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REGISTERED NUMBER: 12441835 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

FT Property Management Ltd

FT Property Management Ltd (Registered number: 12441835)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 8

FT Property Management Ltd

Company Information
for the Year Ended 28 February 2023







DIRECTOR: Mr Antonakis Kyriacou Ioannou





REGISTERED OFFICE: 10A Aldermans Hill
London
N13 4PJ





REGISTERED NUMBER: 12441835 (England and Wales)





ACCOUNTANTS: Chris Pantazis Ltd T/A CPS & Co
Chartered Accountants
10A Aldermans Hill
Palmers Green
London
N13 4PJ

FT Property Management Ltd (Registered number: 12441835)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 - 7,125,000
Investments 4 10,600,000 9,500,000
10,600,000 16,625,000

CURRENT ASSETS
Debtors 5 3,206,802 376,931
Cash at bank and in hand 578,563 465,090
3,785,365 842,021
CREDITORS
Amounts falling due within one year 6 199,082 113,124
NET CURRENT ASSETS 3,586,283 728,897
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,186,283

17,353,897

CREDITORS
Amounts falling due after more than one year 7 3,450,000 7,795,467
NET ASSETS 10,736,283 9,558,430

CAPITAL AND RESERVES
Called up share capital 10 10,600,001 9,500,001
Retained earnings 11 136,282 58,429
SHAREHOLDERS' FUNDS 10,736,283 9,558,430

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

FT Property Management Ltd (Registered number: 12441835)

Balance Sheet - continued
28 February 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 January 2024 and were signed by:





Mr Antonakis Kyriacou Ioannou - Director


FT Property Management Ltd (Registered number: 12441835)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

FT Property Management Ltd (Registered number: 12441835)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

3. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST
At 1 March 2022 7,125,000
Reclassification/transfer (7,125,000 )
At 28 February 2023 -
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 7,125,000

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 March 2022 9,500,000
Additions 1,100,000
At 28 February 2023 10,600,000
NET BOOK VALUE
At 28 February 2023 10,600,000
At 28 February 2022 9,500,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Other debtor 367,269 316,931
Intra company - Besorico 2,779,533 -
Bank account 60,000 60,000
3,206,802 376,931

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Tax 37,027 26,138
Other creditors 69,597 28,596
Deposits held 62,458 58,390
Directors' current accounts 30,000 -
199,082 113,124

FT Property Management Ltd (Registered number: 12441835)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Bank loans (see note 8) 3,450,000 7,795,467

8. LOANS

An analysis of the maturity of loans is given below:

28.2.23 28.2.22
£    £   
Amounts falling due between two and five years:
Bank loans 2-5 years 3,450,000 3,450,000
Other creditor - 4,345,467
3,450,000 7,795,467

9. SECURED DEBTS

The following secured debts are included within creditors:

28.2.23 28.2.22
£    £   
Bank loans 3,450,000 7,795,467

SECURITIES
FT Property Management Ltd has the following list of securities as at 28th November 2022 :
1) Charge code: 1244 1835 0003
The freehold property being the land on the west side of rowley lane, arkley registered at hm land registry with title number AGL145812.
Contains fixed charge.
Contains negative pledge.

2) Charge code: 1244 1835 0002
The freehold property being part of rowley bank farm, rowley lane, barnet (EN5 3HS) conveyed pursuant a transfer of part dated on or about the date of this deed and made between (1) antonis ioannou and (2) ft property management LTD to be registered out of title number AGL74077.
Contains fixed charge.
Contains negative pledge.

3) Charge code: 1244 1835 0001
The freehold property being the land on the west side of rowley lane, arkley registered at hm land registry registered at hm land registry with title number AGL145812; and. The freehold property being part of rowley bank farm, rowley lane, barnet (EN5 3HS) conveyed pursuant a transfer of part dated on or about the date of this deed and made between (1) antonis ioannou and (2) ft property management LTD to be registered out of title number AGL74077.
Contains fixed charge.
Contains floating charge.
Floating charge covers all the property or undertaking of the company.
Contains negative pledge.

FT Property Management Ltd (Registered number: 12441835)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
10,600,001 Ordinary £1.00 10,600,001 9,500,001

11. RESERVES
Retained
earnings
£   

At 1 March 2022 58,429
Profit for the year 157,853
Dividends (80,000 )
At 28 February 2023 136,282

12. RELATED PARTY DISCLOSURES

At the year end the amount of £2,779,533 (2022: £4,345,466 Credit balance) was receiveable from Besorico Trading Ltd, a related company registered in Cyprus ( Company registration No: HE79722). These amounts are included " Creditors: amounts falling due within one year" .

Mr A Ioannou is a director and own siginificant control in both companies.

At the year end the amount of £367,269 (2022: £316,931) was receiveable from Zaharas Development Ltd, a related company registered in England ( Company registration No: 09034518) . These amounts are included " Debtors: amounts falling due within one year" .

During the year, FT Property Management Ltd charged £13,800 to Zaharas Development Ltd for rent.

Mr A Ioannou is a director in both companies.

FT Property Management Ltd

Report of the Accountants to the Director of
FT Property Management Ltd

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 28 February 2023 set out on page nil and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Chris Pantazis Ltd T/A CPS & Co
Chartered Accountants
10A Aldermans Hill
Palmers Green
London
N13 4PJ


25 January 2024