Company registration number 08899126 (England and Wales)
A & H PANTELI (HOLDINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
A & H PANTELI (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
A & H PANTELI (HOLDINGS) LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
349,333
349,333
Investments
4
90,000
90,000
439,333
439,333
Current assets
Debtors
6
1,065
902
Cash at bank and in hand
1,773
56,920
2,838
57,822
Creditors: amounts falling due within one year
7
(179,588)
(160,202)
Net current liabilities
(176,750)
(102,380)
Total assets less current liabilities
262,583
336,953
Creditors: amounts falling due after more than one year
8
(115,779)
(200,856)
Net assets
146,804
136,097
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
146,704
135,997
Total equity
146,804
136,097
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 October 2023 and are signed on its behalf by:
Alexandros Nicky Panteli
Director
Company Registration No. 08899126
A & H PANTELI (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information
A & H Panteli (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Queens Parade, Brownlow Road, London, N11 2DN and the principal place of business is 246 Croft Road, Nuneaton, CV10 7DP.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Rental income is recognised on a straight line basis over the term of the relevant 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 profit or loss.
1.4
Fixed asset investments
Interest in subsidiary is initially measured at cost and subsequently measured at cost less any accumulated impairment loss. The investment is assessed for impairment at each reporting date and any impairment loss or reversal of impairment loss is recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
A & H PANTELI (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. 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 profit and loss account, 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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
A & H PANTELI (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
3
Investment property
2023
£
Fair value
At 1 July 2022 and 30 June 2023
349,333
The investment properties were valued by the directors on an open market basis and they are of the opinion that their market values have not significantly fluctuated since the dates of acquisitions.
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
90,000
90,000
In the directors' opinion, the market value of the investment is fairly stated.
5
Subsidiaries
Details of the company's subsidiaries at 30 June 2023 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
A & H Panteli Limited
England & Wales
proprietorship of a fish and chip shop
Ordinary
100.00
0
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
A & H Panteli Limited
14,716
17,916
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,065
902
Included in other debtors there is an amount of £900 (2022: £744) due to A & H Panteli Executive Pension Scheme, in which the two directors are the only non independent members of the scheme.
A & H PANTELI (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,599
6,721
Trade creditors
270
Amounts due to group undertakings
26,083
25,854
Corporation tax
2,512
2,497
Directors' current account
19,713
3,942
Other creditors
125,411
121,188
179,588
160,202
Included in other creditors are amounts due by the company to the daughters of the directors, Miss M J Panteli is owed £63,000 (2022:£61,000) and Miss E S Panteli is owed £59,000 (2022: £57,000). These loans are interest free and repayable on demand.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
115,779
120,856
Directors' long term loans
80,000
115,779
200,856
The bank loans are secured by fixed charges over the assets of the company.
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
100
100
10
Controlling party
The company was controlled throughout the current period by the directors by virtue of the fact that they owned 80% of the shares and their two adult daughters the remaining 20% of the entire issued share capital of the company.