Company Registration No. 16069778 (England and Wales)
Lesney Property Holdings Limited
Annual report and financial statements
for the period ended 31 March 2026
Lesney Property Holdings Limited
Company information
Directors
M Mandy
(Appointed 8 November 2024)
J N J Smith
(Appointed 8 November 2024)
N J J Smith
(Appointed 8 November 2024)
Company number
16069778
Registered office
Midland House
2 Poole Road
Bournemouth
Dorset
BH2 5QY
Auditor
Saffery LLP
Midland House
2 Poole Road
Bournemouth
Dorset
BH2 5QY
Lesney Property Holdings Limited
Contents
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Income statement
6
Statement of financial position
7
Statement of changes in equity
8
Notes to the financial statements
9 - 15
Lesney Property Holdings Limited
Directors' report
For the period ended 31 March 2026
1

The directors present their annual report and financial statements for the period ended 31 March 2026.

Principal activities

The company was incorporated on 8 November 2024. The principal activity of the company is that of holding and rental of investment property.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

M Mandy
(Appointed 8 November 2024)
J N J Smith
(Appointed 8 November 2024)
N J J Smith
(Appointed 8 November 2024)
Auditor

Saffery LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
M Mandy
Director
6 August 2026
Lesney Property Holdings Limited
Directors' responsibilities statement
For the period ended 31 March 2026
2

The directors are responsible for preparing the annual report 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 of the profit or loss of the company 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; and

- 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Lesney Property Holdings Limited
Independent auditor's report
To the members of Lesney Property Holdings Limited
3
Opinion

We have audited the financial statements of Lesney Property Holdings Limited (the 'company') for the period ended 31 March 2026 which comprise the income statement, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 company's affairs as at 31 March 2026 and of its profit for the period 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the directors' r eport for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

Lesney Property Holdings Limited
Independent auditor's report
To the members of Lesney Property Holdings Limited (continued)
4
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the directors' r eport. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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

- the 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; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

Lesney Property Holdings Limited
Independent auditor's report
To the members of Lesney Property Holdings Limited (continued)
5

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Roger Wareham (Senior Statutory Auditor)
For and on behalf of Saffery LLP
Statutory Auditors
Midland House
2 Poole Road
Bournemouth
Dorset
BH2 5QY
6 August 2026
Lesney Property Holdings Limited
Income statement
For the period ended 31 March 2026
6
Period
ended
31 March
2026
Notes
£
Turnover
92,368
Administrative expenses
(20,830)
Operating profit
71,538
Interest payable and similar expenses
4
(51,410)
Other gains and losses
5
425,500
Profit before taxation
445,628
Tax on profit
6
(119,587)
Profit for the financial period
326,041

The income statement has been prepared on the basis that all operations are continuing operations.

Profit for the financial year is all attributable to the owners of the company.

Lesney Property Holdings Limited
Statement of financial position
As at 31 March 2026
7
2026
Notes
£
£
Fixed assets
Investment property
7
1,727,847
Current assets
Debtors
8
268
Cash at bank and in hand
18,933
19,201
Creditors: amounts falling due within one year
9
(58,856)
Net current liabilities
(39,655)
Total assets less current liabilities
1,688,192
Creditors: amounts falling due after more than one year
10
(1,242,464)
Provisions for liabilities
(119,587)
Net assets
326,141
Capital and reserves
Called up share capital
12
100
Profit and loss reserves
13
326,041
Total equity
326,141

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 6 August 2026 and are signed on its behalf by:
N J J Smith
Director
Company Registration No. 16069778
Lesney Property Holdings Limited
Statement of changes in equity
For the period ended 31 March 2026
8
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 8 November 2024
-
-
-
Period ended 31 March 2026:
Profit and total comprehensive income
-
326,041
326,041
Issue of share capital
12
100
-
100
Balance at 31 March 2026
100
326,041
326,141
Lesney Property Holdings Limited
Notes to the financial statements
For the period ended 31 March 2026
9
1
Accounting policies
Company information

Lesney Property Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Midland House, 2 Poole Road, Bournemouth, Dorset, BH2 5QY.

