1 December 2023 v2025.57.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP060037972023-12-012024-11-30060037972024-11-30060037972023-11-3006003797core:WithinOneYear2024-11-3006003797core:WithinOneYear2023-11-3006003797core:AfterOneYear2024-11-3006003797core:AfterOneYear2023-11-3006003797core:ShareCapital2024-11-3006003797core:ShareCapital2023-11-3006003797core:RetainedEarningsAccumulatedLosses2024-11-3006003797core:RetainedEarningsAccumulatedLosses2023-11-3006003797bus:Director12023-12-012024-11-3006003797bus:RegisteredOffice2023-12-012024-11-30060037972022-12-012023-11-3006003797core:LandBuildings2023-12-0106003797core:LandBuildings2023-12-012024-11-3006003797core:LandBuildings2024-11-3006003797core:LandBuildings2023-11-300600379712023-12-012024-11-3006003797countries:EnglandWales2023-12-012024-11-3006003797bus:AuditExempt-NoAccountantsReport2023-12-012024-11-3006003797bus:PrivateLimitedCompanyLtd2023-12-012024-11-3006003797bus:SmallEntities2023-12-012024-11-3006003797bus:FullAccounts2023-12-012024-11-30
Company registration number:
06003797
Geostel Properties Limited
Unaudited Filleted Financial Statements for the year ended
30 November 2024
Geostel Properties Limited
Statement of Financial Position
30 November 2024
20242023
Note££
Fixed assets    
Tangible assets 5
4,883,934
 
4,804,334
 
Current assets    
Debtors 6
29,253
 
19,107
 
Cash at bank and in hand
14,186
 
9,763
 
43,439
 
28,870
 
Creditors: amounts falling due within one year 7
(17,422
)
(35,387
)
Net current assets/(liabilities)
26,017
 
(6,517
)
Total assets less current liabilities 4,909,951   4,797,817  
Creditors: amounts falling due after more than one year 8
(3,719,155
)
(3,516,826
)
Provisions for liabilities
(254,864
)
(254,864
)
Net assets
935,932
 
1,026,127
 
Capital and reserves    
Called up share capital
2
 
2
 
Profit and loss account
935,930
 
1,026,125
 
Shareholders funds
935,932
 
1,026,127
 
For the year ending
30 November 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
29 August 2025
, and are signed on behalf of the board by:
S Constantinou
Director
Company registration number:
06003797
Geostel Properties Limited
Notes to the Financial Statements
Year ended
30 November 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
1 Kings Avenue
,
WInchmore Hill
,
London
,
N21 3NA
, England.
The principal activity of the company is that of property investment.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the presentation and functional currency of the company.
The following accounting policies have been applied consistently throughout the year.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.Revisions to accounting estimates are recognised in the period in which the estimates is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.
There were no judgements and estimates that had significant effect on the amounts recognised in the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

Current tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2023:
2
).

5 Tangible assets

Land and buildings
£
Cost  
At
1 December 2023
4,804,334
 
Other movements
79,600
 
At
30 November 2024
4,883,934
 
Depreciation  
At
1 December 2023
and
30 November 2024
-  
Carrying amount  
At
30 November 2024
4,883,934
 
At 30 November 2023
4,804,334
 
The fair value of the properties at 30 November 2024 has been arrived at on the basis of a valuation carried out at the date by the directors of the company who are not professionally qualified valuers.
The historical cost of the freehold property was £2,080,144 (2023 - £2,080,144).
The historical cost of the leasehold property was £1,675,549 (2023 - £1,595,949).
Included within leashold property is one property with a net book value of £980,000 (2023 - £980,000) which is held by Mr G Constantinou and S Constantinou, in trust on behalf of the company.

6 Debtors

20242023
££
Trade debtors
11,100
 
5,700
 
Other debtors
18,153
 
13,407
 
29,253
 
19,107
 

7 Creditors: amounts falling due within one year

20242023
££
Taxation and social security
1,793
 
6,808
 
Other creditors
15,629
 
28,579
 
17,422
 
35,387
 

8 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
2,838,864
 
2,774,746
 
Other creditors
880,291
 
742,080
 
3,719,155
 
3,516,826
 
In August 2015 the company took out a loan of £529,995 with Santander Building Society. This is a 25 year interest only loan with interest being charged at 2.29% per annum. The balance of the loan as at the year end was £534,992 (2023: £534,992). The loan is secured by a first legal charge over the properties of the company.
The Santander Building Society loan is in relation to the acquistion of one leashold property held in trust by Mr G Constantinou and S Constantinou on behalf of the company.
In 2021, the company took out a loan of £600,000 with Eurobank Cyprus Ltd. This is an interest only loan for the first 12 months, interest and part capital repayment thereafter by 15 quarterly consecutive installmets as calculated in 20 year repayment schedule and finally capital and interest payable for the last 5 years. The loan interest rate is 2.75% over 3 months Euribor per annum. The balance of the loan as at the year end was £573,388 (2023: £589,380).
In 2023, the company took out a loan of £1,650,000 with Monument Bank. This is a 5 year interest only loan with fixed interest rate of 5.25% per annum. The balance of the loan as at the year end was £1,656,468 (2023: £1,650,374). The loan is secured by a first legal charge over the properties of the company.

10 Controlling party

The ultimate controlling party is the director, Mrs S Constantinou.