Leaf Living Propco Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 13254167

Leaf Living Propco Limited

Filleted Financial Statements

31 December 2025

Leaf Living Propco Limited

Statement of Financial Position

31 December 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	6	137,962,933	202,961,141

Current assets

Debtors	7	2,631,298	8,503,256
Cash at bank and in hand		2,403,112	6,067,531
		------------	-------------
		5,034,410	14,570,787

Creditors: amounts falling due within one year	8	( 5,087,519)	( 15,157,581)
		------------	-------------
Net current liabilities		( 53,109)	( 586,794)
		--------------	--------------
Total assets less current liabilities		137,909,824	202,374,347

Creditors: amounts falling due after more than one year	9	( 67,822,421)	( 103,043,019)

Provisions	( 2,197,369)	–
	--------------	--------------
Net assets	67,890,034	99,331,328
	--------------	--------------

Capital and reserves

Called up share capital	972,196	972,196
Share premium account	–	96,187,395
Profit and loss account	66,917,838	2,171,737
	-------------	-------------
Shareholders funds	67,890,034	99,331,328
	-------------	-------------

These Financial Statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of Financial Statements.

These Financial Statements were approved by the board of directors and authorised for issue on 14 July 2026 , and are signed on behalf of the board by:

S B Underwood

Director

Company registration number: 13254167

Leaf Living Propco Limited

Notes to the Financial Statements

Year ended 31 December 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office and principal place of business is C/O Revantage Real Estate Limited, 13th Floor, Nova South, 160 Victoria Street, London, United Kingdom, SW1E 5LB.

2. Statement of compliance

These Financial Statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties which are measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

After consideration of the Company's position at the reporting date, business review and the risks and uncertainties; including the wider industry and economic environment, and having considered the wider Group's forecasts, the directors have a reasonable expectation that the Company will have adequate resources for the foreseeable future, being at least the twelve months from the date of approval of the financial statements. Accordingly, the going concern basis continues to be used in preparing these financial statements.

Revenue recognition

The entity's principal activity is the acquisition and development of land and buildings which will be developed into residential dwellings. The properties are leased to an associated company, from which Leaf Living PropCo Ltd derives revenue from based on the net operating income of the company.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Judgements and key sources of estimation uncertainty

Critical accounting estimates and assumptions

In preparing these financial statements, the directors have made estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Investment property

The directors consider the carrying value of investment property to be recoverable based on the underlying market value and performance of residential property in the UK. Investment property are initially held at cost and subsequently at fair value with any changes in fair value recognised through the profit and loss account. The directors engage third party professional valuers to determine the fair value of investment property at each reporting date.

Intercompany loans

The directors make an assessment over the recoverability of amounts owed by group undertakings based on their knowledge of the trading performance of those entities and make provision for any amount which is considered irrecoverable.

The loans are repayable on demand, interest free and unsecured.

Capitalisation of finance costs

The directors make an assessment on the amount of finance costs eligible for capitalisation. This is determined by applying a capitalisation rate to the expenditure on that asset. The expenditure on the asset is the average carrying amount of the asset during the period, including borrowing costs previously capitalised. The capitalisation rate used in an accounting period is the weighted average of rates applicable to the entity’s general borrowings that are outstanding during the period. See policy below.

Fixed assets

Investment properties, assets under construction and capitalised acquisition costs Investment properties (including assets under construction and capitalised acquisition costs) are initially held at cost and subsequently at fair value with any changes in fair value recognised through the profit and loss account. Capitalised finance costs Other tangible assets relate to capitalised finance costs, which comprises of both capitalised arrangement fees and capitalised interest. The amount of interest eligible for capitalisation is determined by applying a capitalisation rate to the expenditure on that asset. The expenditure on the asset is the average carrying amount of the asset during the period, including borrowing costs previously capitalised. The capitalisation rate used in an accounting period is the weighted average of rates applicable to the entity’s general borrowings that are outstanding during the period. This excludes borrowings by the entity that are specifically for the purpose of obtaining other qualifying assets. Capitalisation of borrowing costs commences from the point when it first incurs both the expenditure on the asset and borrowing costs and undertakes activities necessary to prepare the asset for its intended use or sale. Capitalisation is suspended during extended periods where active development of the asset has paused. The entity will cease capitalisation when substantially all the activities necessary to prepare the qualifying asset for its intended use or sale are complete. Interest receivable on borrowing costs has been offset against the capitalised interest expense and recognised on the balance sheet. Land Land is held at cost and assessed annually for impairment. Land is not depreciated under FRS102.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial assets Debtors Debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. Financial liabilities Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. Equity instruments Financial instruments classified as equity instruments are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments. Creditors Creditors payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. Borrowings Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges. Interest accrued applicable to the cost of constructing assets is capitalised based on the debt allocated to the project. Derecognition of financial assets and liabilities A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, 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. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is is discharged, cancelled or expires.