1.1
Reporting period

The current financial period is for a period longer than 12 months period as the company was incorporated on 8 November 2024.

1.2
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

1.3
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Revenue

Revenue represents rental income from investment property. Rental income is recognised on a straight-line basis over the term of the lease, in accordance with the substance of the relevant agreement.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company 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.

Lesney Property Holdings Limited
Notes to the financial statements (continued)
For the period ended 31 March 2026
1
Accounting policies (continued)
10
Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Lesney Property Holdings Limited
Notes to the financial statements (continued)
For the period ended 31 March 2026
1
Accounting policies (continued)
11
1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of investment properties

Investment properties are valued annually by the directors using open market value. The properties are subject to professional valuation with sufficient regularity to ensure that the fair value is not materially misstated.

Lesney Property Holdings Limited
Notes to the financial statements (continued)
For the period ended 31 March 2026
12
3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2026
Number
Total
0
4
Interest payable and similar expenses
2026
£
Interest payable and similar expenses includes the following:
Interest on bank overdrafts and loans
51,410
5
Other gains and losses
2026
£
Fair value gains/(losses)
Gain on investment properties
425,500
6
Taxation
2026
£
Deferred tax
Origination and reversal of timing differences
119,587
7
Investment property
2026
£
Fair value
At 8 November 2024
-
0
Additions
1,302,347
Revaluations
425,500
At 31 March 2026
1,727,847

Appraisals of the fair value of investment properties as at 31 March 2026 were made by the directors on an open market basis, and with reference to the latest available formal valuation report. No depreciation is provided in respect of these properties.

Lesney Property Holdings Limited
Notes to the financial statements (continued)
For the period ended 31 March 2026
7
Investment property (continued)
13
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2026
£
Cost
1,302,347
Carrying amount
1,302,347
8
Debtors
2026
Amounts falling due within one year:
£
Other debtors
268
9
Creditors: amounts falling due within one year
2026
£
Bank loans
35,705
Taxation and social security
3,588
Other creditors
19,563
58,856
10
Creditors: amounts falling due after more than one year
2026
£
Bank loans and overdrafts
1,242,464
Creditors which fall due after five years are payable as follows:
Payable by instalments
1,074,507

The bank facilities are secured by way of a fixed and floating charge over the underlying assets of the company.

The bank loans are secured by legal charge over the company's investment property and are repayable in 240 and 228 monthly instalments with the final repayment being due in January 2045 and March 2045 respectively.

Interest is payable on the bank loans at base rate plus 2.65% per annum.

Lesney Property Holdings Limited
Notes to the financial statements (continued)
For the period ended 31 March 2026
14
11
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
2026
Balances:
£
Accelerated capital allowances
13,212
Revaluations
106,375
119,587
2026
Movements in the period:
£
Liability at 8 November 2024
-
Charge to profit or loss
119,587
Liability at 31 March 2026
119,587
12
Called up share capital
2026
2026
Ordinary share capital
Number
£
Issued and fully paid
Ordinary Shares of £1 each
100
100

The Ordinary shares have attached to them full voting, dividend and capital distribution rights.

On the date of incorporation, 8 November 2024, 100 Ordinary shares were issued at a consideration of £1 per share.

13
Profit and loss reserves

The profit and loss reserves represent accumulated profits and losses net of dividends.

14
Related party transactions

The company has taken advantage of the exemption available in section 1AC.35 of FRS 102 from the requirement to disclose transactions with group companies on the grounds that the company is a wholly owned subsidiary within the group.

Lesney Property Holdings Limited
Notes to the financial statements (continued)
For the period ended 31 March 2026
15
15
Controlling party

The immediate and ultimate parent undertaking is Lesney Holdings Limited, a company incorporated in England and Wales. It is both the smallest and largest group undertaking that prepares consolidated financial statements in which the company is included. Consolidated financial statements can be obtained from the company secretary, Midland House, 2 Poole Road, Bournemouth, England, BH2 5QY.

The ultimate controlling parties are the trustees of the L C Smith Children's Settlement by virtue of their shareholding in the parent entity.

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