Company Registration No. 12424678 (England and Wales)
Eureka Properties Limited
Unaudited accounts
for the year ended 31 January 2026
Eureka Properties Limited
Unaudited accounts
Contents
Eureka Properties Limited
Company Information
for the year ended 31 January 2026
Directors
Sabine Abdou
Michail Bachtsetzis Giannidakis
Company Number
12424678 (England and Wales)
Eureka Properties Limited
Statement of financial position
as at 31 January 2026
Investment property
932,000
927,000
Cash at bank and in hand
11,255
53,399
Creditors: amounts falling due within one year
(305,186)
(240,367)
Net current liabilities
(69,073)
(176,313)
Total assets less current liabilities
863,737
751,497
Creditors: amounts falling due after more than one year
(779,024)
(588,220)
Provisions for liabilities
Deferred tax
(67,398)
(66,476)
Called up share capital
2
2
Profit and loss account
17,313
96,799
Shareholders' funds
17,315
96,801
For the year ending 31 January 2026 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2026 and were signed on its behalf by
Sabine Abdou
Director
Company Registration No. 12424678
Eureka Properties Limited
Notes to the Accounts
for the year ended 31 January 2026
Eureka Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 12424678.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard. These are the company's first financial statements prepared under FRS 102; the transition and the restatement of the comparative figures are explained in the note on transition to FRS 102.
The principal accounting policies adopted in the preparation of the financial statements are set out below. These are the company's first financial statements prepared under FRS 102 Section 1A; the policies have been applied consistently to all periods presented, including the restated comparative figures.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
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 accounts. 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.
Turnover represents rental income and letting management fees receivable, excluding value added tax. Rental income is recognised on a straight-line basis over the period of the lease. Management fees are recognised as the services are provided.
At 31 January 2026 the company had net assets of £17,315 and net current liabilities, and made a loss for the year of £79,486, of which £31,590 related to one-off costs. The company is funded by its directors through an unsecured, interest free loan of £302,096, and the directors have confirmed in writing that they will not seek repayment of that loan, and will continue to provide financial support, for at least twelve months from the date of approval of these financial statements. On that basis the directors consider it appropriate to prepare the financial statements on the going concern basis.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less accumulated depreciation and impairment. Depreciation is provided to write off the cost of the assets, less their estimated residual value, over their expected useful lives. The directors consider the residual value of the company's furnishings to be not materially different from their cost, and accordingly no depreciation has been charged.
Eureka Properties Limited
Notes to the Accounts
for the year ended 31 January 2026
4
Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 February 2025
11
799
810
At 31 January 2026
11
799
810
At 31 January 2026
11
799
810
At 31 January 2025
11
799
810
Fair value at 1 February 2025
927,000
Net gain from fair value adjustments
3,689
At 31 January 2026
932,000
The investment properties are carried at fair value, being the directors' assessment of open market value at 31 January 2026, having regard to recent comparable transactions and market evidence. The valuation was not carried out by an independent valuer. The movement in the year comprised additions of £1,311 and a fair value gain of £3,689 (2025 as restated: additions £370,203, disposals £264,000 and a fair value gain of £186,797). The historical cost of the investment properties at 31 January 2026 was £662,408 (2025 as restated: £661,097).
Amounts falling due within one year
Accrued income and prepayments
48
-
Amounts falling due after more than one year
7
Creditors: amounts falling due within one year
2026
2025
Taxes and social security
(2,645)
(3,071)
Other creditors
5,735
20,707
Loans from directors
302,096
222,731
Eureka Properties Limited
Notes to the Accounts
for the year ended 31 January 2026
8
Creditors: amounts falling due after more than one year
2026
2025
Bank loans
692,155
588,220
Creditors falling due after more than one year include bank loans of £692,155, which are secured by fixed charges over the company's investment properties, and an unsecured, interest free loan of £86,869 from a company under common control (see the related party note).
9
Deferred taxation
2026
2025
Accelerated capital allowances
67,398
66,476
Provision at start of year
66,476
19,777
Charged to the profit and loss account
922
46,699
Provision at end of year
67,398
66,476
The provision relates wholly to the fair value gains on the company's investment properties, calculated at 25% on the excess of fair value over tax cost. The movement in the year comprises the provision brought forward of £66,476 (as restated) and a charge to the income statement of £922. The provision would crystallise only on a disposal of the properties, and no disposal is expected in the next twelve months.
10
Transactions with related parties
Directors' loan account: at 31 January 2026 the company owed the directors, S Abdou and M Bachtsetzis Giannidakis, £302,096 (2025 as restated: £222,731). The balance is unsecured, interest free and has no fixed repayment date. The directors have confirmed in writing that they will not seek repayment for at least twelve months from the date of approval of these financial statements.
EPP Coliving Ltd, a company under the common control of the directors: at 31 January 2026 EPP Coliving Ltd owed the company £224,810 (2025: nil), included in debtors falling due after more than one year.
EPP Property Investments Ltd, a company under the common control of the directors: at 31 January 2026 the company owed EPP Property Investments Ltd £86,869 (2025: nil), included in creditors falling due after more than one year.
These intercompany balances are unsecured, interest free and have no fixed repayment date.
11
Average number of employees
During the year the average number of employees was 0 (2025: 0).
Eureka Properties Limited
Notes to the Accounts
for the year ended 31 January 2026
12
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 February 2024
31 January 2025
Capital and reserves (as previously stated)
281,611
396,628
Deferred tax on fair value gains (transition)
(19,777)
(66,476)
Directors' loan reclassified to creditors (error)
(205,400)
(200,604)
Property, debtors and loans restated (errors)
(37,518)
(32,747)
Capital and reserves (as restated)
18,916
96,801
The financial statements for the year ended 31 January 2025 were prepared under the micro-entity provisions (FRS 105). These are the company's first financial statements prepared under FRS 102 Section 1A and the date of transition is 1 February 2024. FRS 105 does not permit investment property to be carried at fair value or deferred tax to be recognised; the deferred tax adjustment is the effect of the change in framework. Errors in the previously reported figures were also identified and are corrected and shown separately. The comparative figures are shown as restated.
Directors' loan: £214,065 of directors' funding was presented as equity although it is a loan repayable to the directors; it is reclassified to creditors (with other creditors corrected).
Property, debtors and loans (1 February 2024 / 31 January 2025): investment property restated to valuation and cost reallocated between properties (£23,682) / (£24,452); cash and debtors corrected (£8,853) / (£10,190); mortgages and loans restated, including mortgage interest previously treated as capital repayment and an £80,250 bridging loan used to purchase 46 Wild Street that was not recorded, (£4,983) / £1,895.
Reconciliation of profit or loss for the year
31 January 2025
Profit for the year (as previously stated)
106,636
Deferred tax charge (transition)
(46,699)
Mortgage interest previously capitalised (error)
(15,601)
Fair value gains, expenses and income corrected (errors)
33,549
Profit for the year (as restated)
77,885
Fair value gains, expenses and income corrected: fair value gains on investment property corrected, including the 46 Wild Street gain reduced by £80,250 and the 6 Parton Street gain recognised, £23,980; administrative expenses corrected, including double-counted salaries removed, £9,379; Flat 5 letting management fee recognised, £190.