REGISTERED NUMBER: 10149679 (England and Wales)

Unaudited Financial Statements

for the Year Ended

31 August 2025

for

Leicester Lettings (2016) Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

J A Lewis

REGISTERED OFFICE:

42a Western Road

Leicester

LE3 0GH

REGISTERED NUMBER:

10149679 (England and Wales)

ACCOUNTANTS:

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Leicester Lettings (2016) Limited for the year ended 31 August 2025 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Leicester Lettings (2016) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Leicester Lettings (2016) Limited and state those matters that we have agreed to state to the director of Leicester Lettings (2016) Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Leicester Lettings (2016) Limited and its director for our work or for this report.

It is your duty to ensure that Leicester Lettings (2016) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Leicester Lettings (2016) Limited. You consider that Leicester Lettings (2016) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Leicester Lettings (2016) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

28 May 2026

FIXED ASSETS

Tangible assets

4

2,256

3,188

Investment property

5

31,701,186

31,693,576

31,703,442

31,696,764

CURRENT ASSETS

Debtors

6

32,337,832

27,696,438

Investments

7

-

6,024,358

Cash at bank

2,718,846

287,595

35,056,678

34,008,391

CREDITORS

Amounts falling due within one year

8

24,116,483

23,681,532

NET CURRENT ASSETS

10,940,195

10,326,859

TOTAL ASSETS LESS CURRENT LIABILITIES

42,643,637

42,023,623

CREDITORS

Amounts falling due after more than one year

9

16,387,500

16,837,500

NET ASSETS

26,256,137

25,186,123

CAPITAL AND RESERVES

Called up share capital

11

2,857,619

2,857,619

Retained earnings

23,398,518

22,328,504

SHAREHOLDERS' FUNDS

26,256,137

25,186,123

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

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

The director acknowledges his 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 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 28 May 2026 and were signed by:

J A Lewis - Director

1.	STATUTORY INFORMATION

Leicester Lettings (2016) 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.

Turnover

Turnover represents the invoiced value of completed stages of property development and rental income received, excluding value added tax. Turnover is recognised on the completion date of each stage of property development and date rent is invoiced.

Tangible fixed assets

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

Office equipment

-

20% on cost

Motor vehicles

-

20% on cost

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit that arises from changes in fair value would be recognised in profit or loss and added 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.

The fair value of investment property reflects, amongst 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 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.

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Office

Motor

equipment

vehicles

Totals

£

£

£

COST

At 1 September 2024

and 31 August 2025

1,556

3,100

4,656

DEPRECIATION

At 1 September 2024

848

620

1,468

Charge for year

312

620

932

At 31 August 2025

1,160

1,240

2,400

NET BOOK VALUE

At 31 August 2025

396

1,860

2,256

At 31 August 2024

708

2,480

3,188

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2024

31,693,576

Additions

7,610

At 31 August 2025

31,701,186

NET BOOK VALUE

At 31 August 2025

31,701,186

At 31 August 2024

31,693,576

Fair value at 31 August 2025 is represented by:

£

Valuation in 2025

31,701,186

If investment properties had not been revalued they would have been included at the following historical cost:

2024

2025

£

£

Cost

31,701,186

31,693,576

Aggregate depreciation

(6,412,656

)

(5,778,632

)

Investment property was valued on a fair value basis on 31 August 2025 by the director.

6.

DEBTORS

31.8.25

31.8.24

£

£

Amounts falling due within one year:

Trade debtors

1,623

15,425

Other debtors

263

264

Directors' current accounts

7,221,069

7,077,326

VAT

657

-

Prepayments and accrued income

33,046

64,069

Amounts owed by associated companies

22,667,998

18,173,001

29,924,656

25,330,085

31.8.25

31.8.24

£

£

Amounts falling due after more than one year:

Deferred tax asset

8,310

10,000

Tax

2,404,866

2,356,353

2,413,176

2,366,353

Aggregate amounts

32,337,832

27,696,438

7.	CURRENT ASSET INVESTMENTS

2025

2024

£

£

Term deposits

-

6,024,358

Term deposits matured on 9 September 2024.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.25

31.8.24

£

£

Bank loans and overdrafts

450,000

450,000

Trade creditors

199,412

184,246

Amounts owed to group undertakings

22,535,236

22,535,236

Corporation tax

404,763

127,574

Social security and other taxes

2,479

3,374

Other creditors

197,938

243,832

Accruals and deferred income

326,655

137,270

24,116,483

23,681,532

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.25

31.8.24

£

£

Bank loans - 1-2 years

787,500

1,237,500

Bank loans - 2-5 years

15,600,000

15,600,000

16,387,500

16,837,500

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.25

31.8.24

£

£

Bank loans

16,837,500

17,287,500

The bank loans are secured by a fixed and floating charge in favour of Svenka Handelsbanken AB (Publ) over all the property owned by the company, a debenture over the company's whole assets and undertaking, a guarantee by the Director up to a limit of £12 million, and an unlimited inter company composite guarantee by the parent company Leicester Lettings Limited.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.25

31.8.24

value:

£

£

2,857,619

Ordinary

£1

2,857,619

2,857,619

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2025 and 31 August 2024:

31.8.25

31.8.24

£

£

J A Lewis

Balance outstanding at start of year

7,077,326

6,983,857

Amounts advanced

143,743

204,304

Amounts repaid

-

(110,835

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

7,221,069

7,077,326

Interest of £143,743 (2024: £157,137) was charged on the outstanding balance during the year.

The outstanding balance is repayable on demand.

13.	RELATED PARTY DISCLOSURES

During the year net advances of £4,494,997 (2024: advances of £2,885,563) were paid to associated companies. At the year end amounts owed by associated companies is £22,667,998 (2024: £18,173,001). These loans are interest free and repayable on demand.

14.	ULTIMATE CONTROLLING PARTY

The controlling party is J A Lewis.