Pita Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05309138 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

PITA PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

D G Wilson

REGISTERED OFFICE:

34-40 High Street

Wanstead

London

E11 2RJ

REGISTERED NUMBER:

05309138 (England and Wales)

ACCOUNTANTS:

THP Limited

Chartered Accountants

34-40 High Street

Wanstead

London

E11 2RJ

FIXED ASSETS

Tangible assets

4

473

956

Investment property

5

739,049

494,152

739,522

495,108

CURRENT ASSETS

Debtors

6

918

1,398

Cash at bank

21,698

27,875

22,616

29,273

CREDITORS

Amounts falling due within one year

7

1,264,841

964,298

NET CURRENT LIABILITIES

(1,242,225

)

(935,025

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(502,703

)

(439,917

)

CREDITORS

Amounts falling due after more than one year

8

-

300,709

NET LIABILITIES

(502,703

)

(740,626

)

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

10

(36,247

)

(281,144

)

Retained earnings

(466,556

)

(459,582

)

SHAREHOLDERS' FUNDS

(502,703

)

(740,626

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 director and authorised for issue on 18 November 2020 and were signed by:

D G Wilson - Director

1.	STATUTORY INFORMATION

Pita Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements and going concern

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.

The financial statements have been prepared on a going concern basis on the basis of the ongoing support from the shareholder.

Revenue recognition

Revenue represents rents receivable on the company's foreign investment property. Revenue is recognised in the accounting period in which the property was let.

Tangible fixed assets

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

Fixtures and fittings

-

15% on cost

Investment property

Investment Properties are shown at fair value. Any aggregate surplus or deficit that arises from a change in fair value is recognised in the income statement, net of deferred tax. On an annual basis this surplus or deficit is transferred from retained profits into a separate, non-distributable reserve called the "Revaluation Reserve".

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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2019

and 31 December 2019

63,048

DEPRECIATION

At 1 January 2019

62,092

Charge for year

483

At 31 December 2019

62,575

NET BOOK VALUE

At 31 December 2019

473

At 31 December 2018

956

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2019

494,152

Revaluation in the year

244,897

At 31 December 2019

739,049

NET BOOK VALUE

At 31 December 2019

739,049

At 31 December 2018

494,152

Fair value at 31 December 2019 is represented by:

£

Valuation in 2010

81,264

Valuation in 2011

2,216

Valuation in 2012

(20,972

)

Valuation in 2013

17,477

Valuation in 2014

(340,765

)

Valuation in 2015

(28,300

)

Valuation in 2016

12,268

Valuation in 2017

20,837

Valuation in 2018

(25,169

)

Valuation in 2019

244,897

Cost

775,296

739,049

The Director considers the fair value of the property as at 31 December 2019 to be 869,000 Euros, which equates to £739,049 using year end exchange rates.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Prepayments

918

1,398

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans

284,643

31,620

Other creditors

2,617

2,617

Amounts owed to related party

970,676

923,404

Accrued expenses

6,905

6,657

1,264,841

964,298

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

-

32,226

Bank loans - 2-5 years

-

100,431

Bank loans >5 years payable

by instalments

-

168,052

-

300,709

Amounts falling due in more than five years:

Repayable by instalments

Bank loans >5 years payable

by instalments

-

168,052

-

168,052

The bank loan was repaid via a loan from the shareholder in September 2020 and this is why it is all shown under current liabilities at 31 December 2019.

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

284,643

332,329

The bank loan is secured on the company's investment property. Interest is charged at 1.75% above the Banco Santander Totta mortgage loan rate for the euro.

10.

RESERVES

Revaluation

reserve

£

At 1 January 2019

(281,144

)

Revaluation of investment property

244,897

At 31 December 2019

(36,247

)

11.	RELATED PARTY DISCLOSURES

During the year the company received further loans from the shareholders.

The balances outstanding on these loans at 31 December 2019 were:

2019

2018

£

£

Meridian Trust Company Limited

970,676

923,404

The loan is interest free and unsecured.

Meridian Trust Company Limited holds 100% of the issued share capital in Pita Properties Limited.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Meridian Trust Company Limited.

They are a Turks & Caicos Islands corporation licensed as a professional trustee under the Trustee Ordinance (1992).

13.	GOING CONCERN

The company is technically insolvent and remains a going concern on the basis of ongoing support from the shareholder. In consequence of this, the financial statements have been prepared on a going concern basis.