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REGISTERED NUMBER: 07077833 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

DRYWATER INVESTMENTS LTD

DRYWATER INVESTMENTS LTD (REGISTERED NUMBER: 07077833)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


DRYWATER INVESTMENTS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: Mr A Christou
Mrs S Constantinou
Mrs N Antoniou
Mr P Christou





SECRETARY: Mrs I Christou





REGISTERED OFFICE: 1 Kings Avenue
London
N21 3NA





REGISTERED NUMBER: 07077833 (England and Wales)





ACCOUNTANTS: AGK Partners
Chartered Accountants
1 Kings Avenue
London
N21 3NA

DRYWATER INVESTMENTS LTD (REGISTERED NUMBER: 07077833)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 15,613 19,516
Investment property 5 8,600,793 8,577,762
8,616,406 8,597,278

CURRENT ASSETS
Debtors 6 1,215,696 1,392,275
Cash at bank and in hand 17,947 89,183
1,233,643 1,481,458
CREDITORS
Amounts falling due within one year 7 410,647 637,319
NET CURRENT ASSETS 822,996 844,139
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,439,402

9,441,417

CREDITORS
Amounts falling due after more than one year 8 (4,064,064 ) (4,070,568 )

PROVISIONS FOR LIABILITIES 10 (833,934 ) (830,031 )
NET ASSETS 4,541,404 4,540,818

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Fair value reserve 2,597,232 2,597,232
Retained earnings 1,943,172 1,942,586
4,541,404 4,540,818

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 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.

DRYWATER INVESTMENTS LTD (REGISTERED NUMBER: 07077833)

STATEMENT OF FINANCIAL POSITION - continued
30 NOVEMBER 2023


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 29 October 2024 and were signed on its behalf by:





Mr A Christou - Director


DRYWATER INVESTMENTS LTD (REGISTERED NUMBER: 07077833)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Drywater 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.

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.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

Revenue
Revenue represents the value of rental income chargeable in respect of the company's investment property.
Revenue is recognised evenly over the period of the rental agreement.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery 20% on reducing balance
Motor Vehicles 20% on reducing balance
Land and buildings Not depreciated

The company has adopted the policy of not depreciating the assets in the year of purchase, but full depreciation will be provided in the year of disposal.

Investment properties
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.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.

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.


DRYWATER INVESTMENTS LTD (REGISTERED NUMBER: 07077833)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all material 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.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 December 2022
and 30 November 2023 90,911 12,000 102,911
DEPRECIATION
At 1 December 2022 83,395 - 83,395
Charge for year 1,503 2,400 3,903
At 30 November 2023 84,898 2,400 87,298
NET BOOK VALUE
At 30 November 2023 6,013 9,600 15,613
At 30 November 2022 7,516 12,000 19,516

DRYWATER INVESTMENTS LTD (REGISTERED NUMBER: 07077833)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022 8,577,762
Additions 23,031
At 30 November 2023 8,600,793
NET BOOK VALUE
At 30 November 2023 8,600,793
At 30 November 2022 8,577,762

The directors consider the market values of the investment properties as at year-end to be as stated in the accounts.

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2017 3,263,292
Valuation in 2021 56,833
Cost 5,280,668
8,600,793

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 1,215,696 1,392,275

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 82,516 103,424
Trade creditors 5,280 3,060
Taxation and social security 82,331 130,648
Other creditors 240,520 400,187
410,647 637,319

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 2,996,648 3,003,152
Other creditors 1,067,416 1,067,416
4,064,064 4,070,568

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,996,648 3,003,152

DRYWATER INVESTMENTS LTD (REGISTERED NUMBER: 07077833)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 3,079,164 3,106,576

The bank loan is secured on the properties of the company by way of a fixed and floating charge and contains negative pledge.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 833,934 830,031

Deferred
tax
£   
Balance at 1 December 2022 830,031
Provided during year 3,903
Balance at 30 November 2023 833,934

11. RELATED PARTY DISCLOSURES

Included in other debtors due within less than one year, is an amount of £947,627 (2022: £1,090,949) due from connected companies under common directorship. The amount remains interest free.

Included in other creditors is an amount of £1,289,535 (2022: £1,432,338) due to connected companies under common directorship.The amount remains interest free.