Central Property Villages Limited - Accounts to registrar (filleted) - small 23.1.2

CENTRAL PROPERTY VILLAGES LIMITED - Company Information

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REGISTERED NUMBER: 03921988 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

CENTRAL PROPERTY VILLAGES LIMITED

Page

Statement of Financial Position

Notes to the Financial Statements

FIXED ASSETS

Tangible assets

110

147

Investment property

2,172,268

2,172,378

2,172,415

CURRENT ASSETS

Debtors

864

Cash at bank

13,196

20,690

14,060

21,554

CREDITORS

Amounts falling due within one year

920,991

905,363

NET CURRENT LIABILITIES

(906,931

)

(883,809

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,265,447

1,288,606

CREDITORS

Amounts falling due after more than one
year

(858,477

)

(870,183

)

PROVISIONS FOR LIABILITIES

(92,802

)

(92,802

)

NET ASSETS

314,168

325,621

CAPITAL AND RESERVES

Called up share capital

Fair value reserve

395,627

Retained earnings

(81,460

)

(70,007

)

314,168

325,621

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 20 December 2023 and were signed by:

Mr C M Kokotsis - Director

1.	STATUTORY INFORMATION

Central Property Villages Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

03921988

Registered office:

1 Kings Avenue

London

N21 3NA

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

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.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue

Revenue represents the value of rental income chargeable in respect of the company's investment property. Revenue is recognised evenly over the period of the rental agreement.

Property, plant and equipment

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

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery - 25% on reducing balance

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

Investment property

Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.

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 material timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Cash and cash equivalent

Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

COST

At 1 April 2022

and 31 March 2023

10,577

DEPRECIATION

At 1 April 2022

10,430

Charge for year

At 31 March 2023

10,467

NET BOOK VALUE

At 31 March 2023

110

At 31 March 2022

147

5.	INVESTMENT PROPERTY

Total

FAIR VALUE

At 1 April 2022

and 31 March 2023

2,172,268

NET BOOK VALUE

At 31 March 2023

2,172,268

At 31 March 2022

2,172,268

Fair value at 31 March 2023 is representated by:

Valuation in 2018

488,429

Cost

1,683,839

2,172,268

If Investment property had not been revalued revalued it would have been included at the following historical cost:

2023

2022

Cost

1,683,839

The directors consider that the market value of the properties as at the year-end to be as stated in the financial statements

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

Other debtors

864

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

Trade creditors

1,320

Other creditors

919,671

904,043

920,991

905,363

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

Bank loans (see note 9)

858,477

870,183

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

858,477

870,183

LOANS

An analysis of the maturity of loans is given below:

2023

2022

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

858,477

870,183

10.	PROVISIONS FOR LIABILITIES

2023

2022

Deferred tax

Other timing differences

92,802

Deferred

tax

Balance at 1 April 2022

92,802

Balance at 31 March 2023

92,802

11.

RESERVES

Fair

value

reserve

At 1 April 2022

and 31 March 2023

395,627

12.	RELATED PARTY DISCLOSURES

Included in the other creditors less than one year is an amount of £475,903 (2022: £470,927) due to the director of the company. The amount is interest free and repayable on demand.

Included in other creditors less than one year is an amount of £441,610 (2022: £430,958) due to a connected company under common directorship. The amount is interest free and repayable on demand.