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REGISTERED NUMBER: 03329456 (England and Wales)












GENERATION PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






GENERATION PROPERTIES LIMITED (REGISTERED NUMBER: 03329456)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


GENERATION PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr S Spyratos
Mrs M Spyratou





SECRETARY: Mrs M Spyratou





REGISTERED OFFICE: Sterling House
Fulbourne Road
Walthamstow
London
E17 4EE





REGISTERED NUMBER: 03329456 (England and Wales)





ACCOUNTANTS: Christiansons Ltd
Chartered Certified Accountants
Sterling House
Fulbourne Road
Walthamstow
London
E17 4EE

GENERATION PROPERTIES LIMITED (REGISTERED NUMBER: 03329456)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,737 772
Investment property 5 569,341 559,341
571,078 560,113

CURRENT ASSETS
Debtors 6 115,427 115,313
Cash at bank and in hand 5,261 23,384
120,688 138,697
CREDITORS
Amounts falling due within one year 7 46,869 8,029
NET CURRENT ASSETS 73,819 130,668
TOTAL ASSETS LESS CURRENT
LIABILITIES

644,897

690,781

CREDITORS
Amounts falling due after more than one
year

8

(203,950

)

(256,359

)

PROVISIONS FOR LIABILITIES 11 (43,389 ) (41,272 )
NET ASSETS 397,558 393,150

CAPITAL AND RESERVES
Called up share capital 12 100 100
Fair value reserve 13 283,352 283,352
Retained earnings 13 114,106 109,698
SHAREHOLDERS' FUNDS 397,558 393,150

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

GENERATION PROPERTIES LIMITED (REGISTERED NUMBER: 03329456)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





Mr S Spyratos - Director


GENERATION PROPERTIES LIMITED (REGISTERED NUMBER: 03329456)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Generation 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.

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.

Turnover
Turnover represents gross rents receivable for the year. Turnover is recognised when rent becomes due under the lease agreement.

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 - 20% on reducing balance
Computer equipment - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

GENERATION PROPERTIES LIMITED (REGISTERED NUMBER: 03329456)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2023 2,793 3,092 5,885
Additions 1,439 - 1,439
At 31 March 2024 4,232 3,092 7,324
DEPRECIATION
At 1 April 2023 2,671 2,442 5,113
Charge for year 312 162 474
At 31 March 2024 2,983 2,604 5,587
NET BOOK VALUE
At 31 March 2024 1,249 488 1,737
At 31 March 2023 122 650 772

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 559,341
Additions 10,000
At 31 March 2024 569,341
NET BOOK VALUE
At 31 March 2024 569,341
At 31 March 2023 559,341

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2017 324,181
Cost 245,160
569,341

In the opinion of the directors, the fair value of the freehold investment property as at 31 March 2024, is not materially different from that stated in the accounts.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Amounts due from related companies 115,313 115,313
Prepayments and accrued income 114 -
115,427 115,313

GENERATION PROPERTIES LIMITED (REGISTERED NUMBER: 03329456)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 904 -
Corporation tax 1,264 4,391
Directors' current accounts 41,521 734
Accrued expenses 3,180 2,904
46,869 8,029

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans (see note 9) 203,950 256,359

Amounts falling due in more than five years:

Repayable by instalments
Bank loans over 5 years 203,950 256,359

9. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Bank loans over 5 years 203,950 256,359

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 203,950 256,359

The bank overdraft and loans are secured by a fixed and floating charge over the assets of the company.

11. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 43,389 41,272

GENERATION PROPERTIES LIMITED (REGISTERED NUMBER: 03329456)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 41,272
Provided during year 2,117
Accelerated capital allowances
Balance at 31 March 2024 43,389

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary £1 100 100

13. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 April 2023 109,698 283,352 393,050
Profit for the year 4,408 4,408
At 31 March 2024 114,106 283,352 397,458

14. ULTIMATE CONTROLLING PARTY

The trustees of Spyratos Capital Trust are recognised as ultimate controlling party.