| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2024 |
| FOR |
| LION WALL 2 LTD. |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2024 |
| FOR |
| LION WALL 2 LTD. |
| LION WALL 2 LTD. (REGISTERED NUMBER: 12650508) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 May 2024 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| LION WALL 2 LTD. |
| COMPANY INFORMATION |
| for the year ended 31 May 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 8th Floor, Becket House |
| 36 Old Jewry |
| London |
| EC2R 8DD |
| LION WALL 2 LTD. (REGISTERED NUMBER: 12650508) |
| ABRIDGED BALANCE SHEET |
| 31 May 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
5 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| LION WALL 2 LTD. (REGISTERED NUMBER: 12650508) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 May 2024 |
| 1. | STATUTORY INFORMATION |
| Lion Wall 2 Ltd. is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The accounts have been prepared on the going concern basis as the directors are of the opinion that the company will meet its liabilities as and when due, due to the continued support of the directors. |
| Critical accounting judgements and key sources of estimation uncertainty |
| In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying value of the amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. |
| Turnover |
| Turnover represents rents and commission receivable, excluding value added tax. Revenue is recognised at the point that a demand for rent is issued to the tenants. |
| Investment property |
| Investment properties are properties held to earn rentals and for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. |
| Financial instruments |
| Financial instruments are classified and accounted for according to the substance of the contractual provisions of the instrument. |
| Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| 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. |
| LION WALL 2 LTD. (REGISTERED NUMBER: 12650508) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 May 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. |
| Short term debtors and creditors |
| Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
| Loans and borrowings |
| Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
| Cash and cash equivalents |
| Cash and cash equivalents includes cash in hand and deposits held at call with banks. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2023 - NIL). |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 June 2023 |
| and 31 May 2024 |
| NET BOOK VALUE |
| At 31 May 2024 |
| At 31 May 2023 |
| Investment property was valued on an open market basis on 31st May 2024 by the directors. |
| 5. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
| 2024 | 2023 |
| £ | £ |
| Repayable by instalments |
| Bank loans | 2,093,800 | 2,131,335 |
| LION WALL 2 LTD. (REGISTERED NUMBER: 12650508) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 May 2024 |
| 6. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| The bank loans are secured against the properties owned by the company. |
| 7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 8. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| At the balance sheet date, the company owed £336,000 (2023: £336,000) to the directors. |
| At the balance sheet date, the company owed £469,000 (2023: £469,000) to companies of which certain of the directors or their close family members are directors. |
| 9. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Firdev Holdings Limited. |