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 financial statements were approved and authorised for issue by the board on |
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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. |
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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 | 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. |
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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: |