Company registration number 06332621 (England and Wales)
LEEKES GROUP PROPERTY DEVELOPMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
LEEKES GROUP PROPERTY DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
LEEKES GROUP PROPERTY DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,558,718
1,496,715
Current assets
Stocks
2,504,318
3,520,036
Debtors falling due after more than one year
5
1,057,487
14,133,983
Debtors falling due within one year
5
679,397
80,177
Cash at bank and in hand
21,384
96,033
4,262,586
17,830,229
Creditors: amounts falling due within one year
6
(2,130,052)
(18,368,242)
Net current assets/(liabilities)
2,132,534
(538,013)
Total assets less current liabilities
3,691,252
958,702
Provisions for liabilities
(209,363)
(182,749)
Net assets
3,481,889
775,953
Capital and reserves
Called up share capital
8
1,000
1,000
Revaluation reserve
69,772
71,060
Profit and loss reserves
3,411,117
703,893
Total equity
3,481,889
775,953

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

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. 06332621
LEEKES GROUP PROPERTY DEVELOPMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2023
1,000
89,312
534,131
624,443
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
151,510
151,510
Other movements
-
(18,252)
18,252
-
Balance at 31 March 2024
1,000
71,060
703,893
775,953
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
-
2,705,936
2,705,936
Transfers
-
(1,718)
1,718
-
Other movements
-
430
(430)
-
Balance at 31 March 2025
1,000
69,772
3,411,117
3,481,889

The revaluation reserve represents the cumulative effect of revaluations of freehold land and buildings. This is net of the associated deferred tax liability of £17,822 (note 7).

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

LEEKES GROUP PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Leekes Group Property Developments 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 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. 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.

1.2
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.

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 recover able.

LEEKES GROUP PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -

Revenue from the rental of properties is recognised by reference to the period in which the tenant occupied the premises.

1.3
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 land and buildings
Buildings 4% on cost, Land not depreciated
Plant and machinery
Between 15% and 20% on cost

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.

No depreciation is provided on freehold land 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.

1.4
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.

1.5
Cash at bank and in hand

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 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.

LEEKES GROUP PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.7
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.

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.

LEEKES GROUP PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
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.

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 2 5 the company had tangible fixed assets of £1,558,718 (2024: £1,496,715). Land and buildings were revalued by the directors as at 31 March 2016; the directors have re-considered the value in the intervening years and 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 exceed depreciated historical cost by £87,594 (2024: £89,312).

3
Employees

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

2025
2024
Number
Number
Total
-
0
-
0
LEEKES GROUP PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
4
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Total
£
£
£
Cost or valuation
At 1 April 2024
1,557,963
27,500
1,585,463
Additions
130,482
-
0
130,482
Disposals
(3,877)
-
0
(3,877)
At 31 March 2025
1,684,568
27,500
1,712,068
Depreciation and impairment
At 1 April 2024
61,248
27,500
88,748
Depreciation charged in the year
64,602
-
0
64,602
At 31 March 2025
125,850
27,500
153,350
Carrying amount
At 31 March 2025
1,558,718
-
0
1,558,718
At 31 March 2024
1,496,715
-
0
1,496,715

Land and buildings with a carrying amount of £112,288 were revalued upwards by £89,312 to £201,600 during the year ended 31 March 2016 by the directors. The directors have reconsidered the value in the intervening years and do not consider the value to have changed between the date of this valuation and the balance sheet date. A small proportion of this land was disposed of in the current year.

If tangible fixed assets 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
1,624,474
1,496,151
Accumulated depreciation
(153,350)
(88,748)
Carrying value
1,471,124
1,407,403
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,084
4,283
Amounts owed by group undertakings
676,313
-
0
Other debtors
-
0
75,894
679,397
80,177
LEEKES GROUP PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
5
Debtors
(Continued)
- 8 -
2025
2024
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
1,057,487
14,133,983
Total debtors
1,736,884
14,214,160

Included within amounts owed by group undertakings is £1,000 (2024: £1,000) relating to unpaid share capital.

During the year £17,000,000 of amounts owed by group undertakings has been reassigned as part of intercompany debt reorganisation across the group.

6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
2,100
-
0
Amounts due to group undertakings
2,106,936
18,349,362
Other taxation and social security
8,487
8,015
Other creditors
12,529
10,865
2,130,052
18,368,242

During the year £17,000,000 of amounts due to group undertakings has been reassigned as part of intercompany debt reorganisation across the group.

7
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
191,541
165,497
Tax losses
-
(1,000)
Revaluations
17,822
18,252
209,363
182,749
LEEKES GROUP PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
7
Deferred taxation
(Continued)
- 9 -
2025
Movements in the year:
£
Liability at 1 April 2024
182,749
Charge to profit or loss
26,614
Liability at 31 March 2025
209,363

The deferred tax liability set out above is expected to reverse in the foreseeable future.

8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

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 profit 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.

Senior Statutory Auditor:
Mr John Griffiths
Statutory Auditor:
UHY Hacker Young
Date of audit report:
26 September 2025
10
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.

A contingent liability exists in respect of pension scheme loans in fellow group company Leekes Limited which are secured over the assets of the company. Pension scheme loan borrowings in Leekes Limited at the balance sheet date amount to £2,990,000 (2024: £2,829,150).

LEEKES GROUP PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
11
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
4,096
79,957
12
Related party transactions

As per note 10 a contingent liability exists in respect of inter-group cross-guarantees entered into in respect of group bank borrowings, and a contingent liability exists in respect of pension scheme loans in fellow group company Leekes Limited which are secured over the assets of the company. Refer to note 10 for further details.

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

13
Parent company

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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