CNG Property Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 12712324 (England and Wales)

CNG PROPERTY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr C Georgallis

Mrs N L Georgallis

REGISTERED OFFICE:

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

REGISTERED NUMBER:

12712324 (England and Wales)

ACCOUNTANTS:

Christiansons Ltd

Chartered Certified Accountants

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

FIXED ASSETS

Investment property

4

249,623

249,623

CURRENT ASSETS

Debtors

5

1,782

865

Cash at bank

14,622

93,248

16,404

94,113

CREDITORS

Amounts falling due within one year

6

19,861

38,682

NET CURRENT (LIABILITIES)/ASSETS

(3,457

)

55,431

TOTAL ASSETS LESS CURRENT LIABILITIES

246,166

305,054

CREDITORS

Amounts falling due after more than one year

7

229,945

287,945

NET ASSETS

16,221

17,109

CAPITAL AND RESERVES

Called up share capital

9

100

100

Fair value reserve

10

12,669

12,669

Retained earnings

10

3,452

4,340

SHAREHOLDERS' FUNDS

16,221

17,109

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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.

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 25 October 2023 and were signed on its behalf by:

Mr C Georgallis - Director

1.	STATUTORY INFORMATION

CNG Property 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.

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 as modified by the revaluation of certain assets.

Turnover

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

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.

The company's investment properties are held for long term investment and are included in the balance sheet at their open market values. No depreciation is provided in respect of Freehold and long leasehold investment properties. An investment property on short leasehold where the remaining life is less than 20 years is amortised over the life of the lease.

This policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The director 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 of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the valuation and the amount which might otherwise have been shown, cannot be separately identified or quantified.

All Investment properties are revalued every year. The surplus(es) or deficit(s) on revaluation of such properties are transferred to revaluation reserve, apart from when the revaluation is below the original cost and in the opinion of the directors the diminution in value is of a permanent nature which is charged to the profit and loss account. On the disposal of a revalued fixed asset, any related balances in the revaluation reserve are transferred to the profit and loss account as a movement in reserves.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2022

and 30 June 2023

249,623

NET BOOK VALUE

At 30 June 2023

249,623

At 30 June 2022

249,623

Fair value at 30 June 2023 is represented by:

£

Valuation in 2022

12,669

Cost

236,954

249,623

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Tenants deposit with DPS

1,782

865

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Tax

-

397

Tenants deposit due

1,782

132

Directors' current accounts

17,125

37,415

Accrued expenses

954

738

19,861

38,682

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.23

30.6.22

£

£

Bank loans (see note 8)

179,945

179,945

Directors' loan accounts

50,000

108,000

229,945

287,945

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs

91,580

91,125

Fleet Mortgage

88,365

88,820

179,945

179,945

8.

LOANS

An analysis of the maturity of loans is given below:

30.6.23

30.6.22

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs

91,580

91,125

Fleet Mortgage

88,365

88,820

179,945

179,945

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.23

30.6.22

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 July 2022

4,340

12,669

17,009

Deficit for the year

(888

)

(888

)

At 30 June 2023

3,452

12,669

16,121

11.	ULTIMATE CONTROLLING PARTY

There is no overall controlling party.