4. Employees

The entity did not have any employees, including the directors and key management personnel under contracts of employment in the current or previous period.

5. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	1,275,848	–

Deferred tax:

Origination and reversal of timing differences	2,197,369	–
	------------	----
Tax on profit	3,473,217	–
	------------	----

6. Tangible assets

	Investment Property	Capitalised finance costs	Total
	£	£	£
Cost or valuation
At 1 January 2025	199,904,285	3,056,856	202,961,141
Additions	1,443,622	122,841	1,566,463
Disposals	( 69,019,615)	( 1,246,435)	( 70,266,050)
Revaluations	4,036,752	–	4,036,752
Transfers	1,597,889	( 1,933,262)	( 335,373)
	--------------	------------	--------------
At 31 December 2025	137,962,933	–	137,962,933
	--------------	------------	--------------
Depreciation
At 1 January 2025 and 31 December 2025	–	–	–
	--------------	------------	--------------
Carrying amount
At 31 December 2025	137,962,933	–	137,962,933
	--------------	------------	--------------
At 31 December 2024	199,904,285	3,056,856	202,961,141
	--------------	------------	--------------

During the period, the investment properties were revalued with a gain of £4,036,752 (2024: £3,218,861) shown on the face of the Statement of Comprehensive Income. The historical cost before revaluation of the properties is £120,066,652 (2024: £189,101,612). Finance costs on inception of the loan to fund the construction of investment property were initially capitalised in full. On completion of the construction of investment property, £335,373 (2024: £nil), representing the remaining value of those costs if spread over the term of the loan, has been transferred to net against the loan balance and amortised to the profit and loss account over the remaining term of the loan.

7. Debtors

	2025	2024
	£	£
Amounts owed by group and related undertakings	441,699	8,340,842
Other debtors	2,189,599	162,414
	------------	------------
	2,631,298	8,503,256
	------------	------------

Amounts owed by group and related undertakings are interest free, unsecured and repayable on demand .

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	169,452	31,374
Amounts owed to group and related undertakings	3,412,269	12,585,667
Corporation tax	1,275,848	–
Other creditors	229,950	2,540,540
	------------	-------------
	5,087,519	15,157,581
	------------	-------------

Amounts owed to group and related undertakings are interest free, unsecured and repayable on demand .

9. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Loans from group undertakings	67,822,421	103,043,019
	-------------	--------------

A loan facility exists with the company and BPPE Finco S.à.r.l. totalling £68,157,794 (2024: £103,043,019). The facility attracts interest at 2.373% over a 30-year term. Interest accrues daily and is payable on maturity. Unamortised finance costs of £335,373 (2024: £nil) are netted of the loan balance.

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions	2,197,369	–
	------------	----

11. Share premium account

During the year the company reduced is share premium account to £nil transferring the entire balance brought forward to the profit and loss account.

12. Operating leases as lessor

An operating lease exists within the company arrangements to receive rental income in relation to the investment properties held. The lease is arranged between the company and a related company but does not meet the criteria for a related party transaction under FRS 102 Section 1A. The lease does not contain minimum payments, it is calculated on the underlying performance of the related company, the entity recognised income of £7,233,266 (2024: £5,087,361) during the period. The contractual term concludes on the 4th July 2047.

13. Other financial commitments

As at the reporting date, the company had contracts for capital expenditure in place totalling £366,017 (2024: £2,100,000). No other commitments, financial or operating, exist (2024: £nil)

14. Summary audit opinion

The auditor's report dated 14 July 2026 was unqualified .

The senior statutory auditor was Guy Richardson , for and on behalf of Moore Kingston Smith LLP .

15. Related party transactions

No transactions were undertaken with related parties as such that are required to be disclosed under FRS 102 Section 1A.

16. Controlling party

The Company's immediate parent undertaking is Leaf Living Jersey Midco Limited , a company incorporated in Jersey. The ultimate controlling party is Blackstone Inc ., a company incorporated in the United States and listed on the New York Stock Exchange. Its principal place of business is located at 345 Park Avenue, New York, NY 10154. The highest level at which consolidated accounts are prepared is Blackstone Property Partners Europe Holdings S.à r.l ., a private limited company, incorporated in Luxembourg, having its registered office address at 2-4, Rue Eugene Ruppert L-2453 Luxembourg.