Registration number:
Lesray Holdings Limited
Annual
for the Year Ended 29 February 2024
Lesray Holdings Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Lesray Holdings Limited
Company Information
Directors |
N M Leslau J Blyth |
Registered office |
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Accountants |
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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.
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Chartered Accountants
Champions Way
Hendon
London
NW4 1PX
Lesray Holdings Limited
(Registration number: 10078896)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investments in subsidiaries |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
147 |
147 |
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Share premium reserve |
2,197,178 |
2,197,178 |
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Retained earnings |
63,780,646 |
67,996,906 |
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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.
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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
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N M Leslau
Director
Lesray Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
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
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
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
Dividends
Final dividends are recognised when they become legally payable. Interim dividends are recognised when paid.
Employees and directors information |
The company had no employees (2023 - none) and
Investments in subsidiaries |
2024 |
2023 |
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Carrying amount |
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£ |
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Cost |
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At 1 March 2023 |
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At 29 February 2024 |
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Impairment |
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At 1 March 2023 |
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Impairment in the year |
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At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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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 |
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2024 |
2023 |
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Cavendish House
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Ordinary share capital |
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England |
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Belfry House
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Ordinary share capital |
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England |
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Cavendish House
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Ordinary share capital |
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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
Debtors |
2024 |
2023 |
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Other loan |
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- |
Amounts due from subsidiaries |
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Accrued income |
43,359 |
- |
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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.
Creditors: amounts falling due within one year |
2024 |
2023 |
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Director's current account |
- |
373 |
Accruals |
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Corporation tax |
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Share capital |
Allotted, called up and fully paid shares
As at 29 February |
As at 28 February |
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No. |
£ |
No. |
£ |
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50.98 |
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50.98 |
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58.54 |
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58.54 |
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36.88 |
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36.88 |
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1.00 |
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1.00 |
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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.
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.
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.
Post balance sheet events |
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