Leon Oscar Properties Ltd - Abbreviated accounts 16.1

REGISTERED NUMBER: 06912270 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MAY 2016

FOR

LEON OSCAR PROPERTIES LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

N. M. Leveton

S. P. Leveton

D. H. Leveton

REGISTERED OFFICE:

Langley House

Park Road

East Finchley

London

N2 8EY

REGISTERED NUMBER:

06912270 (England and Wales)

ACCOUNTANTS:

Accura Accountants Ltd

Langley House Park Road

East Finchley

London

N2 8EY

FIXED ASSETS

Tangible assets

2

594

890

Investment property

3

12,437,667

12,235,892

12,438,261

12,236,782

CURRENT ASSETS

Debtors

45,872

18,382

Cash at bank and in hand

235,554

133,619

281,426

152,001

CREDITORS

Amounts falling due within one year

4

4,305,118

637,966

NET CURRENT LIABILITIES

(4,023,692

)

(485,965

)

TOTAL ASSETS LESS CURRENT LIABILITIES

8,414,569

11,750,817

CREDITORS

Amounts falling due after more than one year

4

3,005,000

7,598,884

NET ASSETS

5,409,569

4,151,933

CAPITAL AND RESERVES

Called up share capital

5

7

7

Revaluation reserve

1,696,979

2,178,302

Profit and loss account

3,712,583

1,973,624

SHAREHOLDERS' FUNDS

5,409,569

4,151,933

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2016 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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 1 August 2016 and were signed on its behalf by:

N. M. Leveton - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis, the applicability of which is dependent

upon the continued support of the company's creditors and financiers. At the balance sheet date the company's

current liabilities exceed its current assets by £4,023,692 (2015: £485,965). In the opinion of the directors the

company has the support of its creditors and financiers for the foreseeable future, and it is therefore considered

appropriate to adopt the going concern policy.

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January

2015).

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on reducing balance

Investment property

In accordance with the FRSSE, investment properties are revalued annually and the aggregate surplus or deficit

is transfered to a revaluation reserve, and no depreciation is provided in respect of investment properties.

In the opinion of the directors these properties are held primarily for their investment potential and so their

current value is of more significance than any measure of consumption and to depreciate them would not give a

true and fair view. The provision of the FRSSE (effective April 2008) in respect of investment properties have

therefore been adopted in order to give a true and fair view. If this departure from the Act had not been made,

the profit for the year would have been reduced by depreciation.

However, the amount of depreciation cannot reasonably be quantified and the amount which might otherwise

have been shown cannot be separately identified or quantified.

Deferred taxation

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods

different from those in which they are included in the company's accounts. Deferred tax is provided in full on

timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates

that are expected to apply when the timing differences reverse, based on current tax rates and laws.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2015

and 31 May 2016

2,561

DEPRECIATION

At 1 June 2015

1,671

Charge for year

296

At 31 May 2016

1,967

NET BOOK VALUE

At 31 May 2016

594

At 31 May 2015

890

3.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 June 2015

12,235,892

Additions

2,644,328

Disposals

(1,961,230

)

Revaluations

(481,323

)

At 31 May 2016

12,437,667

NET BOOK VALUE

At 31 May 2016

12,437,667

At 31 May 2015

12,235,892

4.

CREDITORS

Creditors include an amount of £ 3,120,000 (31.5.15 - £ 4,400,000 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.16

31.5.15

value:

£

£

2

Non-Voting

£1

2

2

5

Voting

£1

5

5

7

7

6.	CONTROLLING PARTY

The company is under the control of a director and shareholder, D. H. Leveton.