M Sakkas Properties Ltd 08813000 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is property trading Digita Accounts Production Advanced 6.30.9574.0 true true 08813000 2022-07-01 2023-06-30 08813000 2023-06-30 08813000 core:RetainedEarningsAccumulatedLosses 2023-06-30 08813000 core:ShareCapital 2023-06-30 08813000 core:SharePremium 2023-06-30 08813000 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 08813000 core:FurnitureFittingsToolsEquipment 2023-06-30 08813000 bus:SmallEntities 2022-07-01 2023-06-30 08813000 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 08813000 bus:FullAccounts 2022-07-01 2023-06-30 08813000 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 08813000 bus:RegisteredOffice 2022-07-01 2023-06-30 08813000 bus:Director1 2022-07-01 2023-06-30 08813000 bus:Director2 2022-07-01 2023-06-30 08813000 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 08813000 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 08813000 core:OfficeEquipment 2022-07-01 2023-06-30 08813000 countries:AllCountries 2022-07-01 2023-06-30 08813000 2022-06-30 08813000 core:FurnitureFittingsToolsEquipment 2022-06-30 08813000 2021-07-01 2022-06-30 08813000 2022-06-30 08813000 core:RetainedEarningsAccumulatedLosses 2022-06-30 08813000 core:ShareCapital 2022-06-30 08813000 core:SharePremium 2022-06-30 08813000 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 08813000 core:FurnitureFittingsToolsEquipment 2022-06-30 iso4217:GBP xbrli:pure

Registration number: 08813000

M Sakkas Properties Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

M Sakkas Properties Ltd

Contents
__________________________________________________________________________

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

M Sakkas Properties Ltd

Company Information
__________________________________________________________________________

Directors

Mrs M Sakkas

Mrs K Sakkas-Ward

Registered office

Abbey House
342 Regents Park Road
N3 2LJ


 

Accountants

Brooks Green
Chartered Accountants
Abbey House
342 Regents Park Road
London
N3 2LJ

 

M Sakkas Properties Ltd

(Registration number: 08813000)
Balance Sheet as at 30 June 2023
__________________________________________________________________________

Note

2023
£

2022
£

   

     

Fixed assets

   

 

Tangible assets

3

 

570

 

758

Current assets

   

 

Stocks

4

3,440,805

 

3,440,805

 

Debtors

5

9,605

 

11,411

 

Cash at bank and in hand

 

3,219,621

 

4,127,545

 

 

6,670,031

 

7,579,761

 

Creditors: Amounts falling due within one year

6

(815,613)

 

(1,899,422)

 

Net current assets

   

5,854,418

 

5,680,339

Net assets

   

5,854,988

 

5,681,097

Capital and reserves

   

 

Called up share capital

40,001

 

40,001

 

Share premium reserve

5,493,708

 

5,493,708

 

Profit and loss account

321,279

 

147,388

 

Total equity

   

5,854,988

 

5,681,097

For the financial year ending 30 June 2023 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 3 October 2023 and signed on its behalf by:
 

.........................................
Mrs K Sakkas-Ward
Director

 

M Sakkas Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
__________________________________________________________________________

1

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received for the sale of properties and provision of services in the ordinary course of the company’s activities. Turnover is shown net of rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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

Office equipment

25% on written down basis

 

M Sakkas Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
__________________________________________________________________________

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 are amounts due from customers or tenants for property sold or services performed in the ordinary course of business.
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.

Stocks

Property stocks are stated at the lower of cost and estimated selling price. Cost is determined using the first-in, first-out (FIFO) method.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

M Sakkas Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
__________________________________________________________________________

3

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

1,940

1,940

At 30 June 2023

1,940

1,940

Depreciation

At 1 July 2022

1,182

1,182

Charge for the year

188

188

At 30 June 2023

1,370

1,370

Carrying amount

At 30 June 2023

570

570

At 30 June 2022

758

758

4

Stocks

2023
£

2022
£

Stock of properties

3,440,805

3,440,805

5

Debtors

Current

2023
£

2022
£

Trade debtors

8,667

8,665

Prepayments

938

1,846

Other debtors

-

900

 

9,605

11,411

 

M Sakkas Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
__________________________________________________________________________

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

-

1,640

Directors current account

761,982

1,741,465

Taxation and social security

 

47,871

148,637

Other creditors

 

5,760

7,680

 

815,613

1,899,422

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

40,001

40,001

40,001

40,001