Pittas Properties Limited
Pittas Properties Limited
Registered number: 01392449
Unaudited Financial Statements
For The Year Ended
31 December 2023
Mouktaris & Co Ltd
Chartered Accountants & Registered Auditors
156a Burnt Oak Broadway
Edgware
Middlesex
HA8 0AX
Pittas Properties Limited
Unaudited Financial Statements
For The Year Ended
31 December 2023
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Statement of Financial Position | 1—2 |
| Notes to the Financial Statements | 3—5 |
Pittas Properties Limited
Statement of Financial Position
As At
31 December 2023
Statement of Financial Position
Registered number:
01392449
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
| 2023 | 2022 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| Investment Properties | 5 |
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| Investments | 6 |
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| CURRENT ASSETS | |||||
| Debtors | 7 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 8 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 9 |
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| PROVISIONS FOR LIABILITIES | |||||
| Provisions For Charges |
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| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | 1,111,354 | 1,094,824 | |||
Pittas Properties Limited
Statement of Financial Position (continued)
As At
31 December 2023
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Pittas Properties Limited
Notes to the Financial Statements
For The Year Ended
31 December 2023
Notes to the Financial Statements
1.
General Information
Pittas Properties Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
01392449
. The registered office is Devonshire House, Manor Way, Borehamwood, Hertfordshire, WD6 1QQ.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures & Fittings |
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2.4.
Investment Properties
Investment property comprises non-owner occupied buildings held to earn rentals and for capital appreciation.
All investment properties are carried at fair value. The fair value of the company's investment properties is determined annually at the reporting date by the directors. In determining the valuations, the directors refer to current market conditions and recent sales transactions of similar properties. In estimating the fair value of the properties, the highest and best use of the property is their current use. Investment property is not depreciated. Changes in fair value are recognised in the income statement.
2023 fair value of investment property: £1,350,000 (2022: £1,350,000)
Investment property is derecognised when disposed of, or when no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property is recognised in profit or loss in the period in which the property is derecognised.
2.5.
Taxation
The tax expense represents the sum of the corporation tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Pittas Properties Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2023
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
4.
Tangible Assets
| Fixtures & Fittings | |
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| Cost | |
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| Depreciation | |
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| Net Book Value | |
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5.
Investment Property
| 2023 | |
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| Fair Value | |
| As at
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6.
Investments
| Unlisted | |
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| Provision | |
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| Net Book Value | |
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7.
Debtors
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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Pittas Properties Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2023
8.
Creditors: Amounts Falling Due Within One Year
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Accruals and deferred income |
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| Director's loan account |
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9.
Creditors: Amounts Falling Due After More Than One Year
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| Bank loans |
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| Other creditors |
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