Demetriou Property & Asset Management Limited - Accounts

Demetriou Property & Asset Management Limited - Accounts

DEMETRIOU PROPERTY & ASSET MANAGEMENT LIMITED - Company Information

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Registered Number: 10220893
England and Wales

 

 

 


Abridged Accounts

for the year ended 30 June 2023

for

DEMETRIOU PROPERTY & ASSET MANAGEMENT LIMITED

Demetriou Property & Asset Management Limited
Contents Page
For the year ended 30 June 2023

Accountants report
You consider that the company is exempt from an audit for the year ended 30 June 2023 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts. 



....................................................
Roxy Laing Limited
15 Hearle Way
Hatfield
Hertfordshire
AL10 9EW
12 March 2024
1
 
 		 Notes
 		 2023
£		   2022
£
Fixed assets      
Tangible fixed assets 3 35,950,852    28,894,900 
Investments 4 -    437,143 
35,950,852    29,332,043 
Current assets      
Debtors 1,818,050    1,712,646 
Cash at bank and in hand 13,825,272    15,853,384 
15,643,322    17,566,030 
Creditors: amount falling due within one year (37,053,019)   (45,394,479)
Net current liabilities (21,409,697)   (27,828,449)
 
Total assets less current liabilities 14,541,155    1,503,594 
Creditors: amount falling due after more than one year (13,000,000)   - 
Provisions for liabilities (354,973)   (261,359)
Net assets 1,186,182    1,242,235 
 

Capital and reserves 		     
Called up share capital 5 100    100 
Fair Value Reserves 6 1,375,572    - 
Profit and loss account (189,490)   1,242,135 
Shareholder's funds 1,186,182    1,242,235 
 


For the year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 11 March 2024 and were signed by:


-------------------------------
A Demetriou Esq
Director
2
General Information
Demetriou Property & Asset Management Limited is a private company, limited by shares, registered in England and Wales, registration number 10220893, registration address 23 Hornbeam Road, Theydon Bois, Essex, CM16 7JU.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 25% Straight Line
Computer Equipment 25% Straight Line
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
2.

Average number of employees

Average number of employees during the year was 5 (2022 : 2).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Motor Vehicles   Computer Equipment   Total
  £   £   £   £
At 01 July 2022 27,505,428    54,202    -    27,559,630 
Additions 8,133,403    43,500    2,634    8,179,537 
Disposals (1,149,321)   -    -    (1,149,321)
Revaluations 1,419,892    -    -    1,419,892 
At 30 June 2023 35,909,402    97,702    2,634    36,009,738 
Depreciation
At 01 July 2022 -    40,302    -    40,302 
Charge for year -    17,926    658    18,584 
On disposals -    -    -    - 
At 30 June 2023 -    58,228    658    58,886 
Net book values
Closing balance as at 30 June 2023 35,909,402    39,474    1,976    35,950,852 
Opening balance as at 01 July 2022 28,881,000    13,900    -    28,894,900 


4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 July 2022 473,114    473,114 
Additions -    - 
Transfer to/from tangible fixed assets -    - 
Disposals (473,114)   (473,114)
At 30 June 2023 -    - 

5.

Share Capital

Allotted, called up and fully paid
2023
£		   2022
£
100 Ordinary shares of £1.00 each 100    100 
100    100 

6.

Fair Value Reserves

2023
£		   2022
£
Fair Value Reserve b/fwd 1,375,572    - 
1,375,572    - 

3