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Registered number: 09900832
Ceys Properties Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
M. Tatar & Associates
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09900832
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 545,976 555,881
Investment Properties 5 5,942,765 5,826,240
6,488,741 6,382,121
CURRENT ASSETS
Debtors 6 5,600 27,818
Cash at bank and in hand 23,342 19,906
28,942 47,724
Creditors: Amounts Falling Due Within One Year 7 (842,202 ) (857,952 )
NET CURRENT ASSETS (LIABILITIES) (813,260 ) (810,228 )
TOTAL ASSETS LESS CURRENT LIABILITIES 5,675,481 5,571,893
Creditors: Amounts Falling Due After More Than One Year 8 (940,941 ) (990,019 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (849,967 ) (827,827 )
NET ASSETS 3,884,573 3,754,047
CAPITAL AND RESERVES
Called up share capital 10 1 1
Fair value reserve 11 3,623,543 3,529,158
Profit and Loss Account 261,029 224,888
SHAREHOLDERS' FUNDS 3,884,573 3,754,047
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs E Aslan
Director
27/05/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Ceys Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09900832 . The registered office is Unit 8c Angel Road Works, Advent Way, London, N18 3AH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Straight line over 50 years
Motor Vehicles Reducing balance @ 8% p.a
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
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Page 4
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Land & Property
Freehold Motor Vehicles Total
£ £ £
Cost or Valuation
As at 1 January 2024 530,151 59,900 590,051
As at 31 December 2024 530,151 59,900 590,051
Depreciation
As at 1 January 2024 31,810 2,360 34,170
Provided during the period 5,302 4,603 9,905
As at 31 December 2024 37,112 6,963 44,075
Net Book Value
As at 31 December 2024 493,039 52,937 545,976
As at 1 January 2024 498,341 57,540 555,881
5. Investment Property
2024
£
Fair Value
As at 1 January 2024 5,826,240
Fair value adjustments 116,525
As at 31 December 2024 5,942,765
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6. Debtors
2024 2023
£ £
Due within one year
Amounts owed by group undertakings 5,600 27,818
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 44,593 -
Other creditors 725,079 791,447
Taxation and social security 72,530 66,505
842,202 857,952
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 23,820 33,955
Bank loans 911,270 939,658
BBL loan 5,851 16,406
940,941 990,019
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Later than five years 23,820 33,955
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
11. Reserves
Fair Value Reserve
£
As at 1 January 2024 3,529,158
Transfer to profit and loss 94,385
As at 31 December 2024 3,623,543
Page 5