Company No: 09501055 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

Directors	N. J. Campbell (Resigned 30 January 2025)
	F. M. Hill
	T. R. Leigh
	J. Lloyd

Registered office	2nd Floor 168 Shoreditch High Street
	London
	E1 6RA
	United Kingdom

Company number

09501055 (England and Wales)

Accountant	Kreston Reeves LLP
	2nd Floor
	168 Shoreditch High Street
	London
	E1 6RA

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	1,358,576		1,374,398
		1,358,576		1,374,398
Current assets
Debtors	4	0		111,204
Cash at bank and in hand	5	24		1,080
		24		112,284
Creditors: amounts falling due within one year	6	( 204,711)		( 129,208)
Net current liabilities		(204,687)		(16,924)
Total assets less current liabilities		1,153,889		1,357,474
Creditors: amounts falling due after more than one year	7	( 807,901)		( 815,992)
Provision for liabilities	8	( 40,939)		( 39,383)
Net assets		305,049		502,099
Capital and reserves
Called-up share capital	9	2,000		2,000
Revaluation reserve	11	241,938		241,938
Profit and loss account		61,111		258,161
Total shareholder's funds		305,049		502,099

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Zorba Properties Limited (registered number: 09501055) were approved and authorised for issue by the Board of Directors on 29 September 2025. They were signed on its behalf by:

F. M. Hill Director

T. R. Leigh Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Zorba Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2nd Floor 168 Shoreditch High Street, London, E1 6RA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

the amount of turnover can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings

50 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		4

3. Tangible assets

	Land and buildings		Total
	£		£
Cost/Valuation
At 01 January 2024	1,425,000		1,425,000
At 31 December 2024	1,425,000		1,425,000
Accumulated depreciation
At 01 January 2024	50,602		50,602
Charge for the financial year	15,822		15,822
At 31 December 2024	66,424		66,424
Net book value
At 31 December 2024	1,358,576		1,358,576
At 31 December 2023	1,374,398		1,374,398

Revaluation of tangible assets

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

	2024		2023
	£		£
Historical cost	1,193,356		1,193,356
Accumulated depreciation	(221,000)		(205,178)
Carrying value	972,356		988,178

4. Debtors

	2024		2023
	£		£
Amounts owed by Group undertakings	0		111,204

5. Cash and cash equivalents

	2024		2023
	£		£
Cash at bank and in hand	24		1,080

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	41,250		41,250
Trade creditors	6,337		0
Amounts owed to Group undertakings	137,547		66,900
Accruals	2,500		4,937
Taxation and social security	17,077		16,121
	204,711		129,208

7. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	807,901		815,992

There are no amounts included above in respect of which any security has been given by the small entity.

8. Deferred tax

	2024		2023
	£		£
At the beginning of financial year	( 39,383)		( 68,808)
(Charged)/credited to the Profit and Loss Account	( 1,556)		29,425
At the end of financial year	( 40,939)		( 39,383)

The deferred taxation balance is made up as follows:

	2024		2023
	£		£
Revaluation of investment property	( 41,689)		( 45,643)
Tax losses carry forward	750		6,260
	( 40,939)		( 39,383)

9. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
2,000 Ordinary shares of £ 1.00 each	2,000		2,000

10. Related party transactions

At the balance sheet date £70,647 (2023 - £79,353 owed by) was owed to Zorba Holdings Limited the (parent company), £Nil (2023 - £30,651) was owed by Care Focus Limited (a fellow subsidiary).

At the balance sheet date £66,900 (2023 - £66,900) was owed to Zorba Estates Limited (a fellow subsidiary) and is included within Creditors.

11. Reserves

Revaluation reserve

This reserve comprises the surplus created from the revaluation of the freehold properties.

Profit and loss account

This reserve comprises all current and prior period retained profits and losses after deducting distributions.

12. Ultimate controlling party

Parent Company:

Zorba Holdings Limited

Second Floor, 168 Shoreditch High Street London E1 6RA

The directors T.R. Leigh and Ms J. Lloyd are also directors of Zorba Holdings Limited and are considered to control the company.