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REGISTERED NUMBER: 02929642 (England and Wales)















Financial Statements for the Year Ended 31 January 2023

for

LIONRULE LIMITED

LIONRULE LIMITED (REGISTERED NUMBER: 02929642)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LIONRULE LIMITED

Company Information
for the Year Ended 31 January 2023







DIRECTORS: Mr S Morgenstern
Mr N Sheinfeld





SECRETARY: Mr S Morgenstern





REGISTERED OFFICE: 5 North End Road
London
NW11 7RJ





REGISTERED NUMBER: 02929642 (England and Wales)





ACCOUNTANTS: Martin + Heller
Chartered Accountants
5 North End Road
London
NW11 7RJ

LIONRULE LIMITED (REGISTERED NUMBER: 02929642)

Balance Sheet
31 January 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 11,020 14,693
Investment property 5 25,907,655 25,853,700
25,918,675 25,868,393

CURRENT ASSETS
Debtors 6 13,316,712 13,487,166
Cash at bank 53,680 24,850
13,370,392 13,512,016
CREDITORS
Amounts falling due within one year 7 2,632,713 2,693,753
NET CURRENT ASSETS 10,737,679 10,818,263
TOTAL ASSETS LESS CURRENT
LIABILITIES

36,656,354

36,686,656

CREDITORS
Amounts falling due after more than one
year

8

(14,173,906

)

(14,183,551

)

PROVISIONS FOR LIABILITIES (3,079,348 ) (2,340,304 )
NET ASSETS 19,403,100 20,162,801

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 9 12,494,338 13,233,382
Retained earnings 9 6,908,662 6,929,319
SHAREHOLDERS' FUNDS 19,403,100 20,162,801

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LIONRULE LIMITED (REGISTERED NUMBER: 02929642)

Balance Sheet - continued
31 January 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2024 and were signed on its behalf by:





Mr S Morgenstern - Director


LIONRULE LIMITED (REGISTERED NUMBER: 02929642)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Lionrule Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents rents received.


Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office & computer equipment - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

LIONRULE LIMITED (REGISTERED NUMBER: 02929642)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Office & Fixtures
computer and
equipment fittings Totals
£    £    £   
COST
At 1 February 2022
and 31 January 2023 7,724 304,069 311,793
DEPRECIATION
At 1 February 2022 5,331 291,769 297,100
Charge for year 598 3,075 3,673
At 31 January 2023 5,929 294,844 300,773
NET BOOK VALUE
At 31 January 2023 1,795 9,225 11,020
At 31 January 2022 2,393 12,300 14,693

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2022 25,853,700
Additions 53,955
At 31 January 2023 25,907,655
NET BOOK VALUE
At 31 January 2023 25,907,655
At 31 January 2022 25,853,700

The above is the directors valuation at open market value at 31 January 2023.

Historical costs of properties at 31 January 2023 were £10,794,220 (2022: £10,4740,265). There was £NIL capital commitment at the year end (2022: £NIL).

Fair value at 31 January 2023 is represented by:
£   
Valuation in 2005 12,085,336
Valuation in 2016 3,028,099
Cost 10,794,220
25,907,655

LIONRULE LIMITED (REGISTERED NUMBER: 02929642)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Amounts due from group undertakings 7,669,147 7,947,959
Other debtors 5,546,538 5,495,169
Rental debtor 101,027 44,038
13,316,712 13,487,166

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans and overdrafts 990,063 989,366
Tax 67,537 67,437
Social security and other taxes 2,489 8,423
Other Creditors 1,446,599 1,503,318
Rent rec'd in advance 63,344 58,327
Accrued expenses 62,681 66,882
2,632,713 2,693,753

Bank loans and overdrafts are secured on the company's assets.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.23 31.1.22
£    £   
Bank loans > 5 years 14,173,906 14,183,551

Amounts falling due in more than five years:

Repayable by instalments
Bank loans > 5 years 14,173,906 14,183,551

Bank loans are secured on the company's assets.

9. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 February 2022 6,929,319 13,233,382 20,162,701
Deficit for the year (759,701 ) - (759,701 )
Deferred tax 739,044 (739,044 ) -
At 31 January 2023 6,908,662 12,494,338 19,403,000

LIONRULE LIMITED (REGISTERED NUMBER: 02929642)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

10. RELATED PARTY DISCLOSURES

Amounts due from other debtors include a loan due from Ramsey Properties Limited amounting to £4,440,829 (2022: £4,404,679). Mr Morgenstern & Mr Sheinfeld are directors of Ramsey Properties Limited and each own 50% of the shares.

Amounts due to other debtors include a loan due from Clevermatch Limited amounting to £43,358 (2022: due to £172,569).Mr Sheinfeld is the director and majority shareholder of Clevermatch Limited.

Amounts due to other creditors includes a loan due to Rigband Security Limited amounting to £376,833 (2022: £375,464). Mr Sheinfeld is the director and majority shareholder of Rigband Security Limited.

Amounts due to other creditors include a loan due to Lionrule Investments Limited amounting to £314,858 (2022: £200,502). Mr Morgenstern & Mr Sheinfeld are directors of Lionrule Investments Limited and each own 25% of the shares in this company.

11. CONTROLLING PARTY

The company is controlled by Lionrule Holdings Limited.

12. SECURED DEBT

Creditors include the following secured debts:
Due within one year £990,063 (2022: £989,366).
Due after more than one year £14,173,906 (2022: £14,183,551).