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

COMPANY REGISTRATION NUMBER: 14029684

Leaf Living Limited

Filleted Financial Statements

31 December 2025

Leaf Living Limited

Statement of Financial Position

31 December 2025

	2025	2024
Note	£	£

Current assets

Debtors	5	190,333	6,759,261
Cash at bank and in hand		1,288,469	1,160,283
		------------	------------
		1,478,802	7,919,544

Creditors: amounts falling due within one year	6	( 1,305,733)	( 8,289,123)
		------------	------------
Net current assets/(liabilities)		173,069	( 369,579)
		---------	---------
Total assets less current liabilities		173,069	( 369,579)
		---------	---------
Net assets/(liabilities)		173,069	( 369,579)
		---------	---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	173,068	( 369,580)
	---------	---------
Shareholders funds/(deficit)	173,069	( 369,579)
	---------	---------

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 income and retained earnings 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: 14029684

Leaf Living 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, and in accordance with applicable accounting standards. 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.

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. 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.

Revenue recognition

The Leaf Living Group's principal activity is the acquisition and development of land and buildings which will be developed into residential dwellings. Leaf Living Limited collects the rental income on these dwellings for the Group. Once available for use, turnover is derived and measured at the fair value of the consideration received or receivable and represents rental income received on the residential lettings, stated net of discounts and of Value Added Tax. Revenue is to be received monthly in advance in accordance with the rental agreement.

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.

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income. No contingent rents are recognised in relation to operating leases. The arrangements do not constitute a hire purchase agreement as the Leaf Living Group intend to retain control of the properties.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

No contingent rents are recognised in relation to operating leases. The arrangements do not constitute a hire purchase agreement as the Leaf Living Group intend to retain control of the properties.

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. 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. 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. 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.

4. Employees

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

5. Debtors

	2025	2024
	£	£
Trade debtors	122,697	64,983
Amounts owed by group and related undertakings	228	6,610,741
Other debtors	67,408	83,537
	---------	------------
	190,333	6,759,261
	---------	------------

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

6. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	177,892	87,739
Amounts owed to group and related undertakings	450,741	7,001,978
Other creditors	677,100	1,199,406
	------------	------------
	1,305,733	8,289,123
	------------	------------

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

7. Operating leases

As lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	5,117,522	3,117,996
Later than 1 year and not later than 5 years	722,768	1,216,017
	------------	------------
	5,840,290	4,334,013
	------------	------------

An operating lease exists within the company arrangements to pay rental costs in relation to the properties leased out. 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 company, the entity recognised an expense of £7,233,266 (2024: £5,087,361) during the period. The contractual term concludes on the 4 4 July 2047.

As lessor

The total future minimum lease payments receivable under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	7,663,255	4,669,056
Later than 1 year and not later than 5 years	1,082,312	1,820,929
	------------	------------
	8,745,567	6,489,985
	------------	------------

8. Other financial commitments

As at the reporting date, the company had no other financial or operating commitments or contracts for capital expenditure in place (2024: £Nil).

9. 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 .

10. Related party transactions

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

11. 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.