IRIS Accounts Production v24.2.0.383 05309138 Board of Directors 1.1.23 31.12.23 31.12.23 0 0 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh053091382022-12-31053091382023-12-31053091382023-01-012023-12-31053091382021-12-31053091382022-01-012022-12-31053091382022-12-3105309138ns15:EnglandWales2023-01-012023-12-3105309138ns14:PoundSterling2023-01-012023-12-3105309138ns10:Director12023-01-012023-12-3105309138ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3105309138ns10:SmallEntities2023-01-012023-12-3105309138ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3105309138ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3105309138ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3105309138ns10:FullAccounts2023-01-012023-12-3105309138ns10:Director32023-01-012023-12-3105309138ns10:RegisteredOffice2023-01-012023-12-3105309138ns5:CurrentFinancialInstruments2023-12-3105309138ns5:CurrentFinancialInstruments2022-12-3105309138ns5:ShareCapital2023-12-3105309138ns5:ShareCapital2022-12-3105309138ns5:RevaluationReserve2023-12-3105309138ns5:RevaluationReserve2022-12-3105309138ns5:RetainedEarningsAccumulatedLosses2023-12-3105309138ns5:RetainedEarningsAccumulatedLosses2022-12-3105309138ns5:FurnitureFittings2023-01-012023-12-3105309138ns5:FurnitureFittings2022-12-3105309138ns5:FurnitureFittings2023-12-3105309138ns5:FurnitureFittings2022-12-3105309138ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3105309138ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3105309138ns5:RevaluationReserve2022-12-31
REGISTERED NUMBER: 05309138 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PITA PROPERTIES LIMITED

PITA PROPERTIES LIMITED (REGISTERED NUMBER: 05309138)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PITA PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Sterling Directors Ltd
K D Burant





REGISTERED OFFICE: 34-40 High Street
Wanstead
London
E11 2RJ





REGISTERED NUMBER: 05309138 (England and Wales)





ACCOUNTANTS: THP Limited
Chartered Accountants
34-40 High Street
Wanstead
London
E11 2RJ

PITA PROPERTIES LIMITED (REGISTERED NUMBER: 05309138)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 29,362 997
Investment property 5 1,057,879 1,017,967
1,087,241 1,018,964

CURRENT ASSETS
Debtors 6 4,774 3,147
Cash at bank - 5,523
4,774 8,670
CREDITORS
Amounts falling due within one year 7 1,439,824 1,358,888
NET CURRENT LIABILITIES (1,435,050 ) (1,350,218 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(347,809

)

(331,254

)

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 8 282,583 242,671
Retained earnings (630,492 ) (574,025 )
SHAREHOLDERS' FUNDS (347,809 ) (331,254 )

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

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

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 16 September 2024 and were signed on its behalf by:





K D Burant - Director


PITA PROPERTIES LIMITED (REGISTERED NUMBER: 05309138)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Pita 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 and going concern
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.

The company is technically insolvent and remains a going concern on the basis of ongoing support from the shareholder. In consequence of this, the financial statements have been prepared on a going concern basis.

Revenue recognition
Revenue represents rents receivable on the company's foreign investment property. Revenue is recognised in the accounting period in which the property was let.

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 - 15% on cost

Investment property
Investment Properties are shown at fair value. Any aggregate surplus or deficit that arises from a change in fair value is recognised in the income statement, net of deferred tax. On an annual basis this surplus or deficit is transferred from retained profits into a separate, non-distributable reserve called the "Revaluation Reserve".

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 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

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

PITA PROPERTIES LIMITED (REGISTERED NUMBER: 05309138)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023 64,861
Additions 33,690
At 31 December 2023 98,551
DEPRECIATION
At 1 January 2023 63,864
Charge for year 5,325
At 31 December 2023 69,189
NET BOOK VALUE
At 31 December 2023 29,362
At 31 December 2022 997

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 1,017,967
Revaluation in the year 39,912
At 31 December 2023 1,057,879
NET BOOK VALUE
At 31 December 2023 1,057,879
At 31 December 2022 1,017,967

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2014 (260,780 )
Valuation in 2015 (28,301 )
Valuation in 2016 12,269
Valuation in 2017 20,837
Valuation in 2018 (25,169 )
Valuation in 2019 244,897
Valuation in 2020 69,510
Valuation in 2021 9,757
Valuation in 2022 199,651
Valuation in 2023 39,912
Cost 775,296
1,057,879

The Director considers the fair value of the property as at 31 December 2023 to be 1,220,725 Euros, which equates to £1,057,879 using year end exchange rates.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,066 2,453
Prepayments 708 694
4,774 3,147

PITA PROPERTIES LIMITED (REGISTERED NUMBER: 05309138)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other creditors 2,039 2,039
Amounts owed to related party 1,434,332 1,352,173
Accrued expenses 3,453 4,676
1,439,824 1,358,888

8. RESERVES
Revaluation
reserve
£   
At 1 January 2023 242,671
Revaluation of investment property 39,912

At 31 December 2023 282,583

9. RELATED PARTY DISCLOSURES

During the year the company received further loans from the shareholders.

The balances outstanding on these loans at 31 December 2023 were:
20232022
££
Meridian Trust Company Limited1,434,3321,352,173
The loan is unsecured, interest free and repayable on demand.

Meridian Trust Company Limited holds 100% of the issued share capital in Pita Properties Limited.

10. ULTIMATE CONTROLLING PARTY

The controlling party is Meridian Trust Company Limited.

They are a Turks & Caicos Islands corporation licensed as a professional trustee under the Trustee Ordinance (1992).