Lee Baron Group Ltd - Limited company accounts 25.1

REGISTERED NUMBER: 07627523 (England and Wales)

Report of the Directors and

Unaudited Consolidated Financial Statements for the Year Ended 31 December 2024

for

Lee Baron Group Ltd

Page

Company Information

1

Report of the Directors

2

Accountants' Report

3

Consolidated Income Statement

4

Consolidated Balance Sheet

5

Company Balance Sheet

7

Notes to the Consolidated Financial Statements

9

DIRECTORS:

R J Hobson

I M Hodgson

I C Jones

C P Whayman

K P J Wotherspoon

REGISTERED OFFICE:

41 Foley Street

London

W1W 7TS

REGISTERED NUMBER:

07627523 (England and Wales)

ACCOUNTANTS:

TC Group

First Floor

Spitalfields House

Stirling Way

Borehamwood

Hertfordshire

WD6 2FX

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company is to act as a holding company. The Group owned the entire share capital of Lee Baron Limited (formerly LB Navana Limited) which in turn owned the the entire share capital of LBFM Limited (formerly LB Navana Facilities Management Limited and LBPMS Limited (formerly LB Navana Hospitality Limited).

The board remains confident that the Group's continuing growth strategy, and the proposed merger of the business will bring the business back into profit. The strategy is already yielding results and it's intended aims. In the coming years they fully expect to see increased financial benefits of the restructuring and market repositioning initiatives which have been put into place.

The Group changed its name to Lee Baron Group Limited on 03 September 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

R J Hobson

I M Hodgson

I C Jones

C P Whayman

Other changes in directors holding office are as follows:

E d F Callaghan - resigned 9 July 2024

Mrs C Crawley - resigned 13 February 2024

K P J Wotherspoon - appointed 1 January 2024

D S Izett ceased to be a director after 31 December 2024 but prior to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

I C Jones - Director

23 December 2025

These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 December 2024.

We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.

On the balance sheet, you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give "a true and fair view".

You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.

The financial statements are provided exclusively to the directors for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.

TC Group

First Floor

Spitalfields House

Stirling Way

Borehamwood

Hertfordshire

WD6 2FX

Date: .............................................

REVENUE

8,158,073

8,648,747

Cost of sales

(88,468

)

(184,593

)

GROSS PROFIT

8,069,605

8,464,154

Administrative expenses

(8,842,110

)

(8,830,823

)

OPERATING LOSS

4

(772,505

)

(366,669

)

Interest receivable and similar income

502,223

226,655

(270,282

)

(140,014

)

Interest payable and similar expenses

(10,883

)

(10,633

)

LOSS BEFORE TAXATION

(281,165

)

(150,647

)

Tax on loss

4,641

(4,550

)

LOSS FOR THE FINANCIAL YEAR

(276,524

)

(155,197

)

Loss attributable to:

Owners of the parent

(276,524

)

(155,197

)

FIXED ASSETS

Intangible assets

6

970,421

1,117,826

Property, plant and equipment

7

161,398

26,772

Investments

8

2

1,131,821

1,144,600

CURRENT ASSETS

Debtors

9

1,867,720

1,977,744

Cash at bank

442,416

1,107,000

2,310,136

3,084,744

CREDITORS

Amounts falling due within one year

10

(2,394,752

)

(2,805,615

)

NET CURRENT (LIABILITIES)/ASSETS

(84,616

)

279,129

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,047,205

1,423,729

CREDITORS

Amounts falling due after more than one
year

11

(50,000

)

(150,000

)

NET ASSETS

997,205

1,273,729

CAPITAL AND RESERVES

Called up share capital

13

761,937

Share premium

19,965

Capital redemption reserve

264,123

Retained earnings

(48,820

)

227,704

SHAREHOLDERS' FUNDS

997,205

1,273,729

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the group 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 and the group as at the end of each financial year and of the group's profit or loss 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 and the group.

The financial statements have been prepared 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 23 December 2025 and were signed on its behalf by:

I C Jones - Director

FIXED ASSETS

Intangible assets

6

-

Property, plant and equipment

7

-

Investments

8

2,040,185

CURRENT ASSETS

Debtors

9

27,752

CREDITORS

Amounts falling due within one year

10

(1,113,114

)

(1,113,114

)

NET CURRENT LIABILITIES

(1,085,362

)

(1,085,362

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

954,823

CAPITAL AND RESERVES

Called up share capital

13

761,937

Share premium

19,965

Capital redemption reserve

264,123

Retained earnings

(91,202

)

(91,202

)

SHAREHOLDERS' FUNDS

954,823

Company's profit for the financial year

-

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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 profit or loss 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 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 23 December 2025 and were signed on its behalf by:

I C Jones - Director

1.	STATUTORY INFORMATION

Lee Baron Group Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Basis of consolidation

The financial statements consolidate the financial statements of the Group and all of its subsidiary undertakings. The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

Significant judgements and estimates

In the application of the company's accounting policies, the director is 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 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.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed twenty years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill - 20 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery - 33% on reducing balance

Fixtures and fittings - 25% on reducing balance

Investments in subsidiaries

Investment in subsidiary is measured at cost less impairment.

