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REGISTERED NUMBER: 09305005 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

EUROCREST SUB2 LTD

EUROCREST SUB2 LTD (REGISTERED NUMBER: 09305005)






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 SUB2 LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Mr P Adamou





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





REGISTERED NUMBER: 09305005 (England and Wales)





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

EUROCREST SUB2 LTD (REGISTERED NUMBER: 09305005)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 6,452,361 6,452,361

CURRENT ASSETS
Debtors 5 2,594,607 2,769,971
Cash at bank and in hand 75,732 85,312
2,670,339 2,855,283
CREDITORS
Amounts falling due within one year 6 87,963 78,373
NET CURRENT ASSETS 2,582,376 2,776,910
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,034,737

9,229,271

CREDITORS
Amounts falling due after more than one
year

7

3,745,250

3,808,250
NET ASSETS 5,289,487 5,421,021

CAPITAL AND RESERVES
Called up share capital 4,981,716 4,981,816
Retained earnings 307,771 439,205
SHAREHOLDERS' FUNDS 5,289,487 5,421,021

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 P Adamou - Director


EUROCREST SUB2 LTD (REGISTERED NUMBER: 09305005)

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

1. STATUTORY INFORMATION

Eurocrest Sub2 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.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

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.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

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

EUROCREST SUB2 LTD (REGISTERED NUMBER: 09305005)

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 6,452,361
NET BOOK VALUE
At 31 March 2024 6,452,361
At 31 March 2023 6,452,361

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 17,117 7,109
Other debtors 2,577,490 2,762,862
2,594,607 2,769,971

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 22,739 20,204
Taxation and social security 59,583 55,487
Other creditors 5,641 2,682
87,963 78,373

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 3,745,250 3,808,250

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 3,745,250 3,808,250

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

EUROCREST SUB2 LTD (REGISTERED NUMBER: 09305005)

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
£ £
PACA Cap Ltd
Amount due from related party 1,200,000 1,200,000


Adams and Styles Ventures Limited
Amount due from related party 17,117 7,109


Adams and Styles Properties Limited
Amount due from related party 162,500 162,500


Allison Lodge Limited
Amount due from related party 2,601 27,601


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


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


Eurocrest Sub5 Limited
Amount due from related party 3,757 3,757

10. ULTIMATE CONTROLLING PARTY

During the period under review ultimate controlling party is the director, Mr P Adamou.

11. PARENT COMPANY

During the period under review the Parent company is Adams & Styles Ventures Ltd, a company registered in the United Kingdom.