REGISTERED NUMBER: 11249147 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

M & P LEADALE GROUP LTD

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Statement of Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

15

DIRECTORS:

Mrs P Hirschler

Mr M Hirschler

REGISTERED OFFICE:

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

REGISTERED NUMBER:

11249147 (England and Wales)

AUDITORS:

Melinek Fine LLP

Chartered Accountants

Statutory Auditors

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

The principal activity of the group in the year under review is property management.

REVIEW OF BUSINESS

The group sources and manages accommodation for organisations based on their requirements, the directors ,consider that the key financial performance indicators are those that monitor the performance in respect of this activity. The revenue of the group from the provision of this service in the period was £79,637,036 (2024:£141,492,232). Demand for the services provided by the group has increased in the period leading to contracts with new organisations and additional contracts with existing customers.

PRINCIPAL RISKS AND UNCERTAINTIES

Critical to the group's achievements of its objectives is effective risk managment. The group faces risk from a number of areas, all of which are prevalent throughout the industry and are shown below:

The business manages the liquidity risk by ensuring there are sufficient funds to meet payments with strict cash flow and credit control management.

The group's functional currency and activities are performed in sterling hence the business has very little exposure to foreign exchange risk.

The group maintains good relationships with its suppliers to allow them to continue to provide accommodation that meets the requirements of its customers.

SECTION 172(1) STATEMENT

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

ON BEHALF OF THE BOARD:

Mr M Hirschler - Director

23 June 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

DIVIDENDS

Ordinary dividends were paid amounting to £555,000 (2024:£333,500).

DIRECTORS

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

Mrs P Hirschler

Mr M Hirschler

CHARITABLE

DONATIONS AND EXPENDITURE

During the year the group made charitable donations of £2,471,028 (2024:£4,232,021).

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen, in accordance with the Companies Act, to set out in the strategic report, information regarding the review of business and a description of the principal risks and uncertainties facing the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Melinek Fine LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr M Hirschler - Director

23 June 2026

Opinion

We have audited the financial statements of M & P Leadale Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the group's regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the group.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the group is subject to laws and regulations that directly affect the financial statements, including: the group's constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigation. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; trade legislation; data protection legislation; anti-bribery and corruption legislation.

International Standards on Auditing (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

-Challenging assumptions made by management in its significant accounting estimates.

-Identifying and testing journal entries during the period and post balance sheet date, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account, journal entries posted by senior management.

-Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

-Ensuring that testing undertaken on both the performance statements and the Balance Sheet includes a number of items selected on a random basis.

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Auditing Standards (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Aryeh Melinek, FCA (Senior Statutory Auditor)

for and on behalf of Melinek Fine LLP

Chartered Accountants

Statutory Auditors

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

23 June 2026

TURNOVER

79,637,036

141,492,232

Cost of sales

54,889,975

96,056,015

GROSS PROFIT

24,747,061

45,436,217

Administrative expenses

14,074,854

9,747,361

10,672,207

35,688,856

Other operating income

558,353

1,708,421

OPERATING PROFIT

4

11,230,560

37,397,277

Interest receivable and similar income

568,192

720,545

11,798,752

38,117,822

Interest payable and similar expenses

5

60,914

87,309

PROFIT BEFORE TAXATION

11,737,838

38,030,513

Tax on profit

6

4,269,795

9,702,830

PROFIT FOR THE FINANCIAL YEAR

7,468,043

28,327,683

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

7,468,043

28,327,683

Profit attributable to:

Owners of the parent

7,448,176

24,869,733

Non-controlling interests

19,867

3,457,950

7,468,043

28,327,683

Total comprehensive income attributable to:

Owners of the parent

7,448,176

24,869,733

Non-controlling interests

19,867

3,457,950

7,468,043

28,327,683

FIXED ASSETS

Tangible assets

9

5,316

1,141,048

Investments

10

-

-

Investment property

11

2,149,875

2,149,875

2,155,191

3,290,923

CURRENT ASSETS

Stocks

12

1,153,982

-

Debtors

13

50,897,920

33,715,360

Cash at bank

5,282,437

36,547,460

57,334,339

70,262,820

CREDITORS

Amounts falling due within one year

14

11,490,898

28,871,074

NET CURRENT ASSETS

45,843,441

41,391,746

TOTAL ASSETS LESS CURRENT LIABILITIES

47,998,632

44,682,669

CREDITORS

Amounts falling due after more than one year

15

1,460,787

1,779,945

NET ASSETS

46,537,845

42,902,724

CAPITAL AND RESERVES

Called up share capital

19

50

50

Revaluation reserve

69,061

69,061

Profit and loss account

51,150,303

44,257,127

SHAREHOLDERS' FUNDS

51,219,414

44,326,238

NON-CONTROLLING INTERESTS

20

(4,681,569

)

(1,423,514

)

TOTAL EQUITY

46,537,845

42,902,724

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2026 and were signed on its behalf by:

