
13,792,479
28,213,565
Year ended 31 March 2024:
Profit for the year
-
-
-
742,170
742,170
Other comprehensive income:
Actuarial (losses)/gains on defined benefit plans
26
-
-
-
(47,333)
(47,333)
Tax relating to other comprehensive income
-
-
-
0
11,833
11,833
Total comprehensive income for the year
-
0
-
0
-
0
706,670
706,670
Transfers of revaluation
-
-
450,000
(450,000)
-
Other movements
-
-
0
(222,900)
222,900
-
Balance at 31 March 2024
981,202
2,687,678
10,979,306
14,272,049
28,920,235
Year ended 31 March 2025:
Loss for the year
-
-
-
(1,088,591)
(1,088,591)
Other comprehensive income:
Actuarial (losses)/gains on defined benefit plans
26
-
-
-
(25,000)
(25,000)
Tax relating to other comprehensive income
-
-
-
0
6,250
6,250
Total comprehensive income for the year
-
0
-
0
-
0
(1,107,341)
(1,107,341)
Transfers of revaluation
-
-
88,551
(88,551)
-
Other movements
-
-
0
(21,864)
21,864
-
Balance at 31 March 2025
981,202
2,687,678
11,045,993
13,098,021
27,812,894

The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.

The revaluation reserve represents the cumulative effect of revaluations of freehold and leasehold land and buildings, investment property and unlisted fixed asset investments. This is net of the associated deferred tax liability of £244,763 (note 24).

The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

LEEKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
1
Accounting policies
Company information

Leekes Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mwyndy Business Park, Mwyndy, Pontyclun, Mid Glamorgan, Wales, CF72 8PN.

1.1
Accounting convention

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.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;

- Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash f low and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of J.H. Leeke and Sons Limited. These consolidated financial statements are available from its registered office, Mwyndy Business Park, Mwyndy, Pontyclun, Mid Glamorgan, Wales, CF72 8PN.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Leekes Limited is a wholly owned subsidiary of J.H. Leeke and Sons Limited and the results of Leekes Limited are included in the consolidated financial statements of J.H. Leeke and Sons Limited which are available from Mwyndy Business Park, Mwyndy, Pontyclun, Mid Glamorgan, Wales CF72 8PN.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

LEEKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Department stores' revenue is recognised during the period in which the underlying goods and services were provided and in accordance with applicable accounting standards.

Revenue from concessions is shown on a net basis, being the commission received or receivable rather than the gross value of the sale.

Rental income

Rentals receivable are recognised in the profit and loss account in equal annual amounts over the lease term.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of an incorporated business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which the board considers to be 100 years. Refer to note 2 for further detail.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold and leasehold land and buildings
Not depreciated
Investment property
Not depreciated
Freehold and leasehold improvements
Depreciated over the term of the lease
Plant and machinery
8% or 15% per annum straight line or reducing balance
Fixtures, fittings and motor vehicles
8.3% to 20% per annum straight line or reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

LEEKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -

No depreciation is provided on freehold land and buildings as, in the opinion of the directors, the residual value of the properties is not lower than their value at the date of acquisition. An annual impairment review is carried out by the directors in respect of these buildings.

Revaluations of freehold and leasehold land and buildings are undertaken with sufficient regularity to ensure that the carrying value does not materially differ from that which would be determined using fair value at the end of the reporting period. The surplus or deficit on book value is transferred to the revaluation reserve, except that a deficit which is in excess of any previously recognised surplus over depreciated cost relating to the property, or the reversal of such a deficit, is charged (or credited) to the profit and loss account. A deficit which represents clear consumption of economic benefits is charged to the profit and loss accounts regardless of any such previous surplus.

1.6
Investment properties

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.

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.7
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Other investments are treated as basic financial instruments, see 'financial instruments' accounting policy.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

LEEKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
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 balance sheet 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.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

LEEKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 asset’s 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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
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 profit and loss account 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.

LEEKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
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 fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

LEEKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue recognition

The company had revenue of £45,161,053 (2024: £47,633,765) for the year ended 31 March 2025. Revenue from concession sales is shown on a net basis, being the commission received rather than the gross value achieved on the sale. The gross transaction value, which presents revenue on a gross basis before adjusting for concessions, during the year and a reconciliation to the company's reported turnover is presented in note 3.

LEEKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 21 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Carrying value of tangible fixed assets and frequency of valuation

A key area of estimation uncertainty is the carrying value of the company's tangible fixed assets. As at 31 March 20 25 the company had tangible fixed assets including investment property of £42,699,634 (2024: £42,385,838). Land and buildings were revalued by an independent valuer as at 31 March 2014; the directors have re-considered the value in the intervening years using the same methodology and do not consider the value to have changed between the date of this valuation and the balance sheet date. Investment property was revalued at 5 May 2023 by Knight Frank LLP, independent valuers not connected with the company, on a fair value basis. The directors do not consider the value to have changed between the date of this valuation and the balance sheet date. Overall the carrying value of the company's tangible fixed assets including investment property exceed depreciated historical cost by £11,202,206 (202 4: £11,202,206).

Impairment of goodwill

As at 31 March 2025 the company had goodwill of £2,003,460 (2024: £2,025,436).

Purchased goodwill represents the excess of the fair value of consideration paid over the fair value of the identifiable assets and liabilities acquired net of accumulated amortisation.

The g oodwill relates to the acquisition of Park Furnishers (Bristol) Limited. The goodwill is being amortised over the estimated useful economic life which the directors have estimated to be 100 years.

FRS 102 does not permit goodwill to be assigned an indefinite life. The board has concluded that whilst the life of the goodwill is not indefinite, the durability of the business acquired is such that the life is expected to be long lasting and the value of the acquired goodwill is not expected to diminish significantly.

The durability of the business acquired is characterised by factors such as the stability of the sector, low technology, long lifespan of store and the product offering, high sustainable demand and high barriers to entry. The nature of the acquired business and the market in which it operates means that the goodwill should have a long economic life providing that the business continues to be run as effectively. As a result, there is no individual aspect of the acquisition that will diminish over time. Therefore, the board selected 100 years as being a reasonable period over which to amortise the goodwill since an indefinite life is not permitted and arbitrarily amortising goodwill over a shorter period would not reflect the economics of the business.

The value of the business and goodwill is assessed for impairment against carrying values on an annual basis in accordance with FRS102 "Impairment of fixed assets and goodwill". Any impairment is charged to the profit and loss account in the period in which it arises.

The determination of the useful economic life is clearly a significant judgment; a significantly shorter life would result in significantly greater amortisation charge in the profit and loss account.

The assessment for impairment involves estimating the recoverable amount, which involves estimation of the future cash flows of the cash generating Unit (CGU) and also the selection of an appropriate discount rate in order to calculate the net present value of those cash flows. This clearly required significant judgement and estimation uncertainty.

LEEKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
3
Turnover

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Sale of goods
45,161,053
47,633,765
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
45,161,053
47,633,765

Revenue from concession sales is shown on a net basis, being the commission received rather than the gross value achieved on the sale. The gross transaction value, which presents revenue on a gross basis before adjusting for concessions, during the year and a reconciliation to the company's reported turnover is as follows:

2025
2024
£
£
Gross transaction value
47,109,129
52,206,592
Concessions
(1,948,076)
(4,572,827)
Net revenue
45,161,053
47,633,765
4
Other operating income
2025
2024
£
£
Rental income
203,894
208,205
Commission
344,690
443,229
Sundry income
166,601
240,546
Management fees
432,600
420,000
1,147,785
1,311,980
LEEKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
5
Operating (loss)/profit
2025
2024
Operating (loss)/profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
1,417,834
1,281,114
Depreciation of tangible fixed assets held under finance leases
166,401
166,288
Loss on disposal of tangible fixed assets
6,125
12,961
Amortisation of intangible assets
21,976
21,976
Operating lease charges
430,557
451,818
Store closure costs
99,643
-
Store opening pre-trading costs
84,392
-
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
26,000
24,750
For other services
Other taxation services
5,800
5,550
7
Employees

