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REGISTERED NUMBER: 07518288 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 September 2024

for

SHAFTESBURY PROPERTIES LIMITED

SHAFTESBURY PROPERTIES LIMITED (REGISTERED NUMBER: 07518288)






Contents of the Financial Statements
for the year ended 30 September 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SHAFTESBURY PROPERTIES LIMITED

Company Information
for the year ended 30 September 2024







DIRECTORS: D. Karamani
J. Karamani





REGISTERED OFFICE: Global House
303 Ballards Lane
London
N12 8NP





REGISTERED NUMBER: 07518288 (England and Wales)





ACCOUNTANTS: K J Pittalis and Partners LLP
Chartered Certified Accountants
Global House
303 Ballards Lane
London
N12 8NP

SHAFTESBURY PROPERTIES LIMITED (REGISTERED NUMBER: 07518288)

Statement of Financial Position
30 September 2024

30/9/24 30/9/23
Notes £    £   
FIXED ASSETS
Investment property 5 5,300,000 5,300,000

CURRENT ASSETS
Cash at bank 163,053 69,628

CREDITORS
Amounts falling due within one year 6 (112,668 ) (91,202 )
NET CURRENT ASSETS/(LIABILITIES) 50,385 (21,574 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,350,385

5,278,426

CREDITORS
Amounts falling due after more than one
year

7

(1,704,819

)

(1,768,211

)

PROVISIONS FOR LIABILITIES 8 (597,017 ) (597,017 )
NET ASSETS 3,048,549 2,913,198

CAPITAL AND RESERVES
Called up share capital 100 100
Other reserves 1,791,051 1,791,051
Retained earnings 1,257,398 1,122,047
SHAREHOLDERS' FUNDS 3,048,549 2,913,198

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

SHAFTESBURY PROPERTIES LIMITED (REGISTERED NUMBER: 07518288)

Statement of Financial Position - continued
30 September 2024


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 Board of Directors and authorised for issue on 18 March 2025 and were signed on its behalf by:





J. Karamani - Director


SHAFTESBURY PROPERTIES LIMITED (REGISTERED NUMBER: 07518288)

Notes to the Financial Statements
for the year ended 30 September 2024

1. STATUTORY INFORMATION

Shaftesbury Properties Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover comprises revenue recognised by the company in respect of rents received and services supplied during the year, exclusive of Value Added Tax. Rents are recognised up to the year end date.

The total turnover of the company for the year has been derived from its principal activity wholly undertaken within the UK.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 taxation
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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

SHAFTESBURY PROPERTIES LIMITED (REGISTERED NUMBER: 07518288)

Notes to the Financial Statements - continued
for the year ended 30 September 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023
and 30 September 2024 5,300,000
NET BOOK VALUE
At 30 September 2024 5,300,000
At 30 September 2023 5,300,000

The properties were acquired in the last four years and the directors consider that the value is similar to the cost.

Fair value at 30 September 2024 is represented by:
£   
Valuation in 2016 798,905
Valuation in 2018 1,589,163
Cost 2,911,932
5,300,000

If investment properties had not been revalued it would have been included at the following historical cost:

30/9/24 30/9/23
£    £   
Cost 2,911,932 2,911,932

The fair value of the properties at September 2024 has been arrived at on the basis of a valuation carried out at that date by the directors of the company who are not professionally qualified valuers. The directors believe the values shown in the accounts to reflect the market value. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in the location and takes into account the yield from rentals in the area where the property is situated.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/9/24 30/9/23
£    £   
Bank loans and overdrafts 56,979 50,565
Taxation and social security 53,320 31,212
Other creditors 2,369 9,425
112,668 91,202

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/9/24 30/9/23
£    £   
Bank loans 1,704,819 1,768,211

SHAFTESBURY PROPERTIES LIMITED (REGISTERED NUMBER: 07518288)

Notes to the Financial Statements - continued
for the year ended 30 September 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
30/9/24 30/9/23
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instalments 1,508,063 1,582,920

Included in the above loans is a Bounce Back Loan of £50,000 guaranteed by the UK Government under BBLS (the BBLS Guarantee) . There are no capital or interest repayments for the first 13 month after the date of draw down after which the total amount payable must be repaid by way of 60 consecutive monthly repayments (consisting of capital and interest). Interest is charged at a rate of 2.5% on the outstanding principle amount.

In addition, included within the above loans is a loan issued to the company for £1,800,000. The loan is partly interest only and partly capital repayment. Interest is charged at a rate of 6.4% on the outstanding principle amount. The loan is guaranteed byway of a fixed and floating charge over the company's assets as well as a partial guarantee from the directors.

8. PROVISIONS FOR LIABILITIES
30/9/24 30/9/23
£    £   
Deferred tax 597,017 597,017

Deferred
tax
£   
Balance at 1 October 2023 597,017
Balance at 30 September 2024 597,017

The deferred tax provision as shown above relates to the potential future tax due should the investment properties held by the company be sold. The provision has been calculated based on the difference between the historic cost of the properties and the market value of those properties as at the Balance Sheet date at the future applicable corporation tax rates. The increase in the provision for the year reflects the change in corporation tax rates from 19% to 25%, as required by FRS 102 S1A.