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Registration number: 10162467

Yoginvest Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Yoginvest Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 14

 

Yoginvest Ltd

Company Information

Director

N M Leslau

Registered office

Belfry House
Champions Way
Hendon
London
NW4 1PX

Accountants

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Financial Statements of
Yoginvest Ltd
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Yoginvest Ltd for the year ended 28 February 2023, which comprise the statement of comprehensive income, balance sheet, statement of changes in equity and the related notes, from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation/a-z.

It is your duty to ensure that Yoginvest Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Yoginvest Ltd. You consider that Yoginvest Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Yoginvest Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Use of our report

This report is made solely to the director of Yoginvest Ltd, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Yoginvest Ltd and state those matters that we have agreed to state to the director of Yoginvest Ltd, in this report in accordance with ICAEW Technical Release TECH 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Yoginvest Ltd and its director for our work or for this report.

......................................

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

29 November 2023

 

Yoginvest Ltd

(Registration number: 10162467)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Investment properties

4

2,148,054

2,148,054

Investment in subsidiaries and associates

5

57,373,233

53,155,748

Other investments

6

15,512,128

15,413,767

 

75,033,415

70,717,569

Current assets

 

Debtors

7

2,944,693

7,413,446

Cash at bank and in hand

 

14,500,442

8,902,762

 

17,445,135

16,316,208

Creditors: Amounts falling due within one year

8

(344,430)

(106,542)

Net current assets

 

17,100,705

16,209,666

Net assets

 

92,134,120

86,927,235

Capital and reserves

 

Called up share capital

10

100

100

Share premium reserve

 

4,851,929

4,851,929

Retained earnings

87,282,091

82,075,206

Shareholder's funds

 

92,134,120

86,927,235

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his 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 have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The statement of comprehensive income and the director's report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

 

Yoginvest Ltd

(Registration number: 10162467)
Balance Sheet as at 28 February 2023

Approved and authorised for issue by the director on 29 November 2023
 

.........................................

N M Leslau

Director

 

Yoginvest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital incorporated in England. The registered office address is shown on page 1 and the principal activity of the company is set out in the director's report.

The principal place of business is:
Cavendish House
18 Cavendish Square
London
W1G 0PJ
United Kingdom

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except where otherwise disclosed in these accounting policies, certain items are measured at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Exemption from preparing group accounts

The company is the parent of a small group. The company has taken advantage of the exemption provided by section 398 of the Companies Act 2006 and has not prepared group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.

 

Yoginvest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2

Accounting policies (continued)

Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities may require the use of certain critical accounting estimates. It may also require the director to exercise judgement in applying the accounting policies.

In preparing these financial statements, the director has had to make the following significant judgements:

- Determine whether there are indicators of impairment of the company's investments that are carried at cost. Factors taken into consideration in reaching such a decision include knowledge as to the economic viability and expected future financial performance of the investments and the extent to which distributions received from the investments are linked to a reduction in the scale of operations of the relevant underlying business.

- The director has made an assumption in the determination of the fair value of the investment properties in respect of the state of the property market in the locations where the properties are situated and in respect of the range of reasonable fair value estimates of the assets. There is an inevitable degree of judgement involved in that every property is unique and value can only ultimately be reliably tested in the market itself. The valuation method is further described in note 4 together with the valuation of the properties at the reporting date.

- Determine whether there is objective evidence to support the reliable remeasurement of the company's other investments to fair value. Such evidence could include the market share price where shares are publicly traded, new external investment being made into the investee entity, an arm's length disposal of all or part of the investment close to the balance sheet date or the investee entity generating sustainable earnings to support a valuation basis on a multiple of those earnings.

There were no other significant judgements or areas of critical estimation uncertainty.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods presented, unless otherwise stated.

Turnover

Turnover consists principally of rent receivable from the letting of investment properties in the United Kingdom. Rental income is measured at the fair value of rent receivable for the period.

Foreign currency transactions and balances

Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to profit or loss. Any non-monetary items that are initially measured at historic cost in a foreign currency are not re-translated at each reporting date.

 

Yoginvest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax, where applicable. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Current and deferred tax assets and liabilities are not discounted.

Investment properties

Investment properties are carried at their fair value, determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Investment in subsidiaries, associates and joint ventures

Investment in subsidiaries, associates and joint ventures are measured in the company's balance sheet at cost less any accumulated impairment. Any impairment movements are included in profit or loss.

