REGISTERED NUMBER: 10148076 (England and Wales)

Financial Statements

for the Year Ended

31 August 2025

for

Leicester Commercial Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

J A Lewis

REGISTERED OFFICE:

42a Western Road

Leicester

Leicestershire

LE3 0GH

REGISTERED NUMBER:

10148076 (England and Wales)

AUDITORS:

The Rowleys Partnership Ltd

Statutory Auditors

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

FIXED ASSETS

Tangible assets

4

326

326

Investment property

5

6,195,732

6,127,995

6,196,058

6,128,321

CURRENT ASSETS

Debtors

6

2,193,126

1,957,700

Cash at bank

88,180

442,469

2,281,306

2,400,169

CREDITORS

Amounts falling due within one year

7

2,589,102

2,571,709

NET CURRENT LIABILITIES

(307,796

)

(171,540

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,888,262

5,956,781

CAPITAL AND RESERVES

Called up share capital

8

3,779,613

3,779,613

Fair value reserve

9

(300,000

)

(300,000

)

Retained earnings

2,408,649

2,477,168

SHAREHOLDERS' FUNDS

5,888,262

5,956,781

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 May 2026 and were signed by:

J A Lewis - Director

1.	STATUTORY INFORMATION

Leicester Commercial Limited 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 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents rents receivable from investment properties and is recognised as it falls due, in accordance with the lease to which it relates.

Tangible fixed assets

Depreciation is provided at the following annual rate in order to write off each asset over its estimated useful life.

Office equipment - 20% reducing balance

Investment property

Investment property is not depreciated but revalued to their fair values and shown at their most recent valuations. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss and taken to the fair value reserve.

Investment property comprises freehold buildings. They are measured initially at cost, including related transaction costs. These are held as investments to earn rental income and for capital appreciation and are stated at fair value at the balance sheet date.

Investment property under construction is retained at cost less impairment and revalued on the completion of works.

The fair value of investment property reflects, among other things, rental income from current leases and assumptions about rental income from future leases in light of current market conditions.

Subsequent expenditure is added to the assets carrying amount only when it is probable that the future economic benefits associated with the item will flow to the company and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the profit and loss account during the financial period in which they are incurred.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amounts of the company’s assets and liabilities. These are based on historical experience and other factors that are considered relevant and are reviewed on a regular basis and recognised in the period in which the estimate is revised. Actual results may differ from these estimates.

The following are the critical judgements and, where relevant, the key sources of estimation uncertainty:

The director has based the fair value of properties held for investment purposes on valuations obtained on 2 April 2025, which they deem to be representative, taking into consideration capital improvements, rental yields, market conditions and other external factors that could bring about a change in the fair value.

Going concern

The accounts have been prepared on the going concern basis. The director has confirmed the continued financial support from the group companies, as well as the related undertakings and that no repayments on inter-company loans will be made until the company has adequate funds.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Office

equipment

£

COST

At 1 September 2024

and 31 August 2025

507

DEPRECIATION

At 1 September 2024

and 31 August 2025

181

NET BOOK VALUE

At 31 August 2025

326

At 31 August 2024

326

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2024

6,127,995

Additions

67,737

At 31 August 2025

6,195,732

NET BOOK VALUE

At 31 August 2025

6,195,732

At 31 August 2024

6,127,995

Fair value at 31 August 2025 is represented by:

£

Valuation in 2024

(400,000

)

Cost

6,595,732

6,195,732

If investment property had not been revalued it would have been included at the following historical cost:

31.8.25

31.8.24

£

£

Cost

6,595,732

6,527,995

Aggregate depreciation

(733,429

)

(601,514

)

One investment property was valued on a fair value basis at 2 April 2025 by Richard Moore Professional Services. Two investment properties are carried at cost, deemed to represent fair value by the director, as at 31 August 2025.

6.

DEBTORS

31.8.25

31.8.24

£

£

Amounts falling due within one year:

Trade debtors

58,756

51,309

Amounts owed by group undertakings

2,071,491

1,748,268

VAT

5,220

-

Deferred tax asset

11,316

-

Prepayments and accrued income

46,343

46,123

2,193,126

1,845,700

Amounts falling due after more than one year:

Deferred tax

-

112,000

Aggregate amounts

2,193,126

1,957,700

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.25

31.8.24

£

£

Trade creditors

174,873

89,375

Amounts owed to associates

2,221,657

2,221,657

Corporation tax

82,743

143,091

Social security and other taxes

-

9,867

Other creditors

60,472

54,423

Accruals and deferred income

49,357

53,296

2,589,102

2,571,709

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.25

31.8.24

value:

£

£

3,779,613

Ordinary

£1

3,779,613

3,779,613

9.

RESERVES

Fair

value

reserve

£

At 1 September 2024

and 31 August 2025

(300,000

)

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Matt Hutchinson FCA FCCA (Senior Statutory Auditor)

for and on behalf of The Rowleys Partnership Ltd

11.	RELATED PARTY DISCLOSURES

At the year end amounts owing to an associated company, totals £2,221,657 (2024: £2,221,657). The amount owing is interest free and repayable on demand.

12.	ULTIMATE CONTROLLING PARTY

The immediate parent company is Leicester Commercial Holdings Limited, a company incorporated in England and Wales, which shares the registered office as detailed on page 1.

The ultimate parent company is Code Holdings Limited, a company incorporated in England and Wales, which share the registered office as detailed on page 1. The largest and smallest group in which the results of the company are consolidated is that headed by Code Holdings Limited. The financial statements of Code Holdings Limited can be obtained from Companies House.