| REGISTERED NUMBER: |
| Abridged Unaudited Financial Statements for the Year Ended 30 November 2024 |
| for |
| LEC Associates Limited |
| REGISTERED NUMBER: |
| Abridged Unaudited Financial Statements for the Year Ended 30 November 2024 |
| for |
| LEC Associates Limited |
| LEC Associates Limited (Registered number: 11062726) |
| Contents of the Financial Statements |
| for the Year Ended 30 November 2024 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| LEC Associates Limited |
| Company Information |
| for the Year Ended 30 November 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 5 Luke Street |
| London |
| EC2A 4PX |
| LEC Associates Limited (Registered number: 11062726) |
| Abridged Balance Sheet |
| 30 November 2024 |
| 30.11.24 | 30.11.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investments | 4 |
| CURRENT ASSETS |
| Debtors |
| Investments |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| 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. |
| LEC Associates Limited (Registered number: 11062726) |
| Abridged Balance Sheet - continued |
| 30 November 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| LEC Associates Limited (Registered number: 11062726) |
| Notes to the Financial Statements |
| for the Year Ended 30 November 2024 |
| 1. | STATUTORY INFORMATION |
| LEC Associates Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Financial instruments |
| Listed and unlisted equity investments are recorded on the balance sheet at fair value with changes in fair value recognised in profit or loss. |
| Bond investments are measured at fair value with changes in fair value recognised in profit or loss. |
| Foreign exchange options are recognised at fair value with changes in fair value recognised in profit or loss. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| LEC Associates Limited (Registered number: 11062726) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2024 |
| 4. | FIXED ASSET INVESTMENTS |
| Information on investments other than loans is as follows: |
| Totals |
| £ |
| COST OR VALUATION |
| At 1 December 2023 | 6,260,362 |
| Additions | 1,121,641 |
| Disposals | (930,751 | ) |
| Revaluations | 1,028,562 |
| At 30 November 2024 | 7,479,814 |
| NET BOOK VALUE |
| At 30 November 2024 | 7,479,814 |
| At 30 November 2023 | 6,260,362 |
| Cost or valuation at 30 November 2024 is represented by: |
| Totals |
| £ |
| Valuation in 2022 | 65,720 |
| Valuation in 2023 | 247,090 |
| Valuation in 2024 | 1,002,620 |
| Cost | 6,164,384 |
| 7,479,814 |
| Market value of listed investments at 30 November 2024 - £ 5,547,240 (2023 - £ 4,733,655 ). |
| The fair value of all financial instruments held at the balance sheet date has been determined by UBS and EFG being the providers of the company's investment portfolio's. |
| Listed and unlisted equity investments are recorded on the balance sheet at fair value with changes in fair value totalling £1,028,562 recognised in profit or loss. |
| LEC Associates Limited (Registered number: 11062726) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2024 |
| 5. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Bank overdrafts |
| Bank loans |
| UBS AG have a fixed charge of £1.5m over all cash and securities held by UBS AG on behalf of LEC Associates Limited in relation to any lending or overdraft facilities provided to LEC Associates Limited. |
| EFG Private Bank Limited have a fixed charge over all cash and investments held by EFG Private Bank Limited on behalf of LEC Associates Limited in relation to any lending provided to LEC Associates Limited. |
| 6. | CAPITAL COMMITMENTS |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |
| The company holds private equity investments within a UBS portfolio. As at 30th November 2024 the company has committed to buy a further $1,410,250 and €24,375 of private equity which is yet to be called upon. |
| 7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| Included in debtors is a £150,000 loan to a director. Interest is being charged at market rate. |
| Included in creditors are interest free loans from directors. The balance at the start of the year was £6,499.060 which remained outstanding at 30 November 2024. The loans are repayable on demand. |