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REGISTERED NUMBER: 08321359 (England and Wales)







FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PRIVATE PROPERTIES LIMITED

PRIVATE PROPERTIES LIMITED (REGISTERED NUMBER: 08321359)

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


PRIVATE PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr A Misirlis
Miss E Misirlis





REGISTERED OFFICE: Solar House
282 Chase Road
London
N14 6NZ





REGISTERED NUMBER: 08321359 (England and Wales)





AUDITORS: Freemans Partnership LLP
Chartered Certified Accountants
and Statutory Auditors
Solar House
282 Chase Road
London
N14 6NZ

PRIVATE PROPERTIES LIMITED (REGISTERED NUMBER: 08321359)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,075,000 1,075,000

CURRENT ASSETS
Debtors 5 98,768 93,963
Cash at bank and in hand 124,534 158,424
223,302 252,387
CREDITORS
Amounts falling due within one year 6 725,127 736,526
NET CURRENT LIABILITIES (501,825 ) (484,139 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

573,175

590,861

CREDITORS
Amounts falling due after more than one
year

7

511,830

554,887
NET ASSETS 61,345 35,974

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings 10 61,344 35,973
SHAREHOLDERS' FUNDS 61,345 35,974

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 20 September 2024 and were signed on its behalf by:





Mr A Misirlis - Director


PRIVATE PROPERTIES LIMITED (REGISTERED NUMBER: 08321359)

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


1. STATUTORY INFORMATION

Private 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 on a going concern basis under the historical cost convention.

Going concern
The accounts have been prepared on a going concern basis which the directors consider to be appropriate.

The directors have prepared a cash flow forecast for a period of 12 months from the date of approval of these financial statements which indicate that the Company will have sufficient funds to meet its liabilities as they fall due for that period.

At the time of approving the financial statements the directors have reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of approval of the financial statements. The company therefore continues to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
Key sources of estimation uncertainty

The preparation of the financial statements in conformity with generally accepted accounting principles requires the Directors to make estimations and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. In this regard, the Directors believe that the critical accounting policies where judgments or estimations are necessarily applied are summarised below.

Fair value of investment property - The directors review the fair value of the investment property at each reporting date to ensure that the carrying amount represents the value of the property.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 balance sheet date.


PRIVATE PROPERTIES LIMITED (REGISTERED NUMBER: 08321359)

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


2. ACCOUNTING POLICIES - continued
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 2 (2022 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 1,075,000
NET BOOK VALUE
At 31 December 2023 1,075,000
At 31 December 2022 1,075,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2020 (284,460 )
Valuation in 2022 75,000
Cost 1,284,460
1,075,000

Investment property was valued on an open market basis on 31 December 2022 by the Directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 4,545 -
Other debtors 22,500 22,500
Prepayments 10,507 10,247
Deferred tax 61,216 61,216
98,768 93,963

PRIVATE PROPERTIES LIMITED (REGISTERED NUMBER: 08321359)

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


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 45,356 43,974
Trade creditors 469 4,416
Amounts owed to group undertakings 630,025 643,352
Tax 10,925 9,812
VAT 5,281 2,197
Deferred income 29,191 28,895
Accrued expenses 3,880 3,880
725,127 736,526

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans - 1-2 years 46,780 45,356
Bank loans - 2-5 years 149,355 144,802
Bank loans more 5 yr by instal 315,695 364,729
511,830 554,887

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 315,695 364,729

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 557,186 598,861

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1 Ordinary shares £1 1 1

PRIVATE PROPERTIES LIMITED (REGISTERED NUMBER: 08321359)

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


10. RESERVES
Retained
earnings
£   

At 1 January 2023 35,973
Profit for the year 25,371
At 31 December 2023 61,344

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Raju Kalia (Senior Statutory Auditor)
for and on behalf of Freemans Partnership LLP

12. RELATED PARTY DISCLOSURES

At the year end the company owed £629,991 (2022: £643,318) to Zorobian Enterprises Limited, a company which has significant influence over the entity. The balance is unsecured, interest free and payable on demand.

At the year end the company owed £34 (2022: £34) to Y.A.M. Imperio Enterprises Limited, a company which has significant influence over the entity. The balance is unsecured, interest free and payable on demand.

13. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Zorobian Enterprises Limited.

The ultimate controlling party and holding company is Zorobian Enterprises Limited, a company incorporated in Cyprus. The smallest and largest group in which the company is included within the group financial statements is that of Zorobian Enterprises Limited, copies of which can be obtained from Kedron 5, Imperio House, Mesa Geitonia, 4004, Limassol, Cyprus