Registered number
01555098
NEOPHYTOU PROPERTY INVESTMENTS LIMITED
Filleted Accounts
31 March 2024
NEOPHYTOU PROPERTY INVESTMENTS LIMITED
Registered number: 01555098
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 7,912,947 10,455,622
Current assets
Debtors 4 1,761,153 585,350
Cash at bank and in hand 443,672 104,281
2,204,825 689,631
Creditors: amounts falling due within one year 5 (60,044) (745,715)
Net current assets/(liabilities) 2,144,781 (56,084)
Total assets less current liabilities 10,057,728 10,399,538
Creditors: amounts falling due after more than one year 6 (4,473,352) (4,617,917)
Provisions for liabilities (1,211,627) (902,119)
Net assets 4,372,749 4,879,502
Capital and reserves
Called up share capital 960 960
Profit and loss account 4,371,789 4,878,542
Shareholders' funds 4,372,749 4,879,502
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A A Neophytou
Director
Approved by the board on 22 July 2024
NEOPHYTOU PROPERTY INVESTMENTS LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 0%
Motor vehicles 20% reducing basis
Fixtures, fittings, tools and equipment 20% reducing basis
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 10,445,613 43,654 52,330 10,541,597
Additions 2,544 - 53,208 55,752
Surplus on revaluation (68,849) - - (68,849)
Disposals (2,513,809) - (52,330) (2,566,139)
At 31 March 2024 7,865,499 43,654 53,208 7,962,361
Depreciation
At 1 April 2023 - 41,986 43,989 85,975
Charge for the year - 334 7,094 7,428
On disposals - - (43,989) (43,989)
At 31 March 2024 - 42,320 7,094 49,414
Net book value
At 31 March 2024 7,865,499 1,334 46,114 7,912,947
At 31 March 2023 10,445,613 1,668 8,341 10,455,622
Freehold land and buildings: 2024 2023
£ £
Historical cost 3,018,990 5,530,255
Cumulative depreciation based on historical cost - -
3,018,990 5,530,255
4 Debtors 2024 2023
£ £
Trade debtors 1,229 2,275
Other debtors 1,759,924 583,075
1,761,153 585,350
Amounts due after more than one year included above 1,754,351 576,907
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 637,732
Trade creditors 14,862 82,124
Taxation and social security costs 31,200 8,186
Other creditors 13,982 17,673
60,044 745,715
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 3,728,525 4,311,746
Other creditors 744,827 306,171
4,473,352 4,617,917
7 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 4,473,352 4,617,917
Secured bank loans 4,473,352 4,311,746
Bank loans are secured against the value of all Freehold and long leaseholds properties.
8 Other information
NEOPHYTOU PROPERTY INVESTMENTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Block A Southgate Office Village
284 Chase Road
Southgate
London
N14 6HF
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