Registered number
05661166
L C Mitsiou Estates Limited
Unaudited Financial Statements for the year ended
31 December 2023
L C Mitsiou Estates Limited
Report and accounts
Contents
Page
Balance sheet 1
Notes to the accounts 2 - 4
L C Mitsiou Estates Limited
Registered number: 05661166
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Investment properties 3 4,536,480 3,854,295
Current assets
Debtors 4 143,757 124,488
Cash at bank and in hand 5,847 8,787
149,604 133,275
Creditors: amounts falling due within one year 5 (2,454,558) (1,784,564)
Net current liabilities (2,304,954) (1,651,289)
Total assets less current liabilities 2,231,526 2,203,006
Creditors: amounts falling due after more than one year 6 (1,000,000) (987,555)
Provisions for liabilities (125,436) (125,436)
Net assets 1,106,090 1,090,015
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,105,990 1,089,915
Shareholders' funds 1,106,090 1,090,015
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The directors report and the profit and loss account have not been delivered to the Registrar of Companies.
The financial statements were approved and authorised for issue by the board on 24 February 2025 and were signed on its behalf by:
C Mitsiou
Director
L C Mitsiou Estates Limited
Notes to the Financial Statements
for the year ended 31 December 2023
2 Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. These financial statements have been prepared in accordance with FRS102, section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represents amounts recognised by the company in respect of rents receivable.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Investment properties
Investment properties are included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate ex[expected to apply when the property is sold.
Financial instruments
The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for the objective evidence of impairment. If the objective evidence of impairment is found, an impairment loss is recognised in the profit and loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right of set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
The tax expense for the year comprises current and deferred tax.
The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Contributions to defined contribution plans are expensed in the period to which they relate.
3 Employees 2023 2022
Number Number
The average number of employees, including directors, employed by the company is 4 4
4 Investment properties 2023 2022
£ £
Fair value at 1 January 2023 3,854,295 4,522,000
Property acquisitions 682,185
Property disposals -
Fair value at 31 December 2023 4,536,480 4,522,000
The properties were last professionally valued by Alexander Lawson Chartered Surveyors on 7th May 2019. The directors have adjusted the carrying value of the properties affected. Deferred tax has been provided for on the revaluation reserve movement.
5 Debtors 2023 2022
£ £
Other debtors 143,757 124,488
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 998,905 20,760
Trade creditors 4,800 -
Amounts due to connected companies 723,763 616,773
Other taxes and social security costs 18,885 591
Other creditors 708,205 1,127,747
2,454,558 1,765,871
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,000,000 987,555
The bank loan is secured by a fixed and floating charge over a selection of the investment properties of the company.
8 Related party transactions
Included within amounts due to connected companies are the following related party transactions;

The amount due to Arnold Gardens Limited, a company in which the former director L C Mitsiou is a director and has a beneficial interest was £382,105 (2022: £318,242). This represents working capital movement through the collection of rents and payment of expenses. During the year, the company charged management fees of £10,214 (2022: £8,119) and these remain unpaid.

The amount due to Barrat Property Limited, a company in which the former director L C Mitsiou has a beneficial interest was £131,438 (2022: £131,438). This represents working capital movement through the collection of rents and payment of expenses. The company is registered in Cyprus.

The amount due to Barrat UK Estates Limited, a company in which the former director L C Mitsiou has a beneficial interest was £171,471 (2022: £128,344). This represents working capital movement through the collection of rents and payment of expenses. During the year, the company charged management fees of £6,059 (2022: £5,891).

The amount due to The L C Mitsiou & Son Limited Pension Fund, a pension fund in which L C Mitsiou is a beneficiary was £38,849 (2022: £38,849). This represents working capital movement through the collection of rents and payment of expenses.
9 Controlling party
The ultimate controlling party is C Mitsiou.
10 Other information
L C Mitsiou Estates Limited is a private company limited by shares and incorporated in England. Its registered office is 1st Floor, 446a Green Lanes, London, N13 5XD:
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