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Registered Number: 09399960
England and Wales

 

 

 

AITSAN LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
Director Kyriacos Panayi
Registered Number 09399960
Registered Office Unit 28, City Business Centre
Lower Road
LONDON
SE16 2XB
Accountants Cocke Vellacott & Hill
Unit 28, City Business Centre
Lower Road
London
SE16 2XB
Bankers Cynergy Bank
87 Chase Side
LONDON
N14 5WH

1
Director's report and financial statements
The director presents report and unaudited financial statements of the company for the year ended 31 December 2023.
Principal activities
The principal activity of the company during the financial year was of holding investment properties to earn rent and for capital appreciation.
Director
The director who served the company throughout the year was as follows:
Kyriacos Panayi
Statement of director's responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the companys transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Audit exemption
AITSAN LIMITED has taken advantage of the exemption under Section 477 of the Companies Act 2006 and these financial statements are therefore uaudited.
Small companies regime
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime with Part 15 of the Companies Act 2006.

On behalf of the board.


----------------------------------
Kyriacos Panayi
Director

Date approved: 10 September 2024
2
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 472,240    525,739 
472,240    525,739 
Current assets      
Debtors: amounts falling due within one year 4 6,406    3,072 
Cash at bank and in hand 119,770    74,998 
126,176    78,070 
Creditors: amount falling due within one year 5 (540,466)   (539,660)
Net current assets (414,290)   (461,590)
 
Total assets less current liabilities 57,950    64,149 
Net assets 57,950    64,149 
 

Capital and reserves
     
Called up share capital 6 100    100 
Profit and loss account 57,850    64,049 
Shareholders' funds 57,950    64,149 
 


For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the director on 10 September 2024 and were signed by:


-------------------------------
Kyriacos Panayi
Director
3
General Information
AITSAN LIMITED is a private company, limited by shares, domiciled in England and Wales, registration number 09399960.  The address of its registered office is Unit 28, City Business Centre, Lower Road, London, SE16 2XB. The company holds investment properties to earn rent and for capital appreciation. These financial statements are for year ended 31 December 2023. The corresponding figures for the previous period are for the year ended 31 December 2022.

The presentation currency is £ sterling which is the company's functional policy.
1.

Accounting policies

Significant accounting policies
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (FRS 102) and the Companies Act 2006.
Going concern basis
The financial statements have been prepared on a going concern basis. The company's ongoing activities are dependent upon the continued support of the director who has undertaken to provide such support for the foreseeable future.

If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities.
Turnover
Turnover is measured at the fair value of the consideration received or receivable in the period under review.
Taxation
Taxation represents the sum of tax currently payable and deferred tax.

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past years. 

Deferred tax is recognised in respect of all timing differences at the reporting date that are timing differences between taxable profits and total profits for the year as stated in the financial statements. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. 
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 20 Reducing Balance
Investment properties
Investment properties are included at fair value. Gains on revaluation at the period end are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected  to apply when the properties are sold.
2.

Average number of employees

Average number of employees during the year was 1 (2022 : 1).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Investment properties   Total
  £   £   £
At 01 January 2023 4,560    523,734    528,294 
Additions    
Disposals   (53,098)   (53,098)
At 31 December 2023 4,560    470,636    475,196 
Depreciation
At 01 January 2023 2,555      2,555 
Charge for year 401      401 
On disposals    
At 31 December 2023 2,956      2,956 
Net book values
Closing balance as at 31 December 2023 1,604    470,636    472,240 
Opening balance as at 01 January 2023 2,005    523,734    525,739 

At the year end market - based evidence suggested that the carrying amount of the investment properties did not differ materially from their fair value. 

4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Prepayments   207 
Accrued Income 6,406    950 
Other Debtors   1,915 
6,406    3,072 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Corporation Tax 3,589    2,031 
Accrued Expenses 1,753    1,321 
Advance Paid   1,334 
Other Creditors 150   
Shareholders account 534,974    534,974 
540,466    539,660 

6.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100 Class A shares of £1.00 each 100    100 
100    100 

7.

Capital commitments

At 31 December 2023 AITSAN LIMITED had no capital commitments contracted for but not provided for in these financial statements. (2022 - £Nil).
8.

Related Party transactions

Included in other creditors in the creditors note above is an amount of £534,974 (2022 - £534,974) which relates to an unsecured interest free loan to the company from an owner shareholder and is repayable on demand. 
4