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REGISTERED NUMBER: 10256493 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CREIGHTON PROPERTIES LTD

CREIGHTON PROPERTIES LTD (REGISTERED NUMBER: 10256493)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CREIGHTON PROPERTIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 December 2023







DIRECTORS: S Constantinides
Ms E Constantinidi





REGISTERED OFFICE: 12 Gateway Mews
Ring Way
London
N11 2UT





REGISTERED NUMBER: 10256493 (England and Wales)





AUDITORS: G. George Associates Limited
Chartered Certified Accountants
and Statutory Auditors
12 Gateway Mews
Ring Way
London
N11 2UT

CREIGHTON PROPERTIES LTD (REGISTERED NUMBER: 10256493)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 16,273 19,388
Investments 5 1,000 1,000
Investment property 6 17,090,000 16,200,000
17,107,273 16,220,388

CURRENT ASSETS
Debtors 7 33,468 131,418
Cash at bank 309,736 345,272
343,204 476,690
CREDITORS
Amounts falling due within one year 8 38,142 134,087
NET CURRENT ASSETS 305,062 342,603
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,412,335

16,562,991

CREDITORS
Amounts falling due after more than one
year

9

(11,786,663

)

(12,035,725

)

PROVISIONS FOR LIABILITIES (909,373 ) (686,873 )
NET ASSETS 4,716,299 3,840,393

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Fair value reserve 10 3,650,705 2,983,205
Retained earnings 1,064,594 856,188
SHAREHOLDERS' FUNDS 4,716,299 3,840,393

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 Board of Directors and authorised for issue on 15 April 2024 and were signed on its behalf by:





S Constantinides - Director


CREIGHTON PROPERTIES LTD (REGISTERED NUMBER: 10256493)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 December 2023

1. STATUTORY INFORMATION

Creighton Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. 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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Creighton Properties Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

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

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. Deferred taxation is provided on such surplus or deficit at the rate expected to apply when the property is sold.

The fair value profits on investment property is not a realised profit available for distribution. In order to differentiate the non-distributable proftits with the distributable profits of the company, any fair value movements on investment property less the deferred tax on such movements is transferred from retained earnings to fair value reserves, which is a non-distributable reserve.

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.


CREIGHTON PROPERTIES LTD (REGISTERED NUMBER: 10256493)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

The functional currency of the company is sterling and presentation currency is also sterling.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 37,954 3,495 41,449
Additions 2,310 - 2,310
At 31 December 2023 40,264 3,495 43,759
DEPRECIATION
At 1 January 2023 19,188 2,873 22,061
Charge for year 5,269 156 5,425
At 31 December 2023 24,457 3,029 27,486
NET BOOK VALUE
At 31 December 2023 15,807 466 16,273
At 31 December 2022 18,766 622 19,388

CREIGHTON PROPERTIES LTD (REGISTERED NUMBER: 10256493)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 December 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 1,000
NET BOOK VALUE
At 31 December 2023 1,000
At 31 December 2022 1,000

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 16,200,000
Revaluations 890,000
At 31 December 2023 17,090,000
NET BOOK VALUE
At 31 December 2023 17,090,000
At 31 December 2022 16,200,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2017 3,454,065
Valuation in 2021 216,013
Valuation in 2023 890,000
Cost 12,529,922
17,090,000

If investment property had not been revalued it would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 12,529,922 12,529,922

Investment property was valued on an open market basis on 31 December 2023 by the directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 10,780 19,631
Other debtors 22,688 111,787
33,468 131,418

CREIGHTON PROPERTIES LTD (REGISTERED NUMBER: 10256493)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other creditors 38,142 134,087

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Other creditors 11,786,663 12,035,725

10. RESERVES
Fair
value
reserve
£   
At 1 January 2023 2,983,205
Fair value movements net of deferred tax trfd
from retained earnings

667,500


At 31 December 2023 3,650,705

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Philip Onissiphorou (Senior Statutory Auditor)
for and on behalf of G. George Associates Limited

12. 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.

Included in creditors falling due after more than one year is a balance of £11,786,663 (2022 - £12,035,725) as an interest free loan owed to the company's director and ultimate beneficial owner, Mr Stavros Constantinides.

The above balances are unsecured and no guarantees were given or received in respect of the above transactions.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr Stavros Constantinides, a non-UK resident individual.