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Registration number: 10078896

Lesray Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Lesray Holdings Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Lesray Holdings Limited

Company Information

Directors

N M Leslau

J Blyth

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 Board of Directors on the Preparation of the Unaudited Financial Statements of
Lesray Holdings Limited
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lesray Holdings Limited for the year ended 29 February 2024 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 Lesray Holdings Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Lesray Holdings Limited. You consider that Lesray Holdings Limited 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 Lesray Holdings Limited. 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 board of directors of Lesray Holdings Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Lesray Holdings Limited and state those matters that we have agreed to state to the board of directors of Lesray Holdings Limited, as a body, 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 Lesray Holdings Limited and its board of directors, as a body, for our work or for this report.

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

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

26 November 2024
 

 

Lesray Holdings Limited

(Registration number: 10078896)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Investments in subsidiaries

4

49,215,040

56,462,973

Current assets

 

Debtors

5

7,547,359

4,000

Cash at bank and in hand

 

9,354,216

13,756,295

 

16,901,575

13,760,295

Creditors: Amounts falling due within one year

6

(138,644)

(29,037)

Net current assets

 

16,762,931

13,731,258

Net assets

 

65,977,971

70,194,231

Capital and reserves

 

Called up share capital

7

147

147

Share premium reserve

2,197,178

2,197,178

Retained earnings

63,780,646

67,996,906

Shareholders' funds

 

65,977,971

70,194,231

For the financial year ended 29 February 2024 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 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.

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 directors' report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

Approved and authorised for issue by the Board on 26 November 2024 and signed on its behalf by:
 

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

N M Leslau

Director

 

Lesray Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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 directors' report.

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

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 under the historical cost convention.

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.

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 directors to exercise judgement in applying the accounting policies.

In preparing these financial statements, the directors have had to make the following significant judgement:

- Determine to what extent 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 and balance sheet value of the relevant underlying business.

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

 

Lesray Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2

Accounting policies (continued)

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.

Tax

The tax expense for the period comprises current and deferred tax, as 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 significant 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 end of the reporting period and that are expected to apply to the reversal of the timing difference.

Current and deferred tax assets and liabilities are not discounted.

Investments in subsidiaries

Investments in subsidiaries are stated at cost less any provision for impairment. Any impairment movements are included in the statement of comprehensive income.

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.

Income from subsidiaries

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.

Cash at bank and in hand

Cash is represented by cash in hand and deposits held with financial institutions repayable without penalty on notice of not more than 24 hours.

Trade and other creditors

Trade and other 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.

 

Lesray Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2

Accounting policies (continued)

Financial instruments

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 and in hand, other debtors and other creditors are measured initially at transaction price, and subsequently at amortised cost using the effective interest method, where appropriate.

Dividends

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

3

Employees and directors information

The company had no employees (2023 - none) and 2 directors (2023 - 2) during the year. The directors did not receive any remuneration in the year (2023 - £nil).

4

Investments in subsidiaries

2024
£

2023
£

Carrying amount

49,215,040

56,462,973

£

Cost

At 1 March 2023

152,441,419

At 29 February 2024

152,441,419

Impairment

At 1 March 2023

95,978,446

Impairment in the year

7,247,933

At 29 February 2024

103,226,379

Carrying amount

At 29 February 2024

49,215,040

At 28 February 2023

56,462,973

 

Lesray Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Investments in subsidiaries (continued)

Details of subsidiaries are as follows:

Name

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Prestbury Investment Holdings Limited

Cavendish House
18 Cavendish Square
London
W1G 0PJ

Ordinary share capital

95.6%

95.36%

 

England

     

18 Cavendish Square Limited

Belfry House
Champions Way
Hendon
London
NW4 1PX

Ordinary share capital

100%

100%

 

England

     

Yogiendeavours Limited

Cavendish House
18 Cavendish Square
London
W1G 0PJ

Ordinary share capital

100%

100%

 

England

     

Prestbury Investment Holdings Limited ("PIHL") is incorporated in England. Its principal activity is holding real estate investments for income and capital returns.

18 Cavendish Square Limited is incorporated in England. Its principal activity is ownership and management of a long leasehold property that is leased to a subsidiary of PIHL.

Yogiendeavours Limited is incorporated in England. Its principal activity is indirect investment in real estate.

Charged assets

The company's interests in the shares of 18 Cavendish Square Limited are subject to a fixed charge in favour of the lender to that entity in respect of loan to that entity by the lender.

 

Lesray Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Debtors

2024
£

2023
£

Other loan

5,000,000

-

Amounts due from subsidiaries

2,504,000

4,000

Accrued income

43,359

-

7,547,359

4,000

Other loan of £5,000,000 (2023 - £nil) has been provided to an associate undertaking of one of the company's subsidiaries and is due after more than one year. The loan is secured on the assets of the borrower and attracted interest at a rate of 10% per annum during the year. Interest totalling £125,551 (2023 - £nil) was receivable by the company in respect of the current year, £43,359 (2023 - £nil) of which was outstanding at the reporting date.

6

Creditors: amounts falling due within one year

2024
£

2023
£

Director's current account

-

373

Accruals

13,860

12,840

Corporation tax

124,784

15,824

138,644

29,037

7

Share capital

Allotted, called up and fully paid shares

 

As at 29 February
2024

As at 28 February
2023

 

No.

£

No.

£

A Ordinary shares of £0.001 each

50,976

50.98

50,976

50.98

B Ordinary shares of £0.003 each

19,513

58.54

19,513

58.54

C Ordinary shares of £0.001 each

36,883

36.88

36,883

36.88

D Ordinary shares of £0.001 each

1,000

1.00

1,000

1.00

 

108,372

147

108,372

147

 

Lesray Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Share capital (continued)

Class rights

All classes of shares carry equal voting rights per share other than the D Ordinary shares which are non-voting. The rights of each class of share to dividends and rights in the event of a winding up are set out in the company's articles of association.

8

Related party transactions

The company has taken advantage of exemption available in FRS 102 Section 1A not to disclose transactions with its wholly owned subsidiaries and other wholly owned subsidiaries of its parent undertaking other than those disclosed elsewhere in the notes.

9

Parent undertaking and ultimate controlling party

At 29 February 2024, the company's immediate and ultimate parent undertaking was Yoginvest Limited, a company incorporated in England with registered office at Belfry House, Champions Way, Hendon, London, NW4 1PX. The parent undertaking does not prepare consolidated financial statements on the basis that it is the parent undertaking of a small group .

N M Leslau is the ultimate controlling party of Yoginvest Limited and the company.
 

10

Post balance sheet events

On 11 November 2024, a capital reduction became effective pursuant to section 641 (1)(a) of the Companies Act 2006, which reduced the share premium account by £2,197,178 with an equal and opposite credit to retained earnings.