An entity is treated as a subsidiary where the company has the power to govern the financial and operating policies of the investee entity so as to obtain benefits from its activities.

An entity is treated as an associate where the company exercises significant influence in that it has the power to participate in the operating and financial policy decisions.

An entity is treated as a joint venture where the company is party to a contractual arrangement with one or more third parties to undertake an economic activity that is subject to joint control.

Cash at bank and in hand

This comprises cash at bank.

Income from group undertakings and other fixed asset investments

This income is recognised when the amounts have been received or otherwise where there is certainty as to the receipt of the income receivable at the relevant balance sheet date.

 

Yoginvest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2

Accounting policies (continued)

Financial instruments including other fixed asset investments

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form.
 
The company's cash at bank, other debtors and trade and other creditors are measured initially at transaction price, and subsequently at amortised cost using the effective interest method, where appropriate.

Investments in equity shares which are publicly traded are remeasured to their market value at each balance sheet date, with changes in fair value recognised in profit or loss.

 
Investments in unlisted entities, including certain loans (financial assets), are carried in the balance sheet at fair value with changes in fair value recognised in profit or loss. In the circumstances where their fair values are not reliably measurable, such assets are carried at cost less any accumulated impairment.

Investments are classified as fixed asset investments in the circumstances where the company's intention was to hold or advance them on a continuing basis.

Trade creditors

Trade creditors are obligations to pay for services that have been provided in the ordinary course of business by suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Dividends

Final dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.

3

Employee information

The company had 1 employee, being the the director, during the year (2022 - 1). The director did not receive any remuneration from the company in the year (2022 - £nil).

4

Investment properties

Long leasehold
£

At 1 March 2022 and 28 February 2023

2,148,054

The investment properties were valued at 28 February 2023 by N M Leslau Bsc (Hons) FRICS, the director of the company, at fair value. The valuations, which continue not to differ from the cost at the dates of acquisition on 17 October 2018 and 31 January 2019, were arrived at after consideration of the most recently available market evidence of transaction prices for similar properties around their location on a vacant possession basis and also takes into account the director's assessment of the state of the rental market around the area where the properties are situated as at the reporting date.

 

Yoginvest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Investment in subsidiaries and associates

Carrying amount of:

2023
£

2022
£

Investment in subsidiaries

54,972,305

51,661,897

Investment in associates

2,400,928

1,493,851

57,373,233

53,155,748

Subsidiaries

£

Cost

At 1 March 2022

90,366,139

At 28 February 2023

90,366,139

Impairment

At 1 March 2022

38,704,242

Reversal of impairment in the year

(3,310,408)

At 28 February 2023

35,393,834

Carrying amount

At 28 February 2023

54,972,305

At 28 February 2022

51,661,897

Associates

£

Cost

At 1 March 2022

1,493,851

Additions in the year

457,003

Reclassification from other investments

450,074

At 28 February 2023

2,400,928

Carrying amount

At 28 February 2023

2,400,928

At 28 February 2022

1,493,851

 

Yoginvest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Investment in subsidiaries and associates (continued)

Details of subsidiaries and associates are as follows:

Name

Registered office

Nature of holding

Percentage of voting rights held

     

2023

2022

Subsidiaries

Lesray Holdings Limited

Belfry House
Champions Way
Hendon
London
NW4 1PX

Ordinary shares

78.91%

78.91%

 

England

     

Associates

Sleep Solutions Limited

Cavendish House
18 Cavendish Square
London
W1G 0PJ

'B', 'C', and 'E' Ordinary share capital

29.92%

29.87%

 

England

     

Parkhurst Caledonian Limited

Ground Floor
45 Pall Mall
London
SW1Y 5JG

Ordinary share capital

49.51%

49.51%

 

United Kingdom

     

Rimonim Agro GP LP

Hamezach
1 str
Kefar Vitkin
Israel
40200000

Member's capital

25%

25%

 

     

Lesray Holdings Limited has three direct and a number of indirect subsidiaries. As a parent of a small group that is not preparing group accounts, the company is exempt from the requirement to provide a full list of indirect subsidiaries. Details of these are disclosed in the financial statements of Lesray Holdings Limited and its direct subsidiary undertaking, Prestbury Investment Holdings Limited, for the year ended 28 February 2023.

Principal activity

The principal activity of Lesray Holdings Limited is that of an investment holding company.

The principal activity of Sleep Solutions Limited is wholesale and retail sale of household goods.

