REGISTERED NUMBER: 00520542 (England and Wales) |
Report of the Directors and |
Unaudited |
Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
for |
Georgian Properties Limited and |
Subsidiary Company |
REGISTERED NUMBER: 00520542 (England and Wales) |
Report of the Directors and |
Unaudited |
Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
for |
Georgian Properties Limited and |
Subsidiary Company |
Georgian Properties Limited and |
Subsidiary Company (Registered number: 00520542) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Consolidated Income Statement | 3 |
Consolidated Balance Sheet | 4 |
Company Balance Sheet | 6 |
Notes to the Consolidated Financial Statements | 8 |
Georgian Properties Limited and |
Subsidiary Company |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
4th Floor |
167 Fleet Street |
London |
EC4A 2EA |
Georgian Properties Limited and |
Subsidiary Company (Registered number: 00520542) |
Report of the Directors |
for the Year Ended 31 March 2023 |
The directors present their report with the financial statements of the Company and the Group for the year ended 31 March 2023. |
REVIEW OF BUSINESS |
During the course of the year the commercial unit on the ground floor was let at an annual rent of £86,902 (2022: £86,902), and the two residential units on the upper parts were let at a slightly lower annual rent of £34,775 compared to prior year. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Georgian Properties Limited and |
Subsidiary Company (Registered number: 00520542) |
Consolidated Income Statement |
for the Year Ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
RENTS RECEIVABLE | 121,677 | 124,279 |
Property costs | 10,709 | 10,755 |
Administrative expenses | 20,598 | 26,650 |
31,307 | 37,405 |
90,370 | 86,874 |
Change in fair value of property | - | 339,725 |
OPERATING PROFIT | 4 | 90,370 | 426,599 |
Interest receivable and similar income | 85 | 5 |
90,455 | 426,604 |
Interest payable and similar expenses | 10,323 | 6,921 |
PROFIT BEFORE TAXATION | 80,132 | 419,683 |
Tax on profit | 15,371 | 79,936 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 64,761 | 339,747 |
Georgian Properties Limited and |
Subsidiary Company (Registered number: 00520542) |
Consolidated Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 | 2,318 | 3,090 |
Investments | 7 | - | - |
Investment property | 8 | 2,380,000 | 2,380,000 |
2,382,318 | 2,383,090 |
CURRENT ASSETS |
Debtors | 9 | 12,805 | 10,400 |
Cash at bank and in hand | 196,761 | 151,740 |
209,566 | 162,140 |
CREDITORS |
Amounts falling due within one year | 10 | 72,823 | 58,123 |
NET CURRENT ASSETS | 136,743 | 104,017 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,519,061 |
2,487,107 |
CREDITORS |
Amounts falling due after more than one year |
11 |
(152,445 |
) |
(165,252 |
) |
PROVISIONS FOR LIABILITIES | 13 | (133,892 | ) | (133,892 | ) |
NET ASSETS | 2,232,724 | 2,187,963 |
CAPITAL AND RESERVES |
Called up share capital | 14 | 600 | 600 |
Share premium | 19,500 | 19,500 |
Fair value reserve | 1,637,868 | 1,637,868 |
Retained earnings | 574,756 | 529,995 |
SHAREHOLDERS' FUNDS | 2,232,724 | 2,187,963 |
The Company and the Group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023. |
The members have not required the Company and the Group to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the Group 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 and the Group as at the end of each financial year and of the Group's 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 and the Group. |
Georgian Properties Limited and |
Subsidiary Company (Registered number: 00520542) |
Consolidated Balance Sheet - continued |
31 March 2023 |
The financial statements have been prepared 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 19 October 2023 and were signed on its behalf by: |
R D Kiashek - Director |
Mrs Ilmije Kiashek - Director |
Georgian Properties Limited and |
Subsidiary Company (Registered number: 00520542) |
Company Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
Investments | 7 |
Investment property | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 13 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Share premium |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 37,771 | 88,220 |
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. |
Georgian Properties Limited and |
Subsidiary Company (Registered number: 00520542) |
Company Balance Sheet - continued |
31 March 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Georgian Properties Limited and |
Subsidiary Company (Registered number: 00520542) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Georgian Properties Limited and Subsidiary Company is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rents receivable from property owned by the company. |
Tangible fixed assets |
Plant and machinery etc | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
The average number of employees by undertakings that were proportionately consolidated during the year was 2 (2022 - 2 ) . |
