Company registration number 4782702 (England and Wales)
ANDROS INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
ANDROS INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ANDROS INVESTMENTS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2022
30 June 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,955
5,516
Investment properties
4
845,420
845,420
850,375
850,936
Current assets
Debtors
5
2,176
2,170
Cash at bank and in hand
57,126
67,029
59,302
69,199
Creditors: amounts falling due within one year
6
(159,607)
(184,457)
Net current liabilities
(100,305)
(115,258)
Total assets less current liabilities
750,070
735,678
Creditors: amounts falling due after more than one year
7
(569,325)
(579,224)
Net assets
180,745
156,454
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
180,645
156,354
Total equity
180,745
156,454
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 14 September 2022 and are signed on its behalf by:
Dasos Mina
Director
Company Registration No. 4782702
ANDROS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 2 -
1
Accounting policies
Company information
Andros Investments Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
1 Queens Parade, Brownlow Road, London, N11 2DN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Management
true
has determined
that there is no material uncertainty that casts doubt on the entity’s ability to continue as a going
concern
due to Covid-19
.
The pandemic has had
some impact, though not significant, for example, in
relation to expected future performance,
material costs
or the effects on future asset valuations.
1.3
Turnover
Turnover represents r
ent
receivable in the UK and
is
charged to income on a straight line basis over the term of the relevant lease
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
ANDROS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
ANDROS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 4 -
1.11
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2021
19,470
Additions
415
Disposals
(229)
At 30 June 2022
19,656
Depreciation and impairment
At 1 July 2021
13,954
Depreciation charged in the year
874
Eliminated in respect of disposals
(127)
At 30 June 2022
14,701
Carrying amount
At 30 June 2022
4,955
At 30 June 2021
5,516
4
Investment property
2022
£
Fair value
At 1 July 2021 and 30 June 2022
845,420
ANDROS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
4
Investment property
(Continued)
- 5 -
The investment properties were valued by the directors on an open market basis at the balance sheet date and they are of the opinion that their market values have not significantly fluctuated since the dates of acquisition.
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
390
416
Other debtors
1,786
1,754
2,176
2,170
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
10,283
10,400
Trade creditors
4,109
4,191
Corporation tax
5,829
7,264
Director's current account
114,356
136,220
Other creditors (note 10)
25,030
26,382
159,607
184,457
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
69,325
79,224
Long term directors' loans
500,000
500,000
569,325
579,224
Bank loans consist of two loans, one of which
is secured by a fixed and floating charge over the assets of the company
and
the
other one is a
government
backed loan
'Bounce Back Loan Scheme'
which
is 100% secured by the UK government.
Interest charged on the long term directors' loans are at
2.50
%
(2021:2.50%)
. For the year ended 30 June 20
22
, interests totalling £
12,500
(20
21
: £1
2,500
) were payable to the directors with regard to these loans.
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
30,483
37,902
ANDROS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 6 -
8
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
-
5,000
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year no pension contribution was paid to the scheme (2021:£5,000).
9
Called up share capital
2022
2021
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
10
Related party transactions
Included in other creditors
(
note
6)
is an amount of £
1,258
(20
21
: £
1,990
) due to Andros Pension Scheme. Three of the directors of this company, Dasos, Katerina and Andreas Mina are the only members of the scheme and act with another as trustees.
11
Controlling party
During the current and previous year, the company was under the control of one of the directors, Dasos Mina, and two trust funds, namely Dasos Andreas Mina and Alexandros Panteli as trustees of the Katerina Mina 2016 Discretionary Settlement and Dasos Andreas Mina and Alexandros Panteli as trustees of the Andreas Mina 2016 Discretionary Settlement.