Company registration number 08226840 (England and Wales)
LEASEHOLD ASSETS ONE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
PAGES FOR FILING WITH REGISTRAR
LEASEHOLD ASSETS ONE LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
LEASEHOLD ASSETS ONE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2025
30 April 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
4
3,251,290
3,251,290
Current assets
Debtors
5
1,329,734
1,369,234
Cash at bank and in hand
6,175
6,515
1,335,909
1,375,749
Creditors: amounts falling due within one year
6
(49,756)
(51,412)
Net current assets
1,286,153
1,324,337
Total assets less current liabilities
4,537,443
4,575,627
Creditors: amounts falling due after more than one year
7
(4,478,156)
(4,474,191)
Provisions for liabilities
(71,900)
(71,900)
Net (liabilities)/assets
(12,613)
29,536
Capital and reserves
Called up share capital
8
100
100
Other reserves
8,100
8,100
Profit and loss reserves
10
(20,813)
21,336
Total equity
(12,613)
29,536
LEASEHOLD ASSETS ONE LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2025
30 April 2025
- 2 -

For the financial year ended 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 19 March 2026
Mr M van der Klooster
Director
Company registration number 08226840 (England and Wales)
LEASEHOLD ASSETS ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 3 -
1
Accounting policies
Company information

Leasehold Assets One Limited is a private company limited by shares incorporated in England and Wales. The registered office is 96 Kensington High Street, London, W8 4SG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rental income receivable from the letting of investment property. Rental income is recognised on a straight-line basis over the term of the lease.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. Fair value gains and losses that have not been realised at the year end date are transferred to the undistributable reserve.

Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

LEASEHOLD ASSETS ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

LEASEHOLD ASSETS ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 5 -
1.8
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
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 amount of assets and liabilities that are not readily apparent from other sources. Accounting estimates include the fair value of investment properties. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
1
1
4
Investment property
2025
£
Fair value
At 1 May 2024 and 30 April 2025
3,251,290

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,440
940
LEASEHOLD ASSETS ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
5
Debtors
(Continued)
- 6 -
2025
2024
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
1,328,294
1,368,294
Total debtors
1,329,734
1,369,234
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
10,000
10,000
Trade creditors
3,326
4,001
Other creditors
36,430
37,411
49,756
51,412
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
3,180,989
3,195,462
Amounts owed to group undertakings
1,297,167
1,278,729
4,478,156
4,474,191

Certain b ank loans are secured by a first and only legal charge over the company's investment properties, a fixed and floating charge over all other assets of the company, and by a cross guarantee from the parent company. Bank loans incur interest at a market rate linked to the bank's current variable rate.

8
Called up share capital
2025
2024
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
LEASEHOLD ASSETS ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 7 -
9
Other reserves
2025
2024
£
£
At the beginning and end of the year
8,100
8,100

The undistributable reserve represents revaluation gains on investment properties, including the related deferred taxation, that have been transferred from retained earnings.

10
Profit and loss reserves
2025
2024
£
£
At the beginning of the year
21,336
68,022
Adjusted balance
21,336
68,022
Loss for the year
(42,149)
(46,686)
At the end of the year
(20,813)
21,336
11
Parent company

The company is a 100% subsidiary of Property Assets London Limited.

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