REGISTERED NUMBER: 05057049 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

MONTE PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr L Lazari

Mr K Pattichi

SECRETARY:

Mr L Lazari

REGISTERED OFFICE:

2nd Floor

10(b) Aldermans Hill

Palmers Green

London

N13 4PJ

REGISTERED NUMBER:

05057049 (England and Wales)

AUDITORS:

Chris Skarparis & Co Ltd

Chartered Accountants and

Statutory Auditors

2nd Floor

10(b) Aldermans Hill

Palmers Green

London

N13 4PJ

FIXED ASSETS

Tangible assets

5

1,912

2,250

Investment properties

6

26,080,000

25,955,000

26,081,912

25,957,250

CURRENT ASSETS

Debtors

7

448,134

412,447

Cash at bank

218,067

166,337

666,201

578,784

CREDITORS

Amounts falling due within one year

8

856,083

779,243

NET CURRENT LIABILITIES

(189,882

)

(200,459

)

TOTAL ASSETS LESS CURRENT LIABILITIES

25,892,030

25,756,791

CREDITORS

Amounts falling due after more than one year

9

(17,591,387

)

(17,148,685

)

PROVISIONS FOR LIABILITIES

12

(538,471

)

(577,747

)

NET ASSETS

7,762,172

8,030,359

CAPITAL AND RESERVES

Called up share capital

13

2

2

Fair value reserve

14

6,475,817

6,770,646

Retained earnings

14

1,286,353

1,259,711

SHAREHOLDERS' FUNDS

7,762,172

8,030,359

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 30 December 2025 and were signed on its behalf by:

Mr L Lazari - Director

1.	STATUTORY INFORMATION

Monte Properties Limited is a private company,limited by shares, registered in England and Wales. The company's registered number is 05057049 and registered office address is 2nd Floor, 10(B) Alderman Hill, Palmers Green , London, N13 4PJ.

2.	ACCOUNTING POLICIES

Basis of preparation

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 as modified by the revaluation of certain assets.

Significant judgements and estimates

Critical accounting estimates and assumptions

The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions in certain circumstances that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined below.

Investment property valuations

Properties are valued by a qualified external chartered surveyor. Valuations are made as at the reporting date and conform to RICS Standards. Valuations are made using various assumptions and estimations which include, but are not limited to; market yields, transaction prices of similar properties, tenure and tenancy details. Investment property is carried at fair value determined annually by external valuers 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.

See note 7

Recognition of tax liabilities and assets

The entity's tax result on ordinary activities is the sum of the total current and deferred tax charges. The calculation of the total tax charge necessarily involves a degree of estimation and judgement in respect of certain items. The final outcome of some of these items may give rise to material profit and loss variances.

Trade debtors

The company reviews trade debtors and makes judgements on the recoverability of these debtors with reference to the age of outstanding amounts, credit status of the counterparty and the status of any outstanding dispute.

Turnover

Turnover represents net rental and other related income, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Investment properties

Investment properties are carried at fair value as determined above. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Deferred taxes at the balance sheet date have been measured using the enacted tax rates of 25% as reflected in these financial statements.

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.

Recognition of income relating to rent free periods

Rental income relating to rent free periods given on new leases is allocated evenly over the period from the date of the lease commencement to the the lease expiry date.

Finance cost amortisation

Finance costs incurred in connection with the arrangement of bank loans are capitalised as a reduction to the loan and then amortised , on a straight line basis, over the duration of the loans.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

Long term directors loan account are interest free and are measured at the transaction price.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	AUDITORS' REMUNERATION

31.3.25

31.3.24

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

16,600

15,800

Auditors' remuneration for non audit work

3,700

3,500

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

and 31 March 2025

17,853

DEPRECIATION

At 1 April 2024

15,603

Charge for year

338

At 31 March 2025

15,941

NET BOOK VALUE

At 31 March 2025

1,912

At 31 March 2024

2,250

6.	INVESTMENT PROPERTIES

Total

£

COST OR VALUATION

At 1 April 2024

25,955,000

Additions

459,105

Revaluations

(334,105

)

At 31 March 2025

26,080,000

NET BOOK VALUE

At 31 March 2025

26,080,000

At 31 March 2024

25,955,000

The Investment properties were valued on an open market basis on 7 April 2025 by Colliers International Property Consultants Limited, Chartered Surveyors.

7.

DEBTORS

31.3.25

31.3.24

£

£

Amounts falling due within one year:

Trade debtors

348,624

309,223

Rent free

65,352

69,066

413,976

378,289

Amounts falling due after more than one year:

Directors' loan accounts

34,158

34,158

Aggregate amounts

448,134

412,447

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

93,359

89,994

Tax

15,258

4,543

VAT

12,699

13,334

Other creditors- Service

charges due to tenants

2,476

19,805

Rent & service charges

received in advance

374,313

337,702

Accrued expenses

357,978

313,865

856,083

779,243

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans 1: - 2-5 years

13,486,500

13,486,500

Finance costs

(71,032

)

(142,064

)

Amount due to connected entity

1,920,000

1,815,000

Tenants' deposits

250,313

276,966

Sinking funds- Harlequin court

5,816

5,816

Sinking funds- other

properties

108,413

108,413

Directors' loan accounts

1,891,377

1,598,054

17,591,387

17,148,685

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Amount due to connected entity

1,920,000

1,815,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

Bank loans

13,486,500

13,486,500

Monte Properties Ltd had a loan of of £13,486,500 (2024: £13,486,500) from Barclays Bank Plc. The loan had an interest rate of Sonia plus 2.10% payable quarterly. The capital amount will be payable within 2 years.

11.	DIRECTORS' LOAN

Included in Creditors - amounts falling due after more than one year and this is due to Mr Leonidas Lazari. These loans are recognised at transaction price. The directors' loans are not due until after more than 1 year and is interest free.

12.	PROVISIONS FOR LIABILITIES

31.3.25

31.3.24

£

£

Deferred tax

Accelerated capital allowances

(2,274

)

(2,274

)

Capital gain tax on investment properties

540,745

580,021

538,471

577,747

Deferred

tax

£

Balance at 1 April 2024

577,747

Credit to Income Statement during year

(39,276

)

Balance at 31 March 2025

538,471

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

2

Ordinary

£1

2

2

14.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 April 2024

1,259,711

6,770,646

8,030,357

Deficit for the year

(268,187

)

(268,187

)

Transfer to fair value reserve

- investment properties

revaluation

334,105

(334,105

)

-

Transfer to fair value reserve

-Capital Gain Tax on

investment properties

(39,276

)

39,276

-

At 31 March 2025

1,286,353

6,475,817

7,762,170

Fair value reserve as at 31 March 2025 is an amount of £6,475,817 (2024: £6,770,646) relate to revaluation reserves which are non distributable.

15.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Christakis Skarparis (Senior Statutory Auditor)

for and on behalf of Chris Skarparis & Co Ltd

16.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors have provided a joint and several personal guarantee of £13,486,500 to Barclays Bank Plc, in relation to the bank loan.

17.	RELATED PARTY DISCLOSURES

Included in creditors falling due after one year is an amount due to Pattichi Properties Ltd, a company controlled by Mr K Pattichi, a company director. The balance outstanding at 31 March 2025 was £1,920,000 (31 March 2024: £1,815,000). The total loan interest paid during the year was based on commercial rates and total amount is £72,183 (31 March 2024: £35,005). The total accumulated interest on the Pattichi Properties Ltd loan is £260,268 (31 March 2024: £188,085). The maximum amount due to Pattichi Properties Ltd during the year was £1,920,000.