Pantelli Investments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05888396 (England and Wales)

ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

PANTELLI INVESTMENTS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A Pantelli

Mrs M Pantelli

SECRETARY:

Mr A Pantelli

REGISTERED OFFICE:

c/o Michael Filiou Ltd

Salisbury House

81 High Street

Potters Bar

Hertfordshire

EN6 5AS

REGISTERED NUMBER:

05888396 (England and Wales)

ACCOUNTANTS:

Michael Filiou Ltd

Chartered Certified Accountants

www.michaelfiliou.com

Salisbury House

81 High Street

Potters Bar

Hertfordshire

EN6 5AS

FIXED ASSETS

Tangible assets

5

19,265

21,447

Investment property

6

3,400,000

2,500,000

3,419,265

2,521,447

CURRENT ASSETS

Debtors

5,238

8,822

Cash at bank

57,208

95,505

62,446

104,327

CREDITORS

Amounts falling due within one year

61,431

81,981

NET CURRENT ASSETS

1,015

22,346

TOTAL ASSETS LESS CURRENT LIABILITIES

3,420,280

2,543,793

CREDITORS

Amounts falling due after more than one year

7

(1,661,149

)

(1,707,056

)

PROVISIONS FOR LIABILITIES

9

(279,143

)

(108,143

)

NET ASSETS

1,479,988

728,594

CAPITAL AND RESERVES

Called up share capital

10

100

100

Fair value reserve

11

1,190,359

461,359

Retained earnings

11

289,529

267,135

SHAREHOLDERS' FUNDS

1,479,988

728,594

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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 11 August 2021 and were signed on its behalf by:

Mr A Pantelli - Director

1.	STATUTORY INFORMATION

Pantelli Investments 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents rents receivable by the company.

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

-

25% on reducing balance

The company's properties are held for long term investment and are included in the Balance Sheet at their open market values. The surplus or deficit on annual revaluation of such properties are transferred to the revaluation reserve. Depreciation is not provided in respect of land and building. Leasehold properties are not amortised where the unexpired term is over twenty years.

The policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the accounts may give a true and fair view because current values and changes in current values are prime importance rather than the calculation of systematic annual depreciation. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2020

61,680

Additions

4,240

At 31 March 2021

65,920

DEPRECIATION

At 1 April 2020

40,233

Charge for year

6,422

At 31 March 2021

46,655

NET BOOK VALUE

At 31 March 2021

19,265

At 31 March 2020

21,447

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2020

2,500,000

Revaluations

900,000

At 31 March 2021

3,400,000

NET BOOK VALUE

At 31 March 2021

3,400,000

At 31 March 2020

2,500,000

Fair value at 31 March 2021 is represented by:

£

Valuation in 2017

549,907

Valuation in 2021

900,000

Cost

1,950,093

3,400,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2021

2020

£

£

Cost

1,950,093

1,950,093

Investment properties were valued on open market value basis on 31 March 2021 by directors' valuation .

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2021

2020

£

£

Repayable otherwise than by instalments

Bank loans

787,854

833,484

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

967,854

1,003,484

9.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

279,143

108,143

Deferred

tax

£

Balance at 1 April 2020

108,143

Provided during year

171,000

Movement in current year

Balance at 31 March 2021

279,143

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 April 2020

267,135

461,359

728,494

Profit for the year

751,394

751,394

Revaluation

(900,000

)

900,000

-

Deferred tax on revaluation

171,000

(171,000

)

-

At 31 March 2021

289,529

1,190,359

1,479,888

12.	RELATED PARTY DISCLOSURES

The amount due to Pantelli Associates Limited as at the year end was £709,794 (2020: £725,877). This company is also fully owned by Mr A and Mrs M Pantelli.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is the directors, Mr A Pantelli and Mrs M Pantelli.

They control the company by virtue of the fact that they hold 100% of the issued share capital of the company.