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REGISTERED NUMBER: 12271494 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

AGATHA PROPERTY INVESTMENTS LTD

AGATHA PROPERTY INVESTMENTS LTD (REGISTERED NUMBER: 12271494)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 OCTOBER 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


AGATHA PROPERTY INVESTMENTS LTD (REGISTERED NUMBER: 12271494)

STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,070 1,349
Investment property 5 6,385,736 6,293,186
6,386,806 6,294,535

CURRENT ASSETS
Debtors 6 125,856 98,446
Cash at bank and in hand 184,771 207,191
310,627 305,637
CREDITORS
Amounts falling due within one year 7 54,128 40,705
NET CURRENT ASSETS 256,499 264,932
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,643,305

6,559,467

CREDITORS
Amounts falling due after more than one
year

8

(4,336,350

)

(4,346,350

)

PROVISIONS FOR LIABILITIES 10 (22,500 ) -
NET ASSETS 2,284,455 2,213,117

CAPITAL AND RESERVES
Called up share capital 1,100 1,100
Share premium 2,210,953 2,210,953
Fair value reserve 11 67,500 -
Retained earnings 4,902 1,064
2,284,455 2,213,117

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 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.

AGATHA PROPERTY INVESTMENTS LTD (REGISTERED NUMBER: 12271494)

STATEMENT OF FINANCIAL POSITION - 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





Mr C Agathangelou - Director


AGATHA PROPERTY INVESTMENTS LTD (REGISTERED NUMBER: 12271494)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 OCTOBER 2023

1. STATUTORY INFORMATION

Agatha Property Investments Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 12271494

Registered office: 1 Kings Avenue
London
N21 3NA

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.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue represents rent receivable in respect of the company's investment properties. Rental income is recognised over the period of the rental agreement.

Property, plant and equipments
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intend.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Fixtures and fittings - 20% on reducing balance

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

Investment property
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.


AGATHA PROPERTY INVESTMENTS LTD (REGISTERED NUMBER: 12271494)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 November 2022
and 31 October 2023 1,349
DEPRECIATION
Charge for year 279
At 31 October 2023 279
NET BOOK VALUE
At 31 October 2023 1,070
At 31 October 2022 1,349

AGATHA PROPERTY INVESTMENTS LTD (REGISTERED NUMBER: 12271494)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 OCTOBER 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022 6,293,186
Additions 2,550
Revaluations 90,000
At 31 October 2023 6,385,736
NET BOOK VALUE
At 31 October 2023 6,385,736
At 31 October 2022 6,293,186

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2023 90,000
Cost 6,295,736
6,385,736

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

2023 2022
£    £   
Cost 6,295,736 6,293,186

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 4,266
Other debtors 125,856 94,180
125,856 98,446

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 4,650 4,644
Taxation and social security 17,321 7,635
Other creditors 22,157 18,426
54,128 40,705

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 4,336,350 4,346,350

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 4,313,850 4,313,850

AGATHA PROPERTY INVESTMENTS LTD (REGISTERED NUMBER: 12271494)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 OCTOBER 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 4,313,850 4,313,850

Bank loan is secured by way of fixed and floating charge on the properties of the company and contains a negative pledge.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 22,500 -

Deferred
tax
£   
Provided during year 22,500
Balance at 31 October 2023 22,500

11. RESERVES
Fair
value
reserve
£   
Movement during the year 67,500

At 31 October 2023 67,500

12. RELATED PARTY DISCLOSURES

Included in the other debtors due within a year is an amount of £29,583 (2022: £22,488) due from a connected entity with common control. The loan was interest free and repayable on demand.

Also included in other debtors is an amount of £87,944 (2022: £36,000) due from the directors of the company. Interest of 2% and 2.25% p.a.has been charged on the overdrawn balance accordingly which was repaid on 30 May 2024.