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REGISTERED NUMBER: 03703769 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

NIKITAS PROPERTIES LIMITED

NIKITAS PROPERTIES LIMITED (REGISTERED NUMBER: 03703769)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


NIKITAS PROPERTIES LIMITED (REGISTERED NUMBER: 03703769)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 3,907,426 1,872,960
Investments 5 100 100
3,907,526 1,873,060

CURRENT ASSETS
Debtors 6 120,292 99,053
Cash at bank 50,641 84,671
170,933 183,724
CREDITORS
Amounts falling due within one year 7 13,556 25,354
NET CURRENT ASSETS 157,377 158,370
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,064,903

2,031,430

CREDITORS
Amounts falling due after more than one
year

8

(1,877,905

)

(1,873,433

)

PROVISIONS FOR LIABILITIES 10 (335,784 ) -
NET ASSETS 1,851,214 157,997

CAPITAL AND RESERVES
Called up share capital 90 90
Fair value reserve 11 1,735,719 -
Retained earnings 115,405 157,907
1,851,214 157,997

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 director acknowledges his 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.

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 director and authorised for issue on 21 January 2025 and were signed by:



Mr N Efstathiou - Director


NIKITAS PROPERTIES LIMITED (REGISTERED NUMBER: 03703769)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Nikitas Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03703769

Registered office: 1 Kings Avenue
London
N21 3NA

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.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue represents the value of rental income chargeable in respect of the company's freehold 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.

Leasehold property - 2% on straight line basis
Fixtures and fittings - 20% on reducing balance

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

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.


NIKITAS PROPERTIES LIMITED (REGISTERED NUMBER: 03703769)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

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 (2023 - 1 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Long and
property leasehold fittings Totals
£    £    £    £   
COST OR VALUATION
At 1 February 2023 556,337 1,583,807 91,714 2,231,858
Revaluations 129,247 1,625,853 - 1,755,100
At 31 January 2024 685,584 3,209,660 91,714 3,986,958
DEPRECIATION
At 1 February 2023 - 282,412 76,486 358,898
Charge for year - 31,676 3,046 34,722
Revaluation adjustments - (314,088 ) - (314,088 )
At 31 January 2024 - - 79,532 79,532
NET BOOK VALUE
At 31 January 2024 685,584 3,209,660 12,182 3,907,426
At 31 January 2023 556,337 1,301,395 15,228 1,872,960

Cost or valuation at 31 January 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2024 1,755,100 - 1,755,100
Cost 2,140,144 91,714 2,231,858
3,895,244 91,714 3,986,958

NIKITAS PROPERTIES LIMITED (REGISTERED NUMBER: 03703769)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 February 2023
and 31 January 2024 100
NET BOOK VALUE
At 31 January 2024 100
At 31 January 2023 100

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 54,268 43,013
Other debtors 66,024 56,040
120,292 99,053

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 120 2,220
Taxation and social security - 10,671
Other creditors 13,436 12,463
13,556 25,354

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 1,877,905 1,873,433

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,877,905 1,873,433

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,877,905 1,873,433

Bank loan is secured by way of fixed and floating charge on the property and other assets of the company and contains a negative pledge

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 335,784 -

NIKITAS PROPERTIES LIMITED (REGISTERED NUMBER: 03703769)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Provided during year 335,784
Balance at 31 January 2024 335,784

11. RESERVES
Fair
value
reserve
£   
Movement 1,735,719

At 31 January 2024 1,735,719

12. RELATED PARTY DISCLOSURES

Included in other debtors less than one year is an amount of £50,007 (2023 : £39,812) due from the director of the company. Interest of 2.25% has been charged on the overdrawn balance.