Eurocrest Sub3 Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09305087 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

EUROCREST SUB3 LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

Mr P Stavrou

REGISTERED OFFICE:

South Point House

321 Chase Road

Southgate

London

N14 6JT

REGISTERED NUMBER:

09305087 (England and Wales)

ACCOUNTANTS:

EA

Chartered Accountants

869 High Road

London

N12 8QA

FIXED ASSETS

Investment property

4

3,162,634

3,162,634

CURRENT ASSETS

Debtors

5

588,955

592,935

Cash at bank and in hand

274,291

187,932

863,246

780,867

CREDITORS

Amounts falling due within one year

6

83,113

77,975

NET CURRENT ASSETS

780,133

702,892

TOTAL ASSETS LESS CURRENT LIABILITIES

3,942,767

3,865,526

CREDITORS

Amounts falling due after more than one year

7

1,250,000

1,250,000

NET ASSETS

2,692,767

2,615,526

CAPITAL AND RESERVES

Called up share capital

2,490,757

2,490,757

Retained earnings

202,010

124,769

SHAREHOLDERS' FUNDS

2,692,767

2,615,526

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 9 February 2021 and were signed by:

Mr P Stavrou - Director

1.	STATUTORY INFORMATION

Eurocrest Sub3 Ltd 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.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

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.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rental income is recognised and included in turnover when it becomes due under the terms of the lease.

INVESTMENT PROPERTY

Investment properties are carried at fair value. Revaluation surpluses are recognised in the income statement. Deferred Taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102 (Section 1A). The director considers that, because these properties are not held for consumption but for their investment potential, to depreciate them would no give a true and fair view and that it is necessary to adopt FRS 102 (Section 1A) in order to give a true and fair view. If this departure from the Act had not been made, the loss for the financial year would have been increased by the amount of depreciation.

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 statement of financial position date.

DEFERRED TAX

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2019

and 31 March 2020

3,162,634

NET BOOK VALUE

At 31 March 2020

3,162,634

At 31 March 2019

3,162,634

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

6,887

4,027

Amounts owed by group undertakings

14,834

14,474

Other debtors

567,234

574,434

588,955

592,935

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

-

1

Taxation and social security

12,907

10,288

Other creditors

70,206

67,686

83,113

77,975

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

1,250,000

1,250,000

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

1,250,000

1,250,000

A legal charge has been made over the assets of the company, to the value of £1,250,000, in favour of Nationwide Building Society.

9.	RELATED PARTY DISCLOSURES

10.	ULTIMATE CONTROLLING PARTY