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REGISTERED NUMBER: 02853313 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 October 2023

for

ARIMA PROPERTIES LIMITED

ARIMA PROPERTIES LIMITED (REGISTERED NUMBER: 02853313)

Contents of the Financial Statements
for the year ended 31 October 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ARIMA PROPERTIES LIMITED

Company Information
for the year ended 31 October 2023







Director: Mr L A Kyriacou





Secretary: Mrs T Kyriacou





Registered office: 9 Hampden Square
Onslow Parade
London
N14 5JN





Registered number: 02853313 (England and Wales)





Accountants: Haines Watts North London LLP
3rd Floor
Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ

ARIMA PROPERTIES LIMITED (REGISTERED NUMBER: 02853313)

Balance Sheet
31 October 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 4 650 867
Investments 5 2 2
Investment property 6 14,679,675 13,033,839
14,680,327 13,034,708

Current assets
Debtors 7 1,323,346 3,355,959
Cash at bank 1,596,031 1,445,276
2,919,377 4,801,235
Creditors
Amounts falling due within one year 8 519,561 294,217
Net current assets 2,399,816 4,507,018
Total assets less current liabilities 17,080,143 17,541,726

Creditors
Amounts falling due after more than one year 9 (2,872,508 ) (3,452,341 )

Provisions for liabilities (2,499,608 ) (2,396,273 )
Net assets 11,708,027 11,693,112

Capital and reserves
Called up share capital 11 2 2
Fair value reserve 8,630,010 8,630,010
Retained earnings 3,078,015 3,063,100
Shareholders' funds 11,708,027 11,693,112

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

ARIMA PROPERTIES LIMITED (REGISTERED NUMBER: 02853313)

Balance Sheet - continued
31 October 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 March 2024 and were signed by:





Mr L A Kyriacou - Director


ARIMA PROPERTIES LIMITED (REGISTERED NUMBER: 02853313)

Notes to the Financial Statements
for the year ended 31 October 2023


1. Statutory information

Arima Properties Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 Arima Properties Limited 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.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed off.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

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

ARIMA PROPERTIES LIMITED (REGISTERED NUMBER: 02853313)

Notes to the Financial Statements - continued
for the year ended 31 October 2023


2. Accounting policies - continued

Investment property
Investment properties are included in the balance sheet at their open market value and the aggregate surplus or deficit is recognised in the profit and loss account. No depreciation is provided.

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are integral part of the company’s cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 2 (2022 - 2 ) .

ARIMA PROPERTIES LIMITED (REGISTERED NUMBER: 02853313)

Notes to the Financial Statements - continued
for the year ended 31 October 2023


4. Tangible fixed assets
Fixtures
and Computer
fittings equipment Totals
£ £ £
Cost
At 1 November 2022
and 31 October 2023 17,710 795 18,505
Depreciation
At 1 November 2022 17,439 199 17,638
Charge for year 68 149 217
At 31 October 2023 17,507 348 17,855
Net book value
At 31 October 2023 203 447 650
At 31 October 2022 271 596 867

5. Fixed asset investments
Other
investments
£
Cost
At 1 November 2022
and 31 October 2023 2
Net book value
At 31 October 2023 2
At 31 October 2022 2

6. Investment property
Total
£
Fair value
At 1 November 2022 13,033,839
Additions 1,645,836
At 31 October 2023 14,679,675
Net book value
At 31 October 2023 14,679,675
At 31 October 2022 13,033,839

ARIMA PROPERTIES LIMITED (REGISTERED NUMBER: 02853313)

Notes to the Financial Statements - continued
for the year ended 31 October 2023


6. Investment property - continued

Fair value at 31 October 2023 is represented by:
£
Valuation in 2002 968,220
Valuation in 2003 144,500
Valuation in 2004 187,775
Valuation in 2005 114,240
Valuation in 2006 118,810
Valuation in 2007 120,000
Valuation in 2011 3,516,083
Valuation in 2014 188,222
Valuation in 2015 535,000
Valuation in 2016 5,170,000
Cost 3,616,825
14,679,675

Investment property has been valued on an open market basis by the company director on 31 October 2023.

7. Debtors: amounts falling due within one year
2023 2022
£ £
Other debtors 1,323,346 3,355,959

8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 310,784 210,784
Taxation and social security 63,679 41,909
Other creditors 145,098 41,524
519,561 294,217

9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans 2,872,508 3,452,341

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,629,372 2,609,205

ARIMA PROPERTIES LIMITED (REGISTERED NUMBER: 02853313)

Notes to the Financial Statements - continued
for the year ended 31 October 2023


10. Secured debts

The following secured debts are included within creditors:

2023 2022
£ £
Bank loans 3,183,292 3,663,125

The company's bankers have secured the company bank loans and overdrafts by way of 1st legal charges over all the freehold properties owned by the company. In addition, the director of the company has provided the company bankers with unlimited personal guarantees in respect of the company bank loans and overdrafts.

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
2 Ordinary £1 2 2

12. Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£ £
Mr L A Kyriacou
Balance outstanding at start of year 366,211 377,058
Amounts advanced 302,716 817,972
Amounts repaid (366,211 ) (828,819 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 302,716 366,211

The director's loan from the company was repaid within nine months of the company year end date.

13. Related party disclosures

Included above in Other debtors is an amount of £734,095 (2022 : £2,453915) owed by a related company.

Also included above in Other debtors is an amount of £126,169 (2022 : £126,169) owed by another related company.

All the companies are related by virtue of having common directors and shareholders.