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REGISTERED NUMBER: 11062726 (England and Wales)















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: A C M Collins
Mrs E A E Palmer
Mrs L E Collins





REGISTERED OFFICE: 5 Luke Street
London
EC2A 4PX





REGISTERED NUMBER: 11062726 (England and Wales)





ACCOUNTANTS: Litchfields
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 7,479,814 6,260,362

CURRENT ASSETS
Debtors 1,476,171 1,329,012
Investments 374,652 377,012
Cash at bank 33,757 37,933
1,884,580 1,743,957
CREDITORS
Amounts falling due within one year 8,190,060 7,852,155
NET CURRENT LIABILITIES (6,305,480 ) (6,108,198 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,174,334

152,164

PROVISIONS FOR LIABILITIES 329,169 78,202
NET ASSETS 845,165 73,962

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 844,165 72,962
845,165 73,962

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.

LEC Associates Limited (Registered number: 11062726)

Abridged Balance Sheet - 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 November 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2025 and were signed on its behalf by:





Mrs L E Collins - Director


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 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.

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 3 (2023 - 3 ) .

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 188,081 23,501
Bank loans 1,466,250 1,316,250
1,654,331 1,339,751

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 1,127,592 439,154

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.