REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
FOR |
LEON OSCAR PROPERTIES LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
FOR |
LEON OSCAR PROPERTIES LTD |
LEON OSCAR PROPERTIES LTD (REGISTERED NUMBER: 06912270) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 November 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
LEON OSCAR PROPERTIES LTD |
COMPANY INFORMATION |
for the Year Ended 30 November 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Langley House |
Park Road |
East Finchley |
London |
N2 8EY |
LEON OSCAR PROPERTIES LTD (REGISTERED NUMBER: 06912270) |
STATEMENT OF FINANCIAL POSITION |
30 November 2024 |
30.11.24 | 30.11.23 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Undistributable reserve | 10 |
Retained earnings | 10 | 9,511,973 |
SHAREHOLDERS' FUNDS |
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. |
LEON OSCAR PROPERTIES LTD (REGISTERED NUMBER: 06912270) |
STATEMENT OF FINANCIAL POSITION - continued |
30 November 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
LEON OSCAR PROPERTIES LTD (REGISTERED NUMBER: 06912270) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 November 2024 |
1. | STATUTORY INFORMATION |
Leon Oscar Properties Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover represents the net invoiced rent and is recognised on an accruals basis. |
Tangible fixed assets |
Computer equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficits arising from changes in fair value is recognised in profit or loss. |
This is a departure from the Companies Act which requires assets to be depreciated. However, in the opinion of the directors, property is held primarily for their investment potential and so fair value is of more significance as a measure of consumption. They therefore have applied a true and fair override with respect to investment properties. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. |
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 statement of financial position date. |
LEON OSCAR PROPERTIES LTD (REGISTERED NUMBER: 06912270) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 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 statement of financial position 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. |
Debtors, creditors and provision for liabilities |
Debtors: Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors: Short term creditors are measured at the transactions price. Other financial liabilities, including bank loans are measured at fair value, net of transaction costs, and are measured subsequently at amortised cost using effective interest method. |
Provision for liabilities: Provisions are made where an event has taken place that gives the Company a legal obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provision are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure to settle the obligation, taking into account relevant risks and uncertainties |
Impairment of assets |
A review of indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversals at each reporting date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 December 2023 |
Additions |
At 30 November 2024 |
DEPRECIATION |
At 1 December 2023 |
Charge for year |
At 30 November 2024 |
NET BOOK VALUE |
At 30 November 2024 |
At 30 November 2023 |
LEON OSCAR PROPERTIES LTD (REGISTERED NUMBER: 06912270) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 December 2023 |
and 30 November 2024 |
NET BOOK VALUE |
At 30 November 2024 |
At 30 November 2023 |
Fair value at 30 November 2024 is represented by: |
£ |
Valuation in 2015 | 917,312 |
Valuation in 2017 | 280,905 |
Valuation in 2018 | 250,000 |
Valuation in 2022 | (100,000 | ) |
Cost | 14,896,465 |
16,244,682 |
The directors believe there are no material difference between the fair value of the properties and the value in the financial statements. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.24 | 30.11.23 |
as restated |
£ | £ |
Trade debtors |
Other debtors |
Within other debtors are prepayments of £Nil (2023: £3,876) and accrued income of £64,334 (2023: £68,334). |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.24 | 30.11.23 |
as restated |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
Within other creditors are a provision for expenses of £45,240 (2023: £229,004) and deferred income of £24,599 (2023: £24,317). |
LEON OSCAR PROPERTIES LTD (REGISTERED NUMBER: 06912270) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.11.24 | 30.11.23 |
as restated |
£ | £ |
Bank loans |
Other creditors |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.11.24 | 30.11.23 |
as restated |
£ | £ |
Bank loans |
The loans are secured by way of a fixed charge over the property and other assets of the company. |
10. | RESERVES |
Retained | Undistributable |
earnings | reserve | Totals |
£ | £ | £ |
At 1 December 2023 |
Prior year adjustment |
10,672,113 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 November 2024 | 10,898,615 |
Undistributable reserve of £1,160,140 (2023: £1,160,140) represents the fair value adjustment of the investment properties less deferred tax. FRS 102 section 1A requires that the changes in fair value be recognised in the profit and loss, but that the fair value gains cannot be distributed to the shareholders as a dividend. |
Deferred tax of £188,694 (2023: £188,393) has been provided on the investment property in accordance with the requirements of FRS 102 section 1A based on the potential capital gains tax payable if the properties were to be disposed of at a fair value. The deferred tax has been calculated based on the current corporation tax rate at 25%. |