Georgian Properties Limited and |
Subsidiary Company (Registered number: 00520542) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 772 | 1,030 |
Directors remuneration | 10,000 | 10,000 |
5. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
6. | TANGIBLE FIXED ASSETS |
Group |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 | 7,643 |
DEPRECIATION |
At 1 April 2022 | 4,553 |
Charge for year | 772 |
At 31 March 2023 | 5,325 |
NET BOOK VALUE |
At 31 March 2023 | 2,318 |
At 31 March 2022 | 3,090 |
Georgian Properties Limited and |
Subsidiary Company (Registered number: 00520542) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
6. | TANGIBLE FIXED ASSETS - continued |
Company |
Plant and |
machinery |
etc |
£ |
COST OR VALUATION |
At 1 April 2022 |
and 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
7. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The company owns the whole of the issued share capital of Georgian Properties Investments Limited (GPIL), a company engaged in the business of holding investment properties. The GPIL is incorporated and registered in England and Wales. |
Georgian Properties Limited and |
Subsidiary Company (Registered number: 00520542) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
8. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 | 2,380,000 |
NET BOOK VALUE |
At 31 March 2023 | 2,380,000 |
At 31 March 2022 | 2,380,000 |
The Group holds investment properties which consists of holding the freehold interest in the whole block comprising of a retail shop on the ground floor and two tenanted flats on the upper parts. The retail unit is let to a supermarket Group. The tenanted flats are stated at fair value by reference to recent transactions of other similar flats sold in the block as at the balance sheet date as determined by directors. |
The investment properties were revalued on a fair value basis by the director of the company as at the year end. The historical cost of the investment properties is £742,132 (2022: £742,132). |
Company |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
At the company level, investment properties included on the balance sheet consists of freehold interest in the whole block and a retail shop on the ground floor let to a supermarket group. The investment property is included at what the Directors consider to be the market values taking account of recent transactions in the vicinity. |
9. | DEBTORS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Amounts owed by group undertakings | - | - |
Tenants deposits held by government agency | 3,663 | 3,663 |
Prepayments and accrued income | 9,142 | 6,737 |
12,805 | 10,400 |
Georgian Properties Limited and |
Subsidiary Company (Registered number: 00520542) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
9. | DEBTORS - continued |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due after more than one | year: |
Amounts owed by group undertakings | - | - |
Aggregate amounts | 12,805 | 10,400 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 12) | 21,072 | 14,240 |
Tax | 15,372 | 15,388 |
Social security and other taxes | 3,025 | - |
Tenants deposits held by government agency | 3,663 | 3,663 |
Directors' current accounts | - | 3,042 | - | 3,042 |
Accrued expenses | 29,691 | 21,790 |
72,823 | 58,123 |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Bank loans (see note 12) | 152,445 | 165,252 |
Amounts falling due in more than five years: |
Group |
2023 | 2022 |
£ | £ |
Repayable by instalments |
Bank loans more than 5 years | 73,671 | 89,652 |
Georgian Properties Limited and |
Subsidiary Company (Registered number: 00520542) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
12. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans within one year | 21,072 | 14,240 |
Amounts falling due between one and two | years: |
Bank loans between 1-2 years | 36,000 | 28,800 |
Amounts falling due between two and five | years: |
Bank loans between 2-5 years | 42,774 | 46,800 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than 5 years | 73,671 | 89,652 |
The bank loan facility is secured by a fixed charge over the two residential properties of the company and is repayable over 10 years from date of drawdown. |
13. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax | 133,892 | 133,892 | 66,665 | 47,253 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2022 | 133,892 |
Balance at 31 March 2023 | 133,892 |
Company |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Provided during year |
Balance at 31 March 2023 |
Georgian Properties Limited and |
Subsidiary Company (Registered number: 00520542) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary Shares | £1 | 600 | 600 |
15. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
16. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party at the date of approval of these accounts is The Executrix of the Estate of late Mrs Irene Kiashek. |