 

The principal activity of Parkhurst Caledonian Limited is letting of investment properties.

 

The principal activity of Rimonim Agro GP LP is investments.

 

 

Yoginvest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Other investments

Investments
£

Long term loans
£

Total
£

Cost or valuation

At 1 March 2022

14,913,767

500,000

15,413,767

Additions in the year

3,512,831

-

3,512,831

Fair value adjustments

494,720

-

494,720

Disposals/capital repaid

(3,459,116)

-

(3,459,116)

Reclassification to investment in associates

(450,074)

-

(450,074)

At 28 February 2023

15,012,128

500,000

15,512,128

Carrying amount

At 28 February 2023

15,012,128

500,000

15,512,128

At 28 February 2022

14,913,767

500,000

15,413,767

The investments principally represent shares in or member's capital held in listed entities or other unlisted entities. Interests held are less than 20% of voting rights in each instance.

7

Debtors

Note

2023
£

2022
£

Amounts owed by associates

11

879,961

826,699

Other debtors

 

272,759

158,711

Director's loan account

11

-

4,704,331

Other loans

11

1,740,106

1,568,562

Prepayments

 

6,522

1,251

Accrued income

 

45,345

153,892

 

2,944,693

7,413,446

 

Yoginvest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

8

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

25,503

-

Director's loan account

162,202

-

Other creditors

90,616

71,077

Accruals

21,840

22,440

Deferred income

116

13,025

Corporation tax

44,153

-

344,430

106,542

9

Deferred tax

Deferred tax arises as a result of the revaluation of certain of the company’s fixed asset investments and its investment properties. At 28 February 2023 the company has an unprovided deferred tax asset calculated at 25% of £8.51m (2022- £9.43m) in this respect. This has not been recognised due to uncertainty over the timing of future taxable gains against which these losses can be utilised.

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.01 each

10,001

100.01

10,001

100.01

         
 

Yoginvest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

11

Related party transactions

Loans to related parties

2023

Entities under common control
£

Associates
£

Director
£

At start of year

1,568,562

830,699

4,704,331

Advances / interest capitalised during the year

-

53,262

-

Repaid in the year

-

-

(4,704,331)

Foreign exchange movement

171,544

-

-

At end of year

1,740,106

883,961

-

2022

Entities under common control
£

Associates
£

Director
£

At start of period

8,398

-

1,743,326

Advances during the period

1,568,562

830,699

4,814,481

Repaid in the period

(8,398)

-

(1,853,476)

At end of period

1,568,562

830,699

4,704,331

 

Yoginvest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

11

Related party transactions (continued)

Terms of loans to related parties

During the year, the company advanced £nil (2022 - £1,568,562) to 004 Palms Limited. The loan was unsecured, at an interest rate of 2% and repayable on demand. The total interest receivable from this loan is £34,779 (2022 - £18,559) which is included in other interest receivable and similar income in the statement of comprehensive income. The total amount owed by 004 Palms Limited at 28 February 2023 is £1,740,106 (2022 - £1,568,562). N M Leslau is the sole director and shareholder of 004 Palms Limited. 004 Palms Limited fully repaid the loan after the balance sheet date.
 
During the year the company capitalised interest accrued of £53,262 (2022 - nil) from Parkhurst Caledonian Limited. £634,012 (2022 - £580,750) of this loan is unsecured, at an interest rate of 10% per annum and repayable on demand. The total interest receivable from this loan is £61,129 (2022 - £7,796) which is included in other interest receivable and similar income in the statement of comprehensive income. The remaining balance of this loan is unsecured, interest free and repayable on demand.

 
During the year, the director fully repaid a loan of £4,704,331. The loan was unsecured, at an interest rate of 2% per annum and repayable on demand. The total interest receivable from this loan is £34,874 (2022 - £52,679) which is included in other interest receivable and similar income in the statement of comprehensive income.

 Details of other transactions with related parties in the current and prior period are set out elsewhere in these financial statements.

Loans from related parties

2023

Associates
£

At start of year

(4,000)

At end of year

(4,000)

2022

Associates
£

Advanced during the period

(4,000)

At end of period

(4,000)

Terms of loans from related parties

During the year Sleep Solutions Limited advanced £nil (2022 - £4,000) to the company. The loan is unsecured, interest free and repayable on demand.
 

12

Control

The company is controlled by N M Leslau, who is its sole shareholder and director.