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REGISTERED NUMBER: 02719981 (England and Wales)









AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

LEOLA 26 LTD

LEOLA 26 LTD (REGISTERED NUMBER: 02719981)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LEOLA 26 LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Paul Joseph Douek
Ron Solomon Douek





SECRETARY: Edward Owen Caton





REGISTERED OFFICE: Essex House
8 The Shrubberies
George Lane
South Woodford
London
E18 1BD





REGISTERED NUMBER: 02719981 (England and Wales)





AUDITOR: Buckley Watson Limited
Chartered Accountants and
Registered Auditor
57A The Broadway
Leigh-on-Sea
Essex
SS9 1PE

LEOLA 26 LTD (REGISTERED NUMBER: 02719981)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 80,000,000 88,000,000

CURRENT ASSETS
Debtors 5 947,620 603,032
Cash at bank 2,872,012 1,644,613
3,819,632 2,247,645
CREDITORS
Amounts falling due within one year 6 28,536,301 27,407,213
NET CURRENT LIABILITIES (24,716,669 ) (25,159,568 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

55,283,331

62,840,432

PROVISIONS FOR LIABILITIES 11,254,385 10,527,190
NET ASSETS 44,028,946 52,313,242

CAPITAL AND RESERVES
Called up share capital 1,300,000 1,300,000
Fair value reserve 7 41,745,727 50,679,818
Retained earnings 983,219 333,424
SHAREHOLDERS' FUNDS 44,028,946 52,313,242

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 31 May 2024 and were signed on its behalf by:





Ron Solomon Douek - Director


LEOLA 26 LTD (REGISTERED NUMBER: 02719981)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Leola 26 Ltd 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.

Turnover
Turnover represents rents receivable.

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.

Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes 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 that have been enacted or substantively enacted by the balance sheet date.

The amount of tax losses carried forward is £541,596 net of retained profits for the year. The tax losses have been utilised in computing the deferred tax arising on potential sale of the investment property.


LEOLA 26 LTD (REGISTERED NUMBER: 02719981)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 88,000,000
Revaluations (8,000,000 )
At 31 December 2023 80,000,000
NET BOOK VALUE
At 31 December 2023 80,000,000
At 31 December 2022 88,000,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2008 10,972,496
Valuation in 2011 12,900,000
Valuation in 2012 4,000,000
Valuation in 2015 24,200,000
Valuation in 2016 7,300,000
Valuation in 2018 4,127,615
Valuation in 2019 (2,500,000 )
Valuation in 2024 (8,000,000 )
Cost 26,999,889
80,000,000

LEOLA 26 LTD (REGISTERED NUMBER: 02719981)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. INVESTMENT PROPERTY - continued

If the investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 26,999,889 26,999,889

The investment properties were valued on an open market basis on 31 December 2023 by Hanover Green Retail .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 947,620 603,032

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to ultimate parent company 26,200,273 25,819,018
Taxation and social security 188,510 161,829
Other creditors 2,147,518 1,426,366
28,536,301 27,407,213

The ultimate parent company Fersen S.A. has loans secured on the properties of Euros 29,892,362 that is repayable on demand at an interest rate of 1% per annum payable in arrears. The current amount outstanding to Fersen S.A. includes the loan interest accrued to the balance sheet date net of any movement in the exchange rate.

7. RESERVES
Fair
value
reserve
£   
At 1 January 2023 50,679,818
Investment property revaluation (8,934,091 )

At 31 December 2023 41,745,727

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditor was unqualified.

Spencer Watson FCA (Senior Statutory Auditor)
for and on behalf of Buckley Watson Limited

LEOLA 26 LTD (REGISTERED NUMBER: 02719981)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. RELATED PARTY DISCLOSURES

The company is controlled by its ultimate parent company Fersen S.A.