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REGISTERED NUMBER: 09306067 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

EUROCREST SUB5 LTD

EUROCREST SUB5 LTD (REGISTERED NUMBER: 09306067)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


EUROCREST SUB5 LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Mr C Stylianou





REGISTERED OFFICE: Chase House
305 Chase Road
Southgate
London
N14 6HA





REGISTERED NUMBER: 09306067 (England and Wales)





ACCOUNTANTS: EA
Chartered Accountants
869 High Road
London
N12 8QA

EUROCREST SUB5 LTD (REGISTERED NUMBER: 09306067)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 6,474,194 6,474,194

CURRENT ASSETS
Debtors 5 2,391,298 2,499,009
Cash at bank and in hand 90,394 100,554
2,481,692 2,599,563
CREDITORS
Amounts falling due within one year 6 176,265 164,722
NET CURRENT ASSETS 2,305,427 2,434,841
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,779,621

8,909,035

CREDITORS
Amounts falling due after more than one
year

7

3,556,250

3,611,250
NET ASSETS 5,223,371 5,297,785

CAPITAL AND RESERVES
Called up share capital 4,981,716 4,981,716
Retained earnings 241,655 316,069
SHAREHOLDERS' FUNDS 5,223,371 5,297,785

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 7 March 2025 and were signed by:





Mr C Stylianou - Director


EUROCREST SUB5 LTD (REGISTERED NUMBER: 09306067)

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

1. STATUTORY INFORMATION

Eurocrest Sub5 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.

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.

TURNOVER
Rental income is recognised and included in turnover when it becomes due under the terms of the lease.

INVESTMENT PROPERTY
Investment properties are carried at fair values. Revaluation surpluses are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the properties are sold. No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in The Financial Reporting Standard 102 (Section 1A) for small entities. The director considers that, because these properties are not held for consumption but for their investment potential, to depreciate them would not give a true and fair view and that it is necessary to adopt The Financial Reporting Standard 102 (Section 1A) for Smaller Entities in order to give a true and fair view. If this departure from the Act had not been made, the profit for the financial year would have been reduced by the amount of depreciation.

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.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 6,474,194
NET BOOK VALUE
At 31 March 2024 6,474,194
At 31 March 2023 6,474,194

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 6,474,194

The investment properties were valued at fair values by the director, at the year end.

EUROCREST SUB5 LTD (REGISTERED NUMBER: 09306067)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings - 95
Other debtors 2,391,298 2,498,914
2,391,298 2,499,009

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 55,000 55,000
Trade creditors 9,535 12,324
Taxation and social security 37,021 34,565
Other creditors 74,709 62,833
176,265 164,722

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 3,556,250 3,611,250

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loan 3,611,250 3,666,250

A legal charge over the assets has been secured by the company's bankers.

EUROCREST SUB5 LTD (REGISTERED NUMBER: 09306067)

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

9. RELATED PARTY DISCLOSURES

The following balances show amounts due from and amounts due to companies in which the director is also a director and/or a shareholder. The loans are interest free:

2024 2023
£ £

Adams & Styles Investments Limited
Amount due from related party 15,103 95


Adams & Styles Properties Limited
Amount due from related party 113,700 113,700


Alison Lodge Limited
Amount due from related party 45,601 70,601


Saphire Homes Limited
Amount due from related party 150,000 150,000



305 Chase Road Limited
Amount due from related party 234,600 234,600


Eurocrest Sub2 Limited
Amount due to related party 3,757 3,757


CSMS Cap Limited
Amount due from related party 1,005,000 1,005,000

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr C Stylianou.

11. PARENT COMPANY

The Parent company is Styles London Holdings Ltd, a company registered in the United Kingdom.