| Leon Estates Ltd |
| Registered number: |
12870330 |
| Balance Sheet |
| as at 30 September 2022 |
|
| Notes |
|
|
2022 |
|
|
2021 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
957,060 |
|
|
390,175 |
|
| Current assets |
| Debtors |
4 |
|
459 |
|
|
(229) |
| Cash at bank and in hand |
|
|
2,468 |
|
|
4,829 |
|
|
|
2,927 |
|
|
4,600 |
|
| Creditors: amounts falling due within one year |
5 |
|
(13,241) |
|
|
(7,530) |
|
| Net current liabilities |
|
|
|
(10,314) |
|
|
(2,930) |
|
| Total assets less current liabilities |
|
|
|
946,746 |
|
|
387,245 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(993,566) |
|
|
(391,551) |
|
|
|
| Net liabilities |
|
|
|
(46,820) |
|
|
(4,306) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1 |
|
|
1 |
| Profit and loss account |
|
|
|
(46,821) |
|
|
(4,307) |
|
| Shareholder's funds |
|
|
|
(46,820) |
|
|
(4,306) |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| German De La Torre Leon |
| Director |
| Approved by the board on 26 June 2023 |
|
| Leon Estates Ltd |
| Notes to the Accounts |
| for the year ended 30 September 2022 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Going Concern |
|
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The company has financial support from the shareholder. Based on this the director believes the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due at least 12 months from the date of signing these financial statements. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements. |
|
|
Property Income |
|
Property income represents rental income and is recognised in the profit and loss account on a straight line basis over the term of the tenancy agreement. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Investments Properties
|
|
Investment properties are initially recognised at purchase price plus other directly attributable costs. Where fair value can be measured reliably without undue cost or effort the property shall be measured at fair value. Changes in fair value are recognised in profit or loss. Deferred taxation is provided on these changes in fair value at the rate expected to apply when the property is sold. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
| 2 |
Employees |
2022 |
|
2021 |
| Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Investment properties |
| £ |
|
Cost |
|
At 1 October 2021 |
390,175 |
|
Additions |
566,885 |
|
At 30 September 2022 |
957,060 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 30 September 2022 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 September 2022 |
957,060 |
|
At 30 September 2021 |
390,175 |
|
All investment properties were purchased during the last two years. It is considered that the initial purchase cost plus attributable expenses represent the fair value of these properties for the current year |
|
|
| 4 |
Debtors |
2022 |
|
2021 |
| £ |
£ |
|
|
Trade debtors |
(212) |
|
(229) |
|
Prepayments |
671 |
|
- |
|
|
|
|
|
|
459 |
|
(229) |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Deferred income |
653 |
|
285 |
|
Amounts owed to director |
11,148 |
|
5,805 |
|
Accruals |
1,440 |
|
1,440 |
|
|
|
|
|
|
13,241 |
|
7,530 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Bank loans |
670,726 |
|
290,259 |
|
Other Loans |
322,840 |
|
101,292 |
|
|
|
|
|
|
993,566 |
|
391,551 |
|
|
|
|
|
|
|
|
|
|
The bank loan is secured over the investment properties. Out of three bank loans, the two bank loans bank interest rate is fixed at 3.59% for two years and will later revert to 4.25% variable rate while the third bank loan bank interest is 3.94% for five years and will later revert to variable rate comprising a margin of 4.99% variable rate above Bank of England base rate.
The loan is repayable after 25 years. |
|
|
| 7 |
Related party transactions |
|
|
The company has entered an interest bearing, unsecured loan agreement with the director to fund the purchase of properties. provide the funding required to secure the Bank loan for the properties. The interest chargeable varies between 5% and 10% and the loan will be due for repayment as and when the company has adequate funds available. |
|
|
| 8 |
Other information |
|
|
Leon Estates Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
660a Kingsbury Road, |
|
London |
|
NW9 9HN |
