Registered number:
11800691
LEATHAMS PROPERTY DEVELOPMENT LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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LEATHAMS PROPERTY DEVELOPMENT LIMITED
REGISTERED NUMBER:
11800691
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BALANCE SHEET
AS AT
30 APRIL 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Creditors: amounts falling due after more than one year
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LEATHAMS PROPERTY DEVELOPMENT LIMITED
REGISTERED NUMBER:
11800691
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BALANCE SHEET
(CONTINUED)
AS AT
30 APRIL 2021
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The
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 the provisions of FRS 102 Section 1A - small entities.
The Company has opted not to file the Statement of Comprehensive Income in accordance with provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 4 to 8 form part of these financial statements.
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LEATHAMS PROPERTY DEVELOPMENT LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
30 APRIL 2021
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Comprehensive income for the period
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Contributions by and distributions to owners
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Shares issued during the period
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Comprehensive income for the year
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LEATHAMS PROPERTY DEVELOPMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
Leathams Property Development Limited is a private limited company, limited by shares, domiciled and incorporated in England and Wales (registered number: 11800691). The registered office address is 1 -7 Beaufort Road, Chelmsford, CM2 6ZJ.
The Company's principal activity is property development.
The Company's functional and presentational currency is GBP.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The following principal accounting policies have been applied:
Due to the intention to cease trade and liquidate the Company, the directors no longer consider the Company to be a going concern. The financial statements are therefore prepared under a basis other than going concern. This has not resulted in any adjustments to the financial statements as the directors consider that the assets and liabilities are already held at their recoverable values.
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Operating leases: the Company as lessor
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Rentals income from operating leases is credited to profit or loss on a straight-line basis over the term of the relevant lease.
Other income relates to rental income which is recognised on a straight-line basis in the period to which it relates.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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LEATHAMS PROPERTY DEVELOPMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
2.
Accounting policies (continued)
Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured on initial recognition at transaction price. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.
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The average monthly number of employees, including directors, during the year was
4
(15-month period ended 30 April 2020 -
3
)
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LEATHAMS PROPERTY DEVELOPMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to related parties
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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LEATHAMS PROPERTY DEVELOPMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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Analysis of the maturity of loans as at 30 April 2021 is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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The bank loan is secured by way of a charge over the assets of the Company.
The HSBC loan was repaid on 2 December 2021, following the sale of Ilderton Road on 1 December 2021.
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Commitments under operating leases
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At 30 April 2021 the Company had future rental income receivable under non-cancellable operating leases as follows:
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Later than 1 year and not later than 5 years
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LEATHAMS PROPERTY DEVELOPMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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Related party transactions
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The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.
During the year, the Company purchased stock from a
company related by common control
for £Nil
(15-month period ended 30 April 2020 - £
13,000,000
)
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During the prior period, the Company received a loan of £
5,249,999
from a
company related by common control
. The Company was also recharged expenses of £411,239
(15-month period ended 30 April 2020 - £295,900)
and interest of £177,841
(15-month period ended 30 April 2020 - £165,231)
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At the year end, £
6,257,273
(2020 - £
5,629,201
)
was payable by the Company in respect of these transactions.
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Post balance sheet events
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The Ilderton Road site was sold to Barratt Homes on 1 December 2021 for £15m +VAT.
The immediate and ultimate parent undertaking is
Leathams Property Holdings Limited
, a company registered in England and Wales.
The directors do not consider there to be an ultimate controlling party
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