REGISTERED NUMBER: 03340619 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Leicester Social Economy

Consortium Limited

(Limited by guarantee)

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D J Brazier

F R C Robson

V A Stephenson

J E Taylor

W M Maxted

J A Franklin

REGISTERED OFFICE:

Phoenix Yard

5-9 Upper Brown Street

Leicester

Leicestershire

LE1 5TE

REGISTERED NUMBER:

03340619 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

FIXED ASSETS

Tangible assets

4

1,903

403

Investment property

5

2,195,000

2,195,000

2,196,903

2,195,403

CURRENT ASSETS

Debtors

6

62,384

49,932

Cash at bank and in hand

7,600

1,654

69,984

51,586

CREDITORS

Amounts falling due within one year

7

(296,420

)

(283,343

)

NET CURRENT LIABILITIES

(226,436

)

(231,757

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,970,467

1,963,646

CREDITORS

Amounts falling due after more than one year

8

(647,733

)

(668,427

)

PROVISIONS FOR LIABILITIES

(476

)

(103

)

NET ASSETS

1,322,258

1,295,116

RESERVES

Fair value reserve

914,521

914,521

Retained earnings

407,737

380,595

1,322,258

1,295,116

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2025 and were signed on its behalf by:

D J Brazier - Director

1.	STATUTORY INFORMATION

Leicester Social Economy Consortium Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover comprises gross rents and service charges receivable by the company.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Computer equipment

-

33.3%

Straight line

Investment property

Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Profit and Loss. Deferred tax is provided at the rate expected to apply when the property is sold.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Grants

Grants receivable for the purchase and development of investment property have been set off against the costs incurred to date. Grants receivable for other expenditure, capital or revenue, are matched against the relevant expenditure.

Long leases

Where monies are received in advance for occupation of a property for a period in excess of one year the amount received is apportioned on a straight line basis over the period of the lease.

Loan incentive

Loan incentive received is included as deferred income and recognised in profit or loss on a systematic basis over the term of the loan.

Going concern

The company had net current liabilities at the year end. It is dependent on the continued support of the director for the continuance of trade. The director intends to continue with such support. On that basis the director considers it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of that support.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2024 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2024

4,743

Additions

2,755

At 31 March 2025

7,498

DEPRECIATION

At 1 April 2024

4,340

Charge for year

1,255

At 31 March 2025

5,595

NET BOOK VALUE

At 31 March 2025

1,903

At 31 March 2024

403

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

2,195,000

NET BOOK VALUE

At 31 March 2025

2,195,000

At 31 March 2024

2,195,000

The investment property 5-9 Upper Brown Street, Leicester was valued on 14 September 2023 by Innes England, Chartered Surveyors, at a market value of £1,600,000. In the opinion of the directors this property's market value at 31 March 2025 is £1,600,000.

The investment property 251-255 Belgrave Gate, Leicester was valued on 18 December 2020 by Innes England, Chartered Surveyors, at a market value of £595,000. In the opinion of the directors this property's market value at 31 March 2025 is £595,000.

The valuations are based on rental yields.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

62,384

37,220

Other debtors

-

12,712

62,384

49,932

Other debtors include prepayments and accrued income of £Nil (2024: £12,177).

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

14,394

17,853

Trade creditors

6,319

8,683

Taxation and social security

42,067

24,327

Other creditors

233,640

232,480

296,420

283,343

Other creditors includes accruals and deferred income of £60,809 (2024 - £42,638).

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans

627,602

642,252

Other creditors

20,131

26,175

647,733

668,427

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

561,708

579,922

Other creditors also include a surplus on the cancellation of their RBS loan of which £3,493 (2024 - £6,446) is not wholly repayable within 5 years and is being released by instalments.

Included in the bank loans is the amount of £560,795 (2024 - £573,539) which is not wholly repayable within 5 years and is repayable by instalments.

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

Bank loan

613,725

622,182

The bank loan is secured by a mortgage on the company's investment property.

10.	CONSTITUTION

The company is formed with a liability limited by guarantee with no share capital. Clause 7 of the Memorandum of Association provides that every member, as defined by Clause 2 of the Articles of Association, is liable to contribute a sum not exceeding one pound in the event of the company being wound up while they are a member or within one year of ceasing to be a member.

11.	RETAINED EARNINGS

The directors are committed to maintain the company's portfolio of properties to a high standard. It has set aside an amount of £80,000 within reserves for this purpose.