Registered number
03003393
DELPHI ASSETS LIMITED
Filleted Accounts
30 September 2024
DELPHI ASSETS LIMITED
Registered number: 03003393
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 16,061,448 16,062,099
Current assets
Debtors 5 87,727 56,709
Cash at bank and in hand 273,267 208,443
360,994 265,152
Creditors: amounts falling due within one year 6 (344,367) (334,034)
Net current assets/(liabilities) 16,627 (68,882)
Total assets less current liabilities 16,078,075 15,993,217
Creditors: amounts falling due after more than one year 7 (2,850,000) (3,000,000)
Provisions for liabilities 8 (1,549,972) (1,549,972)
Net assets 11,678,103 11,443,245
Capital and reserves
Called up share capital 1,000 1,000
Other reserve 8,419,469 8,419,469
Profit and loss account 3,257,634 3,022,776
Shareholders' funds 11,678,103 11,443,245
The directors are 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A Christou
Director
Approved by the board on 25 February 2025
DELPHI ASSETS LIMITED
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of gross property rentals receivable.
Tangible fixed assets
Tangible fixed assets, with the exemption of investment properties, 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:
Computers over 4 years
Furniture and fixtures over 4 years
Investment properties
Investment properties are included in the accounts at fair value and any surplus or deficit is dealt with through the profit and loss account. No depreciation is provided in respect of investment properties.
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.
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
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company - -
3 Taxation 2024 2023
£ £
UK corporation tax on profits of the period 78,715 58,656
Deferred taxation - 807,548
78,715 866,204
4 Tangible fixed assets
Investment properties Fixtures, fittings and equipment Total
£ £ £
Cost or valuation
At 1 October 2023 16,060,000 23,582 16,083,582
At 30 September 2024 16,060,000 23,582 16,083,582
Depreciation
At 1 October 2023 - 21,483 21,483
Charge for the year - 651 651
At 30 September 2024 - 22,134 22,134
Net book value
At 30 September 2024 16,060,000 1,448 16,061,448
At 30 September 2023 16,060,000 2,099 16,062,099
The investment properties are stated at fair values which are based on current market values. The most recent valuations were made by the directors on an open market value for existing use basis.

The historical cost of the investment properties is as follows:
2024 2023
£ £
Historical cost 6,090,559 6,090,559
Cumulative depreciation based on historical cost - -
6,090,559 6,090,559
5 Debtors 2024 2023
£ £
Trade debtors 68,939 41,074
Other debtors 18,788 15,635
87,727 56,709
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 78,715 58,656
Other creditors 265,652 275,378
344,367 334,034
7 Creditors: amounts falling due after one year 2024 2023
£ £
Unsecured shareholder loans 2,850,000 3,000,000
Unsecured shareholder loans
Interest-free loan repayable after more than one year 350,000 500,000
Loan bearing interest at 3% per annum repayable on 1 December 2026 2,500,000 2,500,000
2,850,000 3,000,000
The interest-bearing shareholder loan of £2,500,000 carries interest at the rate of 3% per annum and was originally repayable on 1 December 2024. By mutual agreement between the parties the term has since been extended by a further two years and the loan is now repayable on 1 December 2026.
8 Deferred taxation 2024 2023
£ £
Deferred tax on fair value surplus 1,549,972 1,549,972
1,549,972 1,549,972
At 1 October 1,549,972 742,424
Charged to the profit and loss account - 807,548
At 30 September 1,549,972 1,549,972
9 Related party transactions 2024 2023
£ £
ASC Investments Ltd
Mr S A Christodoulou is a director and shareholder of ASC Investments Ltd
Office lease rental income earned from ASC Investments Ltd 66,000 66,000
Serviced offices rent paid to ASC Investments Ltd 21,000 21,000
10 Controlling party
The company is controlled by Mr S A Christodoulou, a director and the company's major shareholder.
11 Other information
DELPHI ASSETS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Kastalia
1A Harmood Street
London
NW1 8DN
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