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REGISTERED NUMBER: 06912270 (England and Wales)















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: N M Leveton
S P Leveton
D H Leveton





REGISTERED OFFICE: Langley House
Park Road
London
N2 8EY





REGISTERED NUMBER: 06912270 (England and Wales)





ACCOUNTANTS: Accura Accountants Ltd
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 2,472 1,265
Investment property 5 16,244,682 16,244,682
16,247,154 16,245,947

CURRENT ASSETS
Debtors 6 100,243 189,099
Cash at bank and in hand 357,106 489,006
457,349 678,105
CREDITORS
Amounts falling due within one year 7 1,172,183 1,583,535
NET CURRENT LIABILITIES (714,834 ) (905,430 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,532,320

15,340,517

CREDITORS
Amounts falling due after more than one
year

8

(4,445,000

)

(4,480,000

)

PROVISIONS FOR LIABILITIES (188,694 ) (188,393 )
NET ASSETS 10,898,626 10,672,124

CAPITAL AND RESERVES
Called up share capital 11 11
Undistributable reserve 10 1,160,140 1,160,140
Retained earnings 10 9,738,475 9,511,973
SHAREHOLDERS' FUNDS 10,898,626 10,672,124

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

LEON OSCAR PROPERTIES LTD (REGISTERED NUMBER: 06912270)

STATEMENT OF FINANCIAL POSITION - continued
30 November 2024


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 17 March 2025 and were signed on its behalf by:





N M Leveton - Director


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 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. Turnover represents the net invoiced rent and is recognised on an accruals basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on reducing balance

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 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2023 10,596
Additions 1,685
At 30 November 2024 12,281
DEPRECIATION
At 1 December 2023 9,331
Charge for year 478
At 30 November 2024 9,809
NET BOOK VALUE
At 30 November 2024 2,472
At 30 November 2023 1,265

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 16,244,682
NET BOOK VALUE
At 30 November 2024 16,244,682
At 30 November 2023 16,244,682

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 25,784 116,889
Other debtors 74,459 72,210
100,243 189,099

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 - 35,000
Trade creditors 874 55,185
Taxation and social security 154,907 114,556
Other creditors 1,016,402 1,378,794
1,172,183 1,583,535

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 3,445,000 3,480,000
Other creditors 1,000,000 1,000,000
4,445,000 4,480,000

9. SECURED DEBTS

The following secured debts are included within creditors:

30.11.24 30.11.23
as restated
£    £   
Bank loans 3,445,000 3,515,000

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 9,477,973 1,160,140 10,638,113
Prior year adjustment 34,000 34,000
9,511,973 10,672,113
Profit for the year 301,502 301,502
Dividends (75,000 ) (75,000 )
At 30 November 2024 9,738,475 1,160,140 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%.