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

2025
2024
Number
Number
Administrative
102
109
Directors
6
6
Sales
281
267
Warehouse
63
71
Maintenance
7
5
Total
459
458

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
11,050,018
10,960,102
Social security costs
999,584
956,292
Pension costs
397,354
364,900
12,446,956
12,281,294
LEEKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
8
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
868,875
929,618
Company pension contributions to defined contribution schemes
147,958
134,364
1,016,833
1,063,982

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2024 - 5).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
155,086
140,566
Company pension contributions to defined contribution schemes
60,200
55,591
215,286
196,157

In addition to the above, certain directors are remunerated by other group companies for their services to the group as a whole, It is not practicable to allocate their remuneration between services to this company and to the group as a whole.

9
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
20,482
6,086
Interest on the net defined benefit asset
25,000
14,000
Other interest income
11,835
1,359
Total income
57,317
21,445
10
Interest payable and similar expenses
2025
2024
£
£
Interest on bank loans, arrangement fees and other charges
26,370
58,332
Interest on finance leases and hire purchase contracts
26,095
23,466
Interest on other loans
99,209
134,694
Interest payable to group undertakings and other interest
420,712
396,484
572,386
612,976
LEEKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
11
Other gains and losses
2025
2024
Notes
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
87,965
-
0
Other gains/(losses)
Changes in the fair value of investment properties
14
-
450,000
87,965
450,000
LEEKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
12
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
(21,647)
487,086
Adjustment in respect of prior periods
-
0
(59,701)
Total deferred tax
(21,647)
427,385

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
(Loss)/profit before taxation
(1,110,238)
1,169,555
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(277,560)
292,389
Tax effect of expenses that are not deductible in determining taxable profit
7,433
6,239
Adjustments in respect of prior years
-
0
(59,701)
Group relief
246,361
156,088
Permanent capital allowances in excess of depreciation
(13,280)
(6,478)
Depreciation on assets not qualifying for tax allowances
16,054
6,913
Other permanent differences
(2,666)
(57,720)
Other temporary timing differences
2,011
89,655
Taxation (credit)/charge for the year
(21,647)
427,385

In addition to the amount (credited)/charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2025
2024
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
(6,250)
(11,833)

The company has approximately £3.7m (2024: £2.7m) of tax trading losses carried forward. However the use of approximately £1.7m (2024: £1.7m) of th es e losses is restricted for use against certain trading activities.

LEEKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
13
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
2,244,118
Amortisation and impairment
At 1 April 2024
218,682
Amortisation charged for the year
21,976
At 31 March 2025
240,658
Carrying amount
At 31 March 2025
2,003,460
At 31 March 2024
2,025,436
14
Tangible fixed assets
Land and buildings
Investment property
Plant and machinery
Fixtures, fittings and motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 April 2024
29,787,950
2,500,000
5,457,057
27,073,901
64,818,908
Additions
547,400
82,152
228,379
1,263,523
2,121,454
Disposals
(94,825)
-
0
(65,668)
(301,816)
(462,309)
Transfers to stock
-
0
-
0
-
0
(214,516)
(214,516)
At 31 March 2025
30,240,525
2,582,152
5,619,768
27,821,092
66,263,537
Depreciation and impairment
At 1 April 2024
244,055
-
0
3,431,817
18,757,198
22,433,070
Depreciation charged in the year
31,741
-
0
241,887
1,310,607
1,584,235
Eliminated in respect of disposals
(79,252)
-
0
(52,406)
(242,113)
(373,771)
Transfers to stock
-
0
-
0
-
0
(79,631)
(79,631)
At 31 March 2025
196,544
-
0
3,621,298
19,746,061
23,563,903
Carrying amount
At 31 March 2025
30,043,981
2,582,152
1,998,470
8,075,031
42,699,634
At 31 March 2024
29,543,895
2,500,000
2,025,240
8,316,703
42,385,838
LEEKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
14
Tangible fixed assets
(Continued)
- 28 -

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and machinery
114,285
134,454
Fixtures, fittings and motor vehicles
598,922
745,155
713,207
879,609

Included within land and buildings is freehold property with a total cost of £26,982,659 (2024: £26,623,675) and net book value of £26,830,247 (2024: £26,471,253) and leasehold property with a total cost of £3,257,866 (2024: £3,164,275) and net book value of £3,213,734 (2024: £3,072,642).

