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Registration number: 10162467

Yoginvest Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

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 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 Yoginvest Ltd for the year ended 29 February 2024, which comprise the statement of comprehensive income, balance sheet 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 loss 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. 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

26 November 2024

 

Yoginvest Ltd

(Registration number: 10162467)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

2,108,672

2,148,054

Investments

5

52,896,455

57,373,233

Other financial assets

6

15,545,724

15,512,128

 

70,550,851

75,033,415

Current assets

 

Debtors

7

1,595,274

2,944,693

Cash at bank and in hand

 

16,711,075

14,500,442

 

18,306,349

17,445,135

Creditors: Amounts falling due within one year

8

(501,945)

(344,430)

Net current assets

 

17,804,404

17,100,705

Net assets

 

88,355,255

92,134,120

Capital and reserves

 

Called up share capital

10

100

100

Share premium reserve

4,851,929

4,851,929

Retained earnings

83,503,226

87,282,091

Shareholder's funds

 

88,355,255

92,134,120

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 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 29 February 2024

Approved and authorised for issue by the director on 26 November 2024
 

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

N M Leslau

Director

 

Yoginvest Ltd

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 director's report.

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 that, 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 29 February 2024

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.

- Determine the fair value of the investment properties making assumptions 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, recognised on a straight line basis over the term of the respective lease.

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.

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 29 February 2024

2

Accounting policies (continued)

Tax

The tax expense for the year 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 and associates

Investment in subsidiaries and associates 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.

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 creditors

Trade creditors are obligations to pay for goods and 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.

 

Yoginvest Ltd

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

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 (which are not subsidiaries or associates), 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.

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 (2023 - 1). The director did not receive any remuneration from the company in the year (2023 - £nil).

4

Investment properties

Long leasehold
£

At 1 March 2023

2,148,054

Fair value adjustments in the year

(39,382)

At 29 February 2024

2,108,672

The investment properties were valued at 29 February 2024 by N M Leslau Bsc (Hons) FRICS, the director of the company, at fair value. The valuations 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 29 February 2024

5

Investment in subsidiaries and associates

Carrying amount of:

2024
£

2023
£

Investment in subsidiaries

51,946,330

54,972,305

Investment in associates

950,125

2,400,928

52,896,455

57,373,233

Subsidiaries

£

Cost

At 1 March 2023

90,366,139

At 29 February 2024

90,366,139

Impairment

At 1 March 2023

35,393,834

Impairment in the year

3,025,975

At 29 February 2024

38,419,809

Carrying amount

At 29 February 2024

51,946,330

At 28 February 2023

54,972,305

Associates

£

Cost

At 1 March 2023

2,400,928

At 29 February 2024

2,400,928

Impairment

At 1 March 2023

-

Impairment in the year

1,450,803

At 29 February 2024

1,450,803

Carrying amount

At 29 February 2024

950,125

At 28 February 2023

2,400,928

 

Yoginvest Ltd

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

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

     

2024

2023

Subsidiaries

Lesray Holdings Limited

Belfry House
Champions Way
Hendon
London
NW4 1PX

Ordinary shares

78.91%

78.91%

 

     

Associates

Sleep Solutions Limited

Cavendish House
18 Cavendish Square
London
W1G 0PJ

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

29.92%

29.92%

 

     

Parkhurst Caledonian Limited

Ground Floor
45 Pall Mall
London
SW1Y 5JG

Ordinary share capital

49.51%

49.51%

 

     

Rimonim Agro GP LP

Hamezach
1 str
Kefar Vitkin
Israel
40200000

Member's capital

25%

25%

 

     

Principal activities

The principal activity of Lesray Holdings Limited is direct and indirect investment in real estate and other investments.

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 investment management.

 

 

Yoginvest Ltd

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

6

Other investments

Investments
£

Long term loans
£

Total
£

Cost or valuation

At 1 March 2023

15,012,128

500,000

15,512,128

Additions in the year

4,271,701

-

4,271,701

Fair value adjustments

(2,278)

-

(2,278)

Disposals/capital repaid

(4,235,827)

-

(4,235,827)

At 29 February 2024

15,045,724

500,000

15,545,724

Carrying amount

At 29 February 2024

15,045,724

500,000

15,545,724

At 28 February 2023

15,012,128

500,000

15,512,128

The investments principally represent shares 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

2024
£

2023
£

Amounts owed by associates

11

995,125

879,961

Other debtors

 

580,521

272,759

Other loans

 

-

1,740,106

Prepayments

 

1,050

6,522

Accrued income

 

18,578

45,345

 

1,595,274

2,944,693

 

Yoginvest Ltd

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

8

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

23,165

25,503

Director's loan account

29,511

162,202

Other creditors

280,613

90,616

Accruals

20,880

21,840

Deferred income

-

116

Corporation tax

147,776

44,153

501,945

344,430

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 29 February 2024 the company had an unprovided deferred tax asset of £9.70m (2023 - £8.51m) arising from net revaluation deficits. This has not been recognised due to uncertainty over the timing of realisation of these as tax allowable losses and of future taxable gains against which these losses could be utilised.

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

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 29 February 2024

11

Related party transactions

Loans to related parties

2024

Associates
£

At start of year

883,961

Advances / interest capitalised during the year

111,164

At end of year

995,125

2023

Associates
£

Director
£

At start of year

830,699

4,704,331

Advances / interest capitalised during the year

53,262

-

Repaid in the year

-

(4,704,331)

At end of year

883,961

-

Terms of loans to related parties

Associates - Parkhurst Caledonian Limited

During the year the company capitalised interest accrued of £111,164 (2023 - £53,262) on a loan to Parkhurst Caledonian Limited. The balance outstanding on this loan at end of year was £745,176 (2023 - £634,012). The loan is unsecured, incurs interest at a rate of 10% per annum and is repayable on demand. The total interest receivable from this loan in the year is £69,079 (2023 - £61,129) which is included in other interest receivable and similar income in the statement of comprehensive income.

Another loan of £249,949 (2023 - £249,949) to Parkhurst Caledonian Limited is unsecured, interest free and repayable on demand.

 

 

Yoginvest Ltd

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

11

Related party transactions (continued)

Loans from related parties

2024

Associates
£

At start of year

(4,000)

Repaid in the year

4,000

At end of year

-

2023

Associates
£

At start of year

(4,000)

At end of year

(4,000)

Terms of loans from related parties

Associates - Sleep Solutions Limited

During the year, the loan from Sleep Solutions Limited was fully repaid. The loan was unsecured, interest free and repayable on demand.

 

12

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 £4,851,929 with an equal and opposite credit to retained earnings.

13

Controlling party

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