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Registered Number: 11390707
England & Northern Ireland

 

 

 

ATHENS ESTATES LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 June 2022

End date: 31 May 2023
Director Athina Bersimi
Registered Number 11390707
Registered Office Unit 28 City Business Centre
Lower Road
London
SE16 2XB
Accountants Cocke, Vellacott & Hill
Unit 28 City Business Centre
Lower Road
LONDON
SE16 2XB
Bankers Metro Bank
One Southampton Row
London
WC1B 5HA

1
Director's report and financial statements
The director presents report and unaudited accounts for the year ended 31 May 2023.
Principal activities
The principal activity of the company during the financial year was of holding investment properties to earn rent and for capital appreciation.
Director
The director who served the company throughout the year was as follows:
Athina Bersimi
Statement of director's responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions
Small company regime
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime with Part 15 of the Companies Act 2006.
Audit exemption
Athens Estates Limited has taken advantage of the exemption under Section 477 of the Companies Act 2006 and these financial statements are therefore unaudited.

On behalf of the board.


----------------------------------
Athina Bersimi
Director

Date approved: 14 February 2024
2
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 730,763    731,325 
730,763    731,325 
Current assets      
Debtors 4 3,402   
Cash at bank and in hand 4,370    9,747 
7,772    9,747 
Creditors: amount falling due within one year 5 (336,957)   (336,321)
Net current liabilities (329,185)   (326,574)
 
Total assets less current liabilities 401,578    404,751 
Creditors: amount falling due after more than one year 6 (401,314)   (413,653)
Net assets 264    (8,902)
 

Capital and reserves
     
Called up share capital 7 100    100 
Profit and loss account 164    (9,002)
Shareholder's funds 264    (8,902)
 


For the year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 14 February 2024 and were signed by:


-------------------------------
Athina Bersimi
Director
3
General Information
Athens Estates Limited is a private company, limited by shares, registered in England & Northern Ireland, registration number 11390707, registration address Unit 28 City Business Centre, Lower Road , London, SE16 2XB.

The presentation currency is £ sterling which is the company's functional currency.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in accordance the Financial Reporting Standard 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (FRS102) and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The financial statements have been prepared on a going concern basis. The company's ongoing activities are dependent upon the continued support of the director who has undertaken to provide such support for the foreseeable future.

If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax.
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past years and it is calculated using tax rates that have been enacted or substantially enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profits. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 25% Reducing Balance
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties are recognised initially at cost and subsequently are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. Deferred taxation is provided on these gains at the rate expected to apply when the properties are sold.
2.

Average number of employees

Average number of employees during the year was 0 (2022 : 0).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Investment properties   Total
  £   £   £
At 01 June 2022 2,906    729,075    731,981 
Additions    
Disposals    
At 31 May 2023 2,906    729,075    731,981 
Depreciation
At 01 June 2022 656      656 
Charge for year 562      562 
On disposals    
At 31 May 2023 1,218      1,218 
Net book values
Closing balance as at 31 May 2023 1,688    729,075    730,763 
Opening balance as at 01 June 2022 2,250    729,075    731,325 

At the year end market - based evidence suggested that the carrying amount of the investment properties did not differ materially from their fair value.

4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Prepayments & Accrued Income 3,402   
3,402   

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Bank Loans & Overdrafts (Secured) 26,193    26,193 
Accrued Expenses 1,594    2,111 
Deferred income 1,153   
Directors' Current Accounts 308,017    308,017 
336,957    336,321 
Bank loans and overdrafts represent the current element of the mortgage debt. The fully amortising mortgage with Keystone Property Finance is secured over the investment property. 
The director's current account is interest free and payable on demand. 

6.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts (secured) 401,314    413,653 
401,314    413,653 
Bank loans and overdrafts represent the the mortgage debt which is payable after more than one year. The aggregate of amounts that fall due for payment by instalments after five years is £296,542 (2022 -£308,881).
The fully amortising mortgage with Keystone Property Finance is secured over the investment property. 

7.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100 Class A shares of £1.00 each 100    100 
100    100 

4