The land and buildings held by the company were revalued at 31 March 2014 by DTZ Chartered Surveyors, independent valuers not connected with the company, on an existing use value basis. The directors have re-considered the value in the intervening years using the same methodology and do not consider the value to have changed between the date of this valuation and the balance sheet date.

The investment property was revalued at 5 May 20 2 3 by Knight Frank LLP, independent valuers not connected with the company, on a fair value basis. The directors do not consider the value to have changed between the date of this valuation and the balance sheet date.

If tangible fixed assets including investment property were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2025
2024
£
£
Cost
55,061,336
53,616,702
Accumulated depreciation
(23,563,908)
(22,433,070)
Carrying value
31,497,428
31,183,632
15
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
16
100
100
Unlisted investments
90,892
2,341
90,992
2,441
LEEKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
15
Fixed asset investments
(Continued)
- 29 -
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2024
100
2,341
2,441
Valuation changes
-
88,551
88,551
At 31 March 2025
100
90,892
90,992
Carrying amount
At 31 March 2025
100
90,892
90,992
At 31 March 2024
100
2,341
2,441

Other investments relate to unlisted investments including minority interests in national buying groups. These investments are accounted for as basic financial instruments, with changes in fair value being recognised in the profit and loss account.

16
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Nature of business
Class of shares held
% Held
Park Furnishers (Bristol) Limited
Dormant
Ordinary shares
100.00

The registered office of Park Furnishers (Bristol) Limited is Mwyndy Business Park, Mwyndy, Pontyclun, Wales, CF72 8PN.

17
Financial instruments
2025
2024
£
£
Carrying amount of financial liabilities include:
Measured at fair value through profit or loss
- Other financial liabilities
586
-
18
Stocks
2025
2024
£
£
Finished goods and goods for resale
12,223,592
12,523,247
LEEKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
19
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
827,425
865,256
Corporation tax recoverable
627
627
Amounts owed by group undertakings
2,760,417
26,833,590
Other debtors
761,179
1,332,020
Prepayments and accrued income
891,523
756,890
5,241,171
29,788,383

Included within other debtors are directors' current accounts of £6,735 (2024: £186,880). These are unsecured and repayable on demand. Interest is receivable on th ese balance s a t the HMRC official rate of 2.25% per annum.

Further details are provided in the related party transactions note.

During the year £28,500,000 of amounts owed by group undertakings has been reassigned as part of intercompany debt reorganisation across the group.

20
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank overdrafts
22
-
0
398,199
Obligations under finance leases
23
213,034
319,296
Pension scheme loans
22
380,000
579,150
Trade creditors
3,712,898
3,613,326
Amounts due to group undertakings
100
100
Other taxation and social security
1,064,719
870,067
Derivative financial instruments
586
-
0
Other creditors
1,036,426
737,697
Accruals and deferred income
4,277,712
3,508,943
10,685,475
10,026,778

Included within other creditors are directors' current accounts of £290,189 (2024: £348,980) which are unsecured and repayable on demand. Interest has been charged at 2.04% per annum above bank base rate on the amounts due. Further details are provided in the related party transactions note.

LEEKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
21
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
23
26,701
239,765
Pension scheme loans
22
1,305,000
1,125,000
Amounts due to group undertakings
20,491,168
43,837,315
21,822,869
45,202,080

During the year £28,500,000 of amounts due to group undertakings has been reassigned as part of intercompany debt reorganisation across the group.

22
Loans and overdrafts
2025
2024
£
£
Bank overdrafts
-
0
398,199
Pension scheme loans
1,685,000
1,704,150
1,685,000
2,102,349
Payable within one year
380,000
977,349
Payable after one year
1,305,000
1,125,000

The company is party to a composite accounting agreement with Barclays Bank Plc which allows overdrafts to be offset against cash balances within the group. The overall group net cash at bank and in hand as at 31 March 202 5 is £1,689,455 (2024: £1,538,714).

