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REGISTERED NUMBER: 10912673 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 August 2024

for

Leone Paye Limited

Leone Paye Limited (Registered number: 10912673)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Leone Paye Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: P Leone
M C Paye





REGISTERED OFFICE: Polhill Business Centre
London Road
Polhill, Halstead
Kent
TN14 7AA





REGISTERED NUMBER: 10912673 (England and Wales)





ACCOUNTANTS: Bourne & Co
Chartered Accountants
6 Lichfield Street
Burton-on-Trent
Staffordshire
DE14 3RD

Leone Paye Limited (Registered number: 10912673)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,800,000 1,493,798

CURRENT ASSETS
Stocks - 105,920
Debtors 5 11,425 9,596
Cash at bank 18,295 21,126
29,720 136,642
CREDITORS
Amounts falling due within one year 6 1,511,773 1,097,793
NET CURRENT LIABILITIES (1,482,053 ) (961,151 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

317,947

532,647

CREDITORS
Amounts falling due after more than
one year

7

-

(415,570

)

PROVISIONS FOR LIABILITIES (35,496 ) -
NET ASSETS 282,451 117,077

Leone Paye Limited (Registered number: 10912673)

Balance Sheet - continued
31 August 2024

31.8.24 31.8.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 9 2 2
Fair value reserve 10 270,706 -
Retained earnings 10 11,743 117,075
SHAREHOLDERS' FUNDS 282,451 117,077

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 February 2025 and were signed on its behalf by:





M C Paye - Director


Leone Paye Limited (Registered number: 10912673)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Leone Paye Limited 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 have been enacted or substantively enacted by the balance sheet date.

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.

Leone Paye Limited (Registered number: 10912673)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023 1,493,798
Revaluations 306,202
At 31 August 2024 1,800,000
NET BOOK VALUE
At 31 August 2024 1,800,000
At 31 August 2023 1,493,798

Fair value at 31 August 2024 is represented by:
£   
Valuation in 2024 306,202
Cost 1,493,798
1,800,000

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

31.8.24 31.8.23
£    £   
Cost 1,493,798 -

Investment property was valued on an open market basis on 31 August 2024 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 2,276 1,292
Other debtors 9,149 8,304
11,425 9,596

Leone Paye Limited (Registered number: 10912673)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts 418,273 21,820
Trade creditors 8,675 7,411
Taxation and social security 1,217 753
Other creditors 1,083,608 1,067,809
1,511,773 1,097,793

Included within other creditors is an amount owed to the director Mr P Leone which is secured by way of a fixed charge over the freehold land, title number K201211. This land is included under investment property within the accounts.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans - 415,570

8. SECURED DEBTS

The following secured debts are included within creditors:

31.8.24 31.8.23
£    £   
Bank loans 418,273 437,390

Included within bank loans is an amount owed to Lloyds Bank Plc which is secured by way of a fixed charge over the freehold property, title number K201211. This property is included under investment property within the accounts.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.24 31.8.23
value: £    £   
1 Ordinary 'A' shares £1 1 1
1 Ordinary 'B' shares £1 1 1
2 2

Leone Paye Limited (Registered number: 10912673)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

10. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 September 2023 117,075 - 117,075
Profit for the year 165,374 165,374
Fair value transfer (270,706 ) 270,706 -
At 31 August 2024 11,743 270,706 282,449