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REGISTERED NUMBER: 07306517 (England and Wales)














Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Leons Properties Limited

Leons Properties Limited (Registered number: 07306517)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


Leons Properties Limited (Registered number: 07306517)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 4 111 111
Investment property 5 8,650,177 8,862,020
8,650,288 8,862,131

CURRENT ASSETS
Debtors 6 399,258 236,887
Cash at bank 61,630 56,965
460,888 293,852
CREDITORS
Amounts falling due within one year 7 1,968,212 2,280,922
NET CURRENT LIABILITIES (1,507,324 ) (1,987,070 )
TOTAL ASSETS LESS CURRENT LIABILITIES 7,142,964 6,875,061

PROVISIONS FOR LIABILITIES 76,661 74,102
NET ASSETS 7,066,303 6,800,959

CAPITAL AND RESERVES
Called up share capital 9,377 9,377
Share premium 530,735 530,735
Non distributable reserves 8 (371,659 ) (371,659 )
Retained earnings 6,897,850 6,632,506
SHAREHOLDERS' FUNDS 7,066,303 6,800,959

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:




Mr R L Douglas - Director


Leons Properties Limited (Registered number: 07306517)

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

1. STATUTORY INFORMATION

Leons Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07306517

Registered office: Paton Drive
Tollgate Park
Beaconside
Stafford
Staffordshire
ST16 3EF

The presentation currency of the financial statements is the Pound Sterling (£).


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, excluding value added tax.

Revenue is recognised as the company becomes entitled to consideration for the services supplied. Therefore, turnover also includes the element of work completed but not yet invoiced.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

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.

This accounting policy represents a departure from the Companies Act 2006, which requires that all properties be depreciated. The directors consider that this departure from the requirements of the Act is necessary to give a true and fair view, because these properties are not held for consumption, but for their investment potential and to depreciate them would not give a true and fair view.

If this departure from the Act had not been made, the profit for the financial year would have been reduced by depreciation. However, the amount of depreciation cannot reasonably be quantified because depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


Leons Properties Limited (Registered number: 07306517)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

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.

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.

Employee succession trust
In accordance with UITF abstract 32 'Employee Benefit Trusts and other intermediate payment arrangements' the Company does not include the assets and liabilities of the Trust on its balance sheet to the extent that it considers that it will not retain any economic benefit from the assets of the Trust and will not have control of the rights or other access to those present economic benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 March 2023
and 29 February 2024 211
PROVISIONS
At 1 March 2023
and 29 February 2024 100
NET BOOK VALUE
At 29 February 2024 111
At 28 February 2023 111

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 8,862,019
Additions 288,158
Disposals (500,000 )
At 29 February 2024 8,650,177
NET BOOK VALUE
At 29 February 2024 8,650,177
At 28 February 2023 8,862,019

Leons Properties Limited (Registered number: 07306517)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. INVESTMENT PROPERTY - continued

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2013 (766,659 )
Valuation in 2014 404,000
Valuation in 2015 (9,000 )
Cost 9,021,836
8,650,177

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 5,641,913 5,641,913

Investment property was valued on an open market basis on 18 February 2013 by Chivers Commercial, Chartered Surveyors .

In the opinion of the directors, there has been no material change in market value of the investment property held.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 309,749 8,774
Other debtors 89,509 228,113
399,258 236,887

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 8,859 461,674
Taxation and social security 76,946 84,556
Other creditors 1,882,407 1,734,692
1,968,212 2,280,922

8. RESERVES
Non
distributable
reserves
£   
At 1 March 2023
and 29 February 2024 (371,659 )

Leons Properties Limited (Registered number: 07306517)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
Mr A O Douglas
Balance outstanding at start of year - -
Amounts advanced 5,858 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,858 -

Mrs L Douglas
Balance outstanding at start of year - -
Amounts advanced 7,755 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 7,755 -

The amounts advanced have been repaid within nine months of the balance sheet date.

10. ULTIMATE CONTROLLING PARTY

The Company is controlled by the Trustees of the Leons Properties Ltd Employee Succession Trust.