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REGISTERED NUMBER: 02776821 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

Michaelides Investments Limited

Michaelides Investments Limited (Registered number: 02776821)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 8

Michaelides Investments Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: Mrs P G Michaelides
L Michaelides





REGISTERED OFFICE: 18-20 Frognal
London
NW3 6AG





REGISTERED NUMBER: 02776821 (England and Wales)





ACCOUNTANTS: Tasos Papaloizou Chartered Accountants
Suite 1
The Golf Club
Darkes Lane
Potters Bar
EN6 1DE

Michaelides Investments Limited (Registered number: 02776821)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 965,000 965,000

CURRENT ASSETS
Debtors 5 712,941 726,971
Cash at bank and in hand 1,254 744
714,195 727,715
CREDITORS
Amounts falling due within one year 6 103,035 104,329
NET CURRENT ASSETS 611,160 623,386
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,576,160

1,588,386

CREDITORS
Amounts falling due after more than one
year

7

(474,706

)

(495,965

)

PROVISIONS FOR LIABILITIES 9 (184,422 ) (184,422 )
NET ASSETS 917,032 907,999

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 10 245,835 245,835
Retained earnings 671,195 662,162
SHAREHOLDERS' FUNDS 917,032 907,999

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

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

Michaelides Investments Limited (Registered number: 02776821)

Balance Sheet - continued
31 January 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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 November 2024 and were signed on its behalf by:





L Michaelides - Director


Michaelides Investments Limited (Registered number: 02776821)

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

1. STATUTORY INFORMATION

Michaelides Investments 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
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 shown in the profit and loss account represent rents receivable for the year.

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 Statement of Income and Retained Earnings, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

Michaelides Investments Limited (Registered number: 02776821)

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 965,000
NET BOOK VALUE
At 31 January 2024 965,000
At 31 January 2023 965,000

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2005 462,167
Valuation in 2006 25,000
Valuation in 2007 30,000
Valuation in 2008 31,500
Valuation in 2018 303,500
Cost 112,833
965,000

The investment property was valued on an open market basis on 31 January 2024 by by the Directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Amounts owed by connected companies 689,674 703,704
Other debtors 23,267 23,267
712,941 726,971

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 21,454 21,604
Amounts owed to connected companies 27,107 23,707
Taxation and social security 8,555 6,298
Other creditors 45,919 52,720
103,035 104,329

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans 474,706 495,965

Michaelides Investments Limited (Registered number: 02776821)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.1.24 31.1.23
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 388,980 409,549

8. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Bank loan 475,725 494,426

The Bank loans are secured by way of a first legal charge over the investment properties.

9. PROVISIONS FOR LIABILITIES
31.1.24 31.1.23
£    £   
Deferred tax 184,422 184,422

Deferred
tax
£   
Balance at 1 February 2023 184,422
Balance at 31 January 2024 184,422

10. RESERVES
Fair
value
reserve
£   
At 1 February 2023
and 31 January 2024 245,835

Michaelides Investments Limited (Registered number: 02776821)

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

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023:

31.1.24 31.1.23
£    £   
L Michaelides
Balance outstanding at start of year (20,204 ) (20,204 )
Amounts advanced 9,100 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (11,104 ) (20,204 )

The Directors loan is unsecured, interest free and without specific terms for repayment.

Michaelides Investments Limited

Report of the Accountants to the Directors of
Michaelides Investments Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 January 2024 set out on pages nil to ten and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Tasos Papaloizou Chartered Accountants
Suite 1
The Golf Club
Darkes Lane
Potters Bar
EN6 1DE


Date: .............................................