Company Registration No. 06315150 (England and Wales)
Carovija Properties (No 2) Limited
Unaudited financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
Carovija Properties (No 2) Limited
Company information
Directors
Sir David Howard
Lady Valerie Howard
Secretary
Lady Valerie Howard
Company number
06315150
Registered office
17 Brunswick Gardens
London
England
W8 4AS
Accountants
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Carovija Properties (No 2) Limited
Contents
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Carovija Properties (No 2) Limited
Directors' report
For the year ended 31 December 2023
1

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company is the letting of holiday accommodation in Portugal. The company was incorporated on 17th July 2007 and commenced trading on 28th July 2008. It acquired apartment 967C in Vale do Lobo, in the Algarve, on 23rd April 2008 and it continues to own and rent out this property. Management services are provided by Klaus Grigutsch Limitada and by Vale do Lobo (Turismo) Limitada.

 

Results and dividends

The results are shown on page 4. The directors do not recommend the payment of a dividend.

 

The accounts are expressed in euros, being the currency in which almost all the income and expenses are incurred.

 

After a 70% reduction in revenue in 2020 and 2021 as a result of the covid pandemic, bookings doubled in 2022. In 2023, however, the rental pattern returned to consisting largely of bookings from outside Portugal, at a slightly reduced overall level than in 2022.

 

The gross rental income for the year was €22,722 (2022: €25,352) which is 10% lower than in the previous year. No additions were made to the property during the year.

 

The loss for the year was €30,241 (2022: €17,982).

 

The company's agent, KG Villas, has taken a substantial number of bookings again for 2024. As in the Director's Report for 2022, therefore, the outlook for the year ahead is encouraging.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Sir David Howard
Lady Valerie Howard

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption.

On behalf of the board
Lady Valerie Howard
Director
20 September 2024
Carovija Properties (No 2) Limited
Accountants' report to the Board of Directors on the preparation of the unaudited statutory financial statements of Carovija Properties (No 2) Limited for the year ended 31 December 2023
2

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Carovija Properties (No 2) Limited for the year ended 31 December 2023 set out on pages 3 to 4 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulation.

This report is made solely to the Board of Directors of Carovija Properties (No 2) Limited, as a body, in accordance with the terms of our engagement letter dated 12 July 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Carovija Properties (No 2) Limited and state those matters that we have agreed to state to the Board of Directors of Carovija Properties (No 2) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Carovija Properties (No 2) Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Carovija Properties (No 2) Limited has kept adequate accounting records and to prepare statutory financial statements that comply with the requirements of the Companies Act 2006. You consider that Carovija Properties (No 2) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Carovija Properties (No 2) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Saffery LLP
20 September 2024
71 Queen Victoria Street
London
EC4V 4BE
Carovija Properties (No 2) Limited
Profit and loss account
For the year ended 31 December 2023
3
2023
2022
Turnover
22,722
25,352
Property expenses
(28,815)
(20,180)
Depreciation and other amounts written off assets
(19,242)
(19,242)
Other charges
(4,906)
(3,912)
Loss for the year
(30,241)
(17,982)
Carovija Properties (No 2) Limited
Balance sheet
As at 31 December 2023
4
2023
2022
Fixed assets
578,781
598,023
Current assets
21,368
27,191
Creditors: amounts falling due within one year
(1,003,572)
(998,396)
Net current liabilities
(982,204)
(971,205)
Total assets less current liabilities
(403,423)
(373,182)
Net liabilities
(403,423)
(373,182)
Capital and reserves
(403,423)
(373,182)
Notes to the financial statements
1
Average employees

The average number of persons (including directors) employed by the company during the year was 2 (2022 - 2).

Carovija Properties (No 2) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 17 Brunswick Gardens, London, England, W8 4AS.

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.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared in accordance with the micro-entity provisions and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime.

The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
Sir David  Howard
Director
Company Registration No. 06315150
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