Financial instruments

The company has elected to apply the provisions of Schedule 1A of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at

transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and

preference shares that are classified as debt, are initially recognised at transaction price unless the

arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

Wages and salaries

5,770,203

6,000,640

Social security costs

650,457

697,881

Other pension costs

161,484

124,796

6,582,144

6,823,317

The average number of employees during the year was as follows:

31.12.24

31.12.23

Lee Baron Group Ltd

6

Lee Baron Ltd

52

56

LBPMS Ltd

68

91

126

153

The average number of employees by undertakings that were proportionately consolidated during the year was 126 (2023 - 153 ) .

Directors' total remuneration paid during the year was as follows:

31.12.24 31.12.23

£ £

Directors' remuneration 459,538 827,502

4.	OPERATING LOSS

The operating loss is stated after charging:

31.12.24

31.12.23

£

Depreciation - owned assets

17,120

12,462

Goodwill amortisation

147,405

5.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

6.	INTANGIBLE FIXED ASSETS

Group

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

2,948,105

AMORTISATION

At 1 January 2024

1,830,279

Charge for year

147,405

At 31 December 2024

1,977,684

NET BOOK VALUE

At 31 December 2024

970,421

At 31 December 2023

1,117,826

7.	PROPERTY, PLANT AND EQUIPMENT

Group

Fixtures

Plant and

and

machinery

fittings

Totals

£

COST

At 1 January 2024

602,551

9,108

611,659

Additions

147,653

4,093

151,746

At 31 December 2024

750,204

13,201

763,405

DEPRECIATION

At 1 January 2024

578,844

6,043

584,887

Charge for year

16,000

1,120

17,120

At 31 December 2024

594,844

7,163

602,007

NET BOOK VALUE

At 31 December 2024

155,360

6,038

161,398

At 31 December 2023

23,707

3,065

26,772

8.	FIXED ASSET INVESTMENTS

Group

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

2

NET BOOK VALUE

At 31 December 2024

2

At 31 December 2023

2

Company

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

2,040,185

NET BOOK VALUE

At 31 December 2024

2,040,185

At 31 December 2023

2,040,185

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Lee Baron Ltd

Registered office: 41 Foley Street, London, England, W1W 7TS

Nature of business: Real Estate Agency

%

Class of shares:

holding

Ordinary

100.00

Preference

100.00

31.12.24

31.12.23

£

Aggregate capital and reserves

1,220,861

1,137,922

Profit for the year

82,939

1,726,417

Lee Baron Commercial Ltd

Registered office: 41 Foley Street, London, England, W1W 7TS

Nature of business: Residents property management

%

Class of shares:

holding

Ordinary

100.00

Lee Baron Residential Ltd

Registered office: 41 Foley Street, London, England, W1W 7TS

Nature of business: Residents property management

%

Class of shares:

holding

Ordinary

100.00

LBPMS Limited

Registered office: 41 Foley Street, London, England, W1W 7TS

Nature of business: Management of real estate

%

Class of shares:

holding

Ordinary

100.00

31.12.24

31.12.23

£

Aggregate capital and reserves

111,585

100,822

Profit for the year

10,763

21,219

LBFM Limited

Registered office: 41 Foley Street, London, England, W1W 7TS

Nature of business: Management of real estate

%

Class of shares:

holding

Ordinary

100.00

31.12.24

31.12.23

£

Aggregate capital and reserves

2,620

Loss for the year

-

(877

)

The group has no investments.

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

31.12.24

31.12.23

31.12.24

31.12.23

£

Trade debtors

632,578

812,046

-

Other debtors

1,235,142

1,165,698

27,752

1,867,720

1,977,744

27,752

Included in other debtors due within a year is an amount of £27,752 of unpaid share capital.

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

31.12.24

31.12.23

31.12.24

31.12.23

£

Bank loans and overdrafts

100,000

-

Trade creditors

676,236

530,064

-

Amounts owed to group undertakings

-

363,112

Taxation and social security

515,789

771,348

-

Other creditors

1,102,727

1,404,203

750,002

2,394,752

2,805,615

1,113,114

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group

31.12.24

31.12.23

£

Bank loans

50,000

150,000

12.	SECURED DEBTS

The following secured debts are included within creditors:

Group

31.12.24

31.12.23

£

Bank loans

150,000

250,000

Bank loan is secured by way of fixed and floating charge on the property and other assets of the company and contains a negative pledge.

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

11,937

Ordinary

£1

11,937

750,000

Preference Shares

£1

750,000

761,937

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in the other debtors due within one year is an amount of £47,941 (2023: £Nil) due from the directors of the company. The loan interest is charged at official HMRC rate. The loan is repayable on demand and S455 tax has been charged on the overdrawn balance.