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Registration number: 09346746

Antoniou Investments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Antoniou Investments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Antoniou Investments Limited

Company Information

Directors

D Antoniou

H Antoniou

M Polycarpou

Registered office

120 Cockfosters Road
Barnet
EN4 0DZ

Accountants

Thomas Alexander & Company Limited
590 Green Lanes
London
N13 5RY

 

Antoniou Investments Limited

(Registration number: 09346746)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Investment property

5

15,082,005

11,750,000

Current assets

 

Debtors

6

179,479

37,034

Cash at bank and in hand

 

923,368

2,574,488

 

1,102,847

2,611,522

Creditors: Amounts falling due within one year

7

(685,622)

(401,462)

Net current assets

 

417,225

2,210,060

Total assets less current liabilities

 

15,499,230

13,960,060

Creditors: Amounts falling due after more than one year

7

(12,414,370)

(11,305,793)

Provisions for liabilities

(332,952)

(332,952)

Net assets

 

2,751,908

2,321,315

Capital and reserves

 

Called up share capital

8

198

198

Revaluation reserve

1,419,425

1,419,425

Retained earnings

1,332,285

901,692

Shareholders' funds

 

2,751,908

2,321,315

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 August 2022 and signed on its behalf by:
 

 

Antoniou Investments Limited

(Registration number: 09346746)
Balance Sheet as at 31 December 2021

.........................................
D Antoniou
Director

 

Antoniou Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
120 Cockfosters Road
Barnet
EN4 0DZ

These financial statements were authorised for issue by the Board on 23 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents amounts derived from rents charged to tenants during the period and is recognised at the date the rental period occured. This is stated after trade discounts and other sales taxes.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings & equipment

33% Straight Line

 

Antoniou Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors represent amounts due from tenants in respect of rents for the occupation of land and property.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2020 - 3).

 

Antoniou Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2021

4,434

4,434

At 31 December 2021

4,434

4,434

Depreciation

At 1 January 2021

4,434

4,434

At 31 December 2021

4,434

4,434

Carrying amount

At 31 December 2021

-

-

5

Investment properties

2021
£

At 1 January

11,750,000

Additions

3,332,005

At 31 December

15,082,005


The directors have revalued the investment properties based on valuations of similar properties in the area as at the year end.

 

Antoniou Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

6

Debtors

2021
£

2020
£

Trade debtors

138,228

27,299

Prepayments

41,251

9,735

179,479

37,034

Current

2021
£

2020
£

Trade debtors

138,228

27,299

Prepayments

41,251

9,735

 

179,479

37,034

 

Antoniou Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Bank loans and overdrafts

9

361,512

193,104

Trade creditors

 

11,350

6,245

Accruals and deferred income

 

124,115

95,922

Taxation and social security

 

7,698

-

Corporation tax liability

 

100,982

73,552

Other creditors

 

79,965

32,639

 

685,622

401,462

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

9

12,414,370

11,305,793

2021
£

2020
£

Due after more than five years

After more than five years by instalments

3,719,377

4,107,904

After more than five years not by instalments

7,390,993

7,390,993

11,110,370

11,498,897

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £1 each

198

198

198

198

         
 

Antoniou Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

9

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

5,023,377

3,914,800

Directors loans

7,390,993

7,390,993

12,414,370

11,305,793

2021
£

2020
£

Current loans and borrowings

Bank borrowings

361,512

193,104

The bank loans are secured by way of a fixed and floating charge over the assets of the company.

10

Related party transactions

Inlcuded in loans and borrowings is an amount of £7,390,993 (2020: £7,390,993) owed to the directors of the company.