Pension scheme loans are secured over the assets of the group.

The pension scheme loans are repayable by instalments up to April 202 9; interest is charged at 3% above the Bank of England base rate.

23
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
213,034
319,296
In two to five years
26,701
239,765
239,735
559,061

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is three years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

LEEKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
23
Finance lease obligations
(Continued)
- 32 -

Obligations under finance lease and hire purchase are secured on the assets to which they relate, which includes assets held in other group companies.

24
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
3,239,772
3,033,473
Tax losses
(930,106)
(674,074)
Revaluations
244,763
222,900
Retirement benefit obligations
(6,074)
(6,047)
2,548,355
2,576,252
2025
Movements in the year:
£
Liability at 1 April 2024
2,576,252
Credit to profit or loss
(21,647)
Credit to other comprehensive income
(6,250)
Liability at 31 March 2025
2,548,355

The deferred tax liability set out above is expected to reverse in future years and relates predominantly to accelerated capital allowances.

25
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary voting shares of £1 each
100,000
100,000
100,000
100,000
Ordinary non-voting shares of £1 each
881,202
881,202
881,202
881,202
981,202
981,202
981,202
981,202

Apart from the ability to vote, the voting and non-voting shares rank pari passu.

LEEKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 33 -
26
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
397,354
364,900

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the year end the company had outstanding pension contributions of £57,579 (2024: £53,058), this amount being included within creditors due within one year.

Defined benefit schemes

The company also operates a defined benefit pension scheme that was acquired as part of the hive-up of the trade and assets of Cole of Bilston Limited on 19 November 2009. This provides pension benefits for members based on their earnings close to retirement and whose assets are held separately from those of the company. The fund is now closed to new entrants.

The pension cost has been determined on the basis of the long-term contribution rate to the plan expressed as a level percentage of pensionable payroll which has to be paid in the future to provide the plan benefits. It is the company's intention to contribute to the plan at the long-term contribution rate disclosed in the periodic actuarial valuation.

The pension cost for the year has been assessed in accordance with the advice of a qualified actuary by reference to the most recent full actuarial valuation as at 06 April 202 3.

A qualified actuary has calculated the position at 31 March 20 2 5 for the purposes of complying with the requirements of FRS 1 02 for the current year.

2025
2024
Key assumptions
%
%
Discount rate
5.60
4.70
Expected rate of increase of pensions in payment
3.10
3.20
Price inflation (RPI)
3.20
3.30
Price inflation (CPI)
2.70
2.80
Mortality assumptions
2025
2024

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
84.9
85.0
- Females
87.4
87.4
Retiring in 20 years
- Males
86.5
86.6
- Females
89.1
89.1
LEEKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
26
Retirement benefit schemes
(Continued)
- 34 -
Amounts recognised in the profit and loss account
2025
2024
Costs/(income):
£
£
Net interest on net defined benefit liability/(asset)
(25,000)
(14,000)
Amounts recognised in other comprehensive income
2025
2024
Costs/(income):
£
£
Actual return on scheme assets
(79,000)
(258,000)
Less: calculated interest element
98,000
88,000
Return on scheme assets excluding interest income
19,000
(170,000)
Other gains and losses
(136,000)
(50,000)
Effect of changes in the amount of surplus that is not recoverable
142,000
267,333
Total costs
25,000
47,333

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

2025
2024
Liabilities/(assets):
£
£
Present value of defined benefit obligations
1,450,000
1,576,000
Fair value of plan assets
(2,135,133)
(2,119,133)
Surplus in scheme
(685,133)
(543,133)
Restriction on scheme assets
685,133
543,133
Total liability recognised
-
-
2025
Movements in the present value of defined benefit obligations
£
Liabilities at 1 April 2024
1,576,000
Benefits paid
(63,000)
Interest cost
73,000
Other
(136,000)
At 31 March 2025
1,450,000

The defined benefit obligations arise from plans which are wholly or partly funded.

LEEKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
26
Retirement benefit schemes
(Continued)
- 35 -
2025
Movements in the fair value of plan assets
£
Fair value of assets at 1 April 2024
2,119,133
Interest income
98,000
Return on plan assets (excluding amounts included in net interest)
(19,000)
Benefits paid
(63,000)
At 31 March 2025
2,135,133
2025
2024
Fair value of plan assets
£
£
Equity instruments
1,839,000
1,472,000
Bonds
260,000
281,000
Cash and other
36,133
366,133
2,135,133
2,119,133
27
Financial commitments, guarantees and contingent liabilities

A contingent liability exists in respect of inter-group cross-guarantees entered into in respect of group bank borrowings with Barclays Bank PLC. Group bank borrowings at the balance sheet date amount to £14,400,000 (2024: £17,558,333). Group bank borrowings are secured over the assets of the group including the assets of the company.

28
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
720,668
427,677
Years 2-5
2,790,487
1,467,680
After 5 years
6,335,000
6,489,060
9,846,155
8,384,417
LEEKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
28
Operating lease commitments
(Continued)
- 36 -
As lessor - operating leases

The operating leases represent leases of various land and buildings (including investment property) to third parties. The leases are negotiated over terms up to 10 years.

2025
2024
Future amounts receivable under operating leases:
£
£
Within 1 year
157,990
137,990
Years 2-5
80,000
89,080
After 5 years
90,000
-
0
327,990
227,070
29
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
383,341
16,222
30
Events after the reporting date

Subsequent to the year end on 04 April 2025 there was a fire in the warehouse area of the Llantrisant store, affecting two outbuildings and a small amount of stock. The company has submitted an insurance claim for £463,862 to cover all losses.

LEEKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 37 -
31
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The company has taken advantage of the exemption, under the terms of FRS 102, Section 33.1A, from disclosing related party transactions with wholly owned subsidiaries within the group.

At 31 March 2025, the amount due to J H Leeke & Sons Executive Pension Scheme, of which G L Leeke, S J Leeke, E J Leeke, C Leeke, J E Littlejohn and M Leeke are trustees, was £1,685,000 (2024: £1,704,150). Loans from the pension scheme are secured over the assets of group companies.

At 31 March 20 25, there were unsecured directors' loan accounts owed by the company to E J Leeke of £105,050 (2024: £232,235), to S J Leeke of £84,958 (2024: £82,370), to M A Fowler of £24,359 (2024: £12,034), to J E Littlejohn of £73,518 (2024: £nil) and to M Leeke of £2,304 (2023: £22,341). The amounts attract interest at 2.04% per annum above bank base rate and are repayable on demand.

At 31 March 20 25, there were unsecured directors' loan accounts owed to the company from G L Leeke of £nil (2024: £1,216), from C Leeke of £6,735 (2024: £139,507) and from J E Littlejohn of £nil (2024: £46,157) . Interest is receivable on directors' loan account balance s in excess of £10,000 a t the HMRC official rate of 2.25% per annum.

The maximum debit balances outstanding on directors' loan accounts during the year were £nil (202 4: £nil) owed from E J Leeke, £nil (2024: £5,172) owed from S J Leeke, £nil (2024: £nil) owed from M A Fowler, £152,712 (2024: £139,507) owed from C Leeke, £59,744 (2024: £95,992) owed from J E Littlejohn and £25,804 (202 4: £nil) owed from M Leeke.

At 31 March 202 5, there was a balance due to J Waters (son of director E J Leeke) of £124,420 (2024: £44,388) and a balance due to O Waters (daughter of director E J Leeke) of £114,113 (2024: £41,363).

32
Ultimate controlling party

The immediate and ultimate parent company is J H Leeke and Sons Limited, a company incorporated in England and Wales. J H Leeke and Sons Limited is the parent of the smallest and largest group of which the company is a member and for which consolidated accounts are prepared. Copies of the J H Leeke and Sons Limited accounts can be obtained from the company's registered office.

In the opinion of the directors there is no ultimate controlling party.

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