FOTINI HOMES LIMITED Filleted accounts for Companies House (small and micro)

FOTINI HOMES LIMITED - Company Information

0 false false false false false false false false false true false false false false false false No description of principal activity 2021-07-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 08915382 2021-07-01 2022-06-30 08915382 2022-06-30 08915382 2021-06-30 08915382 bus:RegisteredOffice 2021-07-01 2022-06-30 08915382 bus:OrdinaryShareClass1 2021-07-01 2022-06-30 08915382 bus:LeadAgentIfApplicable 2021-07-01 2022-06-30 08915382 bus:Director2 2021-07-01 2022-06-30 08915382 bus:Director3 2021-07-01 2022-06-30 08915382 core:WithinOneYear 2022-06-30 08915382 core:WithinOneYear 2021-06-30 08915382 core:AfterOneYear 2022-06-30 08915382 core:AfterOneYear 2021-06-30 08915382 core:ShareCapital 2022-06-30 08915382 core:ShareCapital 2021-06-30 08915382 core:RetainedEarningsAccumulatedLosses 2022-06-30 08915382 core:RetainedEarningsAccumulatedLosses 2021-06-30 08915382 bus:SmallEntities 2021-07-01 2022-06-30 08915382 bus:AuditExemptWithAccountantsReport 2021-07-01 2022-06-30 08915382 bus:AbridgedAccounts 2021-07-01 2022-06-30 08915382 bus:SmallCompaniesRegimeForAccounts 2021-07-01 2022-06-30 08915382 bus:PrivateLimitedCompanyLtd 2021-07-01 2022-06-30 08915382 bus:OrdinaryShareClass1 2022-06-30 08915382 bus:OrdinaryShareClass1 2021-06-30

COMPANY REGISTRATION NUMBER: 08915382

FOTINI HOMES LIMITED

Filleted Unaudited Abridged Financial Statements

For the year ended

30 June 2022

FOTINI HOMES LIMITED

Abridged Financial Statements

Year ended 30 June 2022

Contents	Page

Officers and professional advisers	1

Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements	2

Abridged statement of financial position	3

Notes to the abridged financial statements	5

FOTINI HOMES LIMITED

Officers and Professional Advisers

The board of directors	Mr A. C. Karageorghis
	Mr S. C. Karayiorghi

Registered office	111a George Lane
	London
	UK
	E18 1AN

Accountants	OMG
	Chartered Certified Accountants
	111a, George Lane
	London
	E18 1AN

FOTINI HOMES LIMITED

Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of FOTINI HOMES LIMITED

Year ended 30 June 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of FOTINI HOMES LIMITED for the year ended 30 June 2022, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of FOTINI HOMES LIMITED, as a body, in accordance with the terms of our engagement letter dated 27 February 2014. Our work has been undertaken solely to prepare for your approval the abridged financial statements of FOTINI HOMES LIMITED and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than FOTINI HOMES LIMITED and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that FOTINI HOMES LIMITED has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of FOTINI HOMES LIMITED. You consider that FOTINI HOMES LIMITED is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of FOTINI HOMES LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.

OMG Chartered Certified Accountants

111a, George Lane London E18 1AN

28 March 2023

FOTINI HOMES LIMITED

Abridged Statement of Financial Position

30 June 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	4		612,136	612,136

Current assets

Debtors	5	3,798	5,191
Cash at bank and in hand		5,262	12,737
		-------	--------
		9,060	17,928

Creditors: amounts falling due within one year	6	241,475		253,790
		---------		---------
Net current liabilities			232,415	235,862
			---------	---------
Total assets less current liabilities			379,721	376,274

Creditors: amounts falling due after more than one year	7	283,460	301,964
		---------	---------
Net assets		96,261	74,310
		---------	---------

Capital and reserves

Called up share capital	8	1,000	1,000
Profit and loss account		95,261	73,310
		--------	--------
Shareholders funds		96,261	74,310
		--------	--------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

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

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2022 in accordance with Section 444(2A) of the Companies Act 2006.

FOTINI HOMES LIMITED

Abridged Statement of Financial Position (continued)

30 June 2022

These abridged financial statements were approved by the board of directors and authorised for issue on 28 March 2023 , and are signed on behalf of the board by:

Mr A. C. Karageorghis

Director

Company registration number: 08915382

FOTINI HOMES LIMITED

Notes to the Abridged Financial Statements

Year ended 30 June 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 111a George Lane, London, E18 1AN, UK.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

The turnover shown in the profit and loss account represents rents rceivable during the year.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Tangible assets

	£
Cost
At 1 July 2021 and 30 June 2022	612,136
	---------
Depreciation
At 1 July 2021 and 30 June 2022	–
	---------
Carrying amount
At 30 June 2022	612,136
	---------
At 30 June 2021	612,136
	---------

The investment property owned by the company was valued by the directors at it's fair value, based on fair values of similar properties in the same area.

5. Debtors

	2022	2021
	£	£
Other debtors	3,798	5,191
	-------	-------

6. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	18,100	17,600
Trade creditors	1,392	1,778
Accruals and deferred income	1,320	1,440
Corporation tax	5,149	5,310
Director loan accounts	149,576	162,576
Other creditors	65,938	65,086
	---------	---------
	241,475	253,790
	---------	---------

The directors' loan accounts during the year were £149,576 (2021:£162,576).There amounts were unsecured, interest free and repayable on demand.

7. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	283,460	301,964
	---------	---------

The bank loan outstanding at the year-end amounted to £301,560 (2021:£319,564) and includes capital instalments within and after more than one year. This is secured on the properties owned by the company. Bank loans outstanding at the year-end include capital instalments due after more than five years of £283,460 (2021: £231,564).

8. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

9. Controlling party

The company was under the control of Mr A. C. Karageorghis the managing director and majority shareholder.