Mr M Hirschler - Director

FIXED ASSETS

Tangible assets

9

-

-

Investments

10

50

50

Investment property

11

-

-

50

50

CURRENT ASSETS

Debtors

13

18,963,873

8,833,437

Cash at bank

5,020,634

10,157,459

23,984,507

18,990,896

CREDITORS

Amounts falling due within one year

14

5,655,214

4,256,177

NET CURRENT ASSETS

18,329,293

14,734,719

TOTAL ASSETS LESS CURRENT LIABILITIES

18,329,343

14,734,769

CAPITAL AND RESERVES

Called up share capital

19

50

50

Profit and loss account

18,329,293

14,734,719

SHAREHOLDERS' FUNDS

18,329,343

14,734,769

Company's profit for the financial year

4,149,574

10,466,143

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2026 and were signed on its behalf by:

Mr M Hirschler - Director

Called up

Profit

share

and loss

Revaluation

capital

account

reserve

£

£

£

Balance at 1 April 2023

50

19,720,894

69,061

Changes in equity

Dividends

-

(333,500

)

-

Total comprehensive income

-

24,869,733

-

Balance at 31 March 2024

50

44,257,127

69,061

Changes in equity

Dividends

-

(555,000

)

-

Total comprehensive income

-

7,448,176

-

Balance at 31 March 2025

50

51,150,303

69,061

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 April 2023

19,790,005

5,923,036

25,713,041

Changes in equity

Dividends

(333,500

)

(10,804,500

)

(11,138,000

)

Total comprehensive income

24,869,733

3,457,950

28,327,683

Balance at 31 March 2024

44,326,238

(1,423,514

)

42,902,724

Changes in equity

Dividends

(555,000

)

(6,125,000

)

(6,680,000

)

Total comprehensive income

7,448,176

19,867

7,468,043

Balance at 31 March 2025

51,219,414

(7,528,647

)

43,690,767

Called up

Profit

share

and loss

Total

capital

account

equity

£

£

£

Balance at 1 April 2023

50

4,602,076

4,602,126

Changes in equity

Dividends

-

(333,500

)

(333,500

)

Total comprehensive income

-

10,466,143

10,466,143

Balance at 31 March 2024

50

14,734,719

14,734,769

Changes in equity

Dividends

-

(555,000

)

(555,000

)

Total comprehensive income

-

4,149,574

4,149,574

Balance at 31 March 2025

50

18,329,293

18,329,343

Cash flows from operating activities

Cash generated from operations

1

(7,021,281

)

30,933,278

Interest paid

(60,914

)

(87,309

)

Tax paid

(17,754,830

)

113

Net cash from operating activities

(24,837,025

)

30,846,082

Cash flows from investing activities

Purchase of tangible fixed assets

(19,395

)

(1,134,587

)

Interest received

568,192

720,545

Net cash from investing activities

548,797

(414,042

)

Cash flows from financing activities

New loans in year

-

325,000

Loan repayments in year

(296,795

)

(92,089

)

Equity dividends paid

(555,000

)

(333,500

)

Dividends paid to minority interests

(6,125,000

)

(10,804,500

)

Net cash from financing activities

(6,976,795

)

(10,905,089

)

(Decrease)/increase in cash and cash equivalents

(31,265,023

)

19,526,951

Cash and cash equivalents at beginning of year

2

36,547,460

17,020,509

Cash and cash equivalents at end of year

2

5,282,437

36,547,460

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

11,737,838

38,030,513

Depreciation charges

1,145

1,448

Finance costs

60,914

87,309

Finance income

(568,192

)

(720,545

)

11,231,705

37,398,725

Increase in trade and other debtors

(14,335,482

)

(11,991,562

)

(Decrease)/increase in trade and other creditors

(3,917,504

)

5,526,115

Cash generated from operations

(7,021,281

)

30,933,278

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

5,282,437

36,547,460

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

36,547,460

17,020,509

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

36,547,460

(31,265,023

)

5,282,437

36,547,460

(31,265,023

)

5,282,437

Debt

Debts falling due within 1 year

(97,615

)

(22,363

)

(119,978

)

Debts falling due after 1 year

(1,779,945

)

319,158

(1,460,787

)

(1,877,560

)

296,795

(1,580,765

)

Total

34,669,900

(30,968,228

)

3,701,672

1.	STATUTORY INFORMATION

M & P Leadale 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation

The consolidated financial statements present the results of M & P Leadale Group Ltd as a parent company and its wholly owned subsidiary undertaking ("the Group") as if they formed a singly entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The names of the combining entities are disclosed in note 10.

The following exemptions available under FRS 102 in respect of certain disclosures for the Company financial statements have been applied:

- No separate Company cash flow statement with related notes is included.

Turnover

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

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

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

Financial instruments

Financial instruments are recognised in the entity's balance sheet when the entity 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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual meeting.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,436,463

2,351,901

Social security costs

216,304

195,594

Other pension costs

41,941

37,854

2,694,708

2,585,349

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

2025

2024

Directors

2

2

Administration staff

134

133

136

135

2025

2024

£

£

Directors' remuneration

68,906

115,798

Directors' pension contributions to money purchase schemes

1,410

1,410

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2