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REGISTERED NUMBER: 03171979 (England and Wales)














Financial Statements

for the Year Ended 31 March 2024

for

Poseidon Investments Ltd

Poseidon Investments Ltd (Registered number: 03171979)

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


Poseidon Investments Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: H Haralambous
Mrs T Haralambous





SECRETARY: H Haralambous





REGISTERED OFFICE: Oriel House
2 - 8 Oriel Road
Bootle
Merseyside
L20 7EP





REGISTERED NUMBER: 03171979 (England and Wales)





ACCOUNTANTS: SB&P
Chartered Accountants
Oriel House
2-8 Oriel Road
Bootle
Liverpool
Merseyside
L20 7EP

Poseidon Investments Ltd (Registered number: 03171979)

Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 19,138 19,760
Investment property 5 9,340,000 9,640,000
9,359,138 9,659,760

CURRENT ASSETS
Debtors 6 106,450 160,805
Cash at bank 116,976 91,262
223,426 252,067
CREDITORS
Amounts falling due within one year 7 393,815 379,729
NET CURRENT LIABILITIES (170,389 ) (127,662 )
TOTAL ASSETS LESS CURRENT LIABILITIES 9,188,749 9,532,098

CREDITORS
Amounts falling due after more than one year 8 (3,242,479 ) (3,734,684 )

PROVISIONS FOR LIABILITIES (584,113 ) (584,269 )
NET ASSETS 5,362,157 5,213,145

CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 11 2,084,871 2,084,871
Retained earnings 3,277,186 3,128,174
SHAREHOLDERS' FUNDS 5,362,157 5,213,145

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.

Poseidon Investments Ltd (Registered number: 03171979)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 November 2024 and were signed on its behalf by:





Mrs T Haralambous - Director


Poseidon Investments Ltd (Registered number: 03171979)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Poseidon Investments Ltd 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 the net amount of rent due from lessees in accordance with contractual obligations.

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 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

Poseidon Investments Ltd (Registered number: 03171979)

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 49,500 2,958 52,458
Additions - 2,675 2,675
At 31 March 2024 49,500 5,633 55,133
DEPRECIATION
At 1 April 2023 31,957 741 32,698
Charge for year 2,631 666 3,297
At 31 March 2024 34,588 1,407 35,995
NET BOOK VALUE
At 31 March 2024 14,912 4,226 19,138
At 31 March 2023 17,543 2,217 19,760

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 9,640,000
Disposals (300,000 )
At 31 March 2024 9,340,000
NET BOOK VALUE
At 31 March 2024 9,340,000
At 31 March 2023 9,640,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2013 143,871
Valuation in 2014 (661,244 )
Valuation in 2015 (225,000 )
Valuation in 2017 770,000
Valuation in 2021 802,696
Valuation in 2023 1,694,122
Cost 6,815,555
9,340,000

Poseidon Investments Ltd (Registered number: 03171979)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


5. INVESTMENT PROPERTY - continued

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 5,469,674 5,469,674

Investment property was valued on an open market basis on 19 December 2012 by Mason Owen Property Consultants .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 106,450 160,805

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 126,442 121,282
Trade creditors 171,110 148,074
Taxation and social security 61,025 61,494
Other creditors 35,238 48,879
393,815 379,729

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 3,242,479 3,734,684

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,548,249 2,922,813

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 3,368,921 3,855,966

The mortgage is secured by a charge dated 28/07/2017 over the company's properties.

Poseidon Investments Ltd (Registered number: 03171979)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
50 Ordinary A Shares £1 50 50
50 Ordinary B Shares £1 50 50
100 100

11. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 2,084,871

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
H Haralambous and Mrs T Haralambous
Balance outstanding at start of year 49,945 18,742
Amounts advanced 260,546 511,321
Amounts repaid (297,770 ) (480,118 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 12,721 49,945