Athena_Peters_Investments - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

Athena Peters Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Poole Lane, Staines-Upon-Thames, TW19 7DS.

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company made a profit of £40,393 during the year and at the Balance Sheet date had net assets of £211,783. Subsequent to the year end, despite the impact of the coronavirus, the company continues to be in a healthy financial position. The directors have considered the impact of the pandemic on the company's cash flow requirements and do not foresee any long term implications.true

As a result, the directors believe that the company will be able to continue in business and meet its liabilities as they fall due for a period of at least twelve months from the date of the approval of the financial statements.

Turnover represents rent receivable.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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.

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Although this accounting policy is in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"), it is a departure from the general requirements of the Companies Act 2006 for all tangible fixed assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

Cash at bank and in hand 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 current liabilities.

The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as ‘other’ or financial instruments measured at fair value.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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 estimate 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.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The investment properties owned by the company have been revalued as at 31 March 2020 by the directors on a fair value basis.

The average monthly number of persons employed by the company during the year was 1 (2019: 1).

The investment properties were revalued at 31 March 2020 by the directors on a fair value basis.

The historic cost of the investment properties is £1,359,605 (2019: £1,359,605).

The bank loans are secured by fixed and floating charges over the assets of the company.

A bank loan of £300,000 is interest only and due for repayment at the end of the term in September 2024. Interest is being charged at 5.10% above LIBOR. The directors, A Gupta and S Gupta, have each given personal guarantees of £300,000 in respect of this loan.

A bank loan of £376,999 is interest only and due for repayment at the end of the term in November 2040. Interest is being charged at 3.79% above LIBOR.

A bank loan of £259,970 is interest only and due for repayment at the end of the term in October 2042. Interest is being charged at 3.49% above LIBOR.

At the year end there was a balance of £10,564 (2019: £10,564) due from Syntax Construction Limited, a subsidiary of Athena Investech Holdings Limited.

At the year end there was a balance of £85,727 (2019: £94,578) due from Athena Infotech Limited, a subsidiary of Athena Investech Holdings Limited.

At the year end there was a balance of £285,937 (2019: £308,937) due to Athena Investech Holdings Limited, the parent company.

At the year end there was a balance of £182,224 (2019: £193,594) due to Woodthorpe Estates Limited, a company controlled by S Gupta.

During the year, the company charged rent of £18,000 (2019: £18,000) to the directors. During the year, the company paid rent of £35,400 (2019: £37,200) to the directors for properties owned by the directors and let by the company.

The immediate and ultimate parent company is Athena Investech Holdings Limited, a company registered in England and Wales. The registered office address of the parent company is 6 Poole Lane, Staines-Upon-Thames, TW19 7DS.