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COMPANY REGISTRATION NUMBER: 03117857
Herodotos Limited
Filleted Unaudited Financial Statements
31 October 2023
Herodotos Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
12,077,072
12,077,572
Current assets
Debtors
6
14,630
35,140
Cash at bank and in hand
365,335
37,500
----------
----------
379,965
72,640
Creditors: amounts falling due within one year
7
187,084
534,283
----------
----------
Net current assets/(liabilities)
192,881
( 461,643)
--------------
--------------
Total assets less current liabilities
12,269,953
11,615,929
Creditors: amounts falling due after more than one year
8
3,500,000
3,000,000
Provisions
Taxation including deferred tax
9
1,385,448
1,052,941
--------------
--------------
Net assets
7,384,505
7,562,988
--------------
--------------
Capital and reserves
Called up share capital
1,000
1,000
Fair Value Revaluation Reserve
10
5,519,395
5,519,395
Profit and loss account
10
1,864,110
2,042,593
-------------
-------------
Shareholders funds
7,384,505
7,562,988
-------------
-------------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Herodotos Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
Mr A Kotsis
Director
Company registration number: 03117857
Herodotos Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 767 - 769 High Road, North Finchley, London, N12 8JY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fuxtures and fittings
-
25% on written down value
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in Fair Value Revaluation Reserve.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
44,376
41,609
Adjustments in respect of prior periods
170
492
----------
----------
Total current tax
44,546
42,101
----------
----------
Deferred tax:
Origination and reversal of timing differences
332,507
----------
----------
Tax on profit
377,053
42,101
----------
----------
5. Tangible assets
Freehold property
Long leasehold property
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 November 2022 and 31 October 2023
3,768,323
8,307,250
43,893
12,119,466
-------------
-------------
----------
--------------
Depreciation
At 1 November 2022
41,894
41,894
Charge for the year
500
500
-------------
-------------
----------
--------------
At 31 October 2023
42,394
42,394
-------------
-------------
----------
--------------
Carrying amount
At 31 October 2023
3,768,323
8,307,250
1,499
12,077,072
-------------
-------------
----------
--------------
At 31 October 2022
3,768,323
8,307,250
1,999
12,077,572
-------------
-------------
----------
--------------
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in Fair Value Revaluation Reserve.
6. Debtors
2023
2022
£
£
Trade debtors
7,745
25,574
Other debtors
6,885
9,566
----------
----------
14,630
35,140
----------
----------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
253,846
Trade creditors
17,315
95,324
Corporation tax
44,376
42,101
Other creditors
125,393
143,012
----------
----------
187,084
534,283
----------
----------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,500,000
3,000,000
-------------
-------------
9. Provisions
Deferred tax
£
At 1 November 2022
1,052,941
Additions
332,507
-------------
At 31 October 2023
1,385,448
-------------
10. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.
11. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.