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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2020 |
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CENTAURIDE INVESTMENTS LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2020 |
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FOR |
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CENTAURIDE INVESTMENTS LTD |
CENTAURIDE INVESTMENTS LTD (REGISTERED NUMBER: 11208161) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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CENTAURIDE INVESTMENTS LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
www.michaelfiliou.com |
Salisbury House |
81 High Street |
Potters Bar |
Hertfordshire |
EN6 5AS |
CENTAURIDE INVESTMENTS LTD (REGISTERED NUMBER: 11208161) |
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STATEMENT OF FINANCIAL POSITION |
31 MARCH 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Fair value reserve | 10 | ( |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
CENTAURIDE INVESTMENTS LTD (REGISTERED NUMBER: 11208161) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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CENTAURIDE INVESTMENTS LTD (REGISTERED NUMBER: 11208161) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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1. | STATUTORY INFORMATION |
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Centauride Investments Ltd is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are presented in Sterling (£) which is the functional currency of the company. |
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Going concern |
The accounts have been prepared on a going concern basis which the directors believe to be appropriate for the following reasons. |
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The directors are aware of the material uncertainties that cast doubt on the company's ability to continue as a going concern. As with most businesses, these material uncertainties are in relation to the ongoing Covid-19 virus outbreak which has had an impact on the operations, tenants, suppliers and service providers. The directors have (where appropriate) utilised the grants and benefits available from the government and is taking all the steps they can to protect the future of the business. |
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The shareholder has provided confirmation that she will not withdraw his support for a period of at least 12 months from signing the financial statements. |
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The shareholder has also confirmed that she will continue to review the funding requirements of the business in 2020 and provide additional financing as required. |
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The directors have also prepared a cash flow forecast for the period to October 2021 and on this basis believe the company has sufficient facilities to meet its liabilities as they fall due for the foreseeable future, and specifically for a period of not less than 12 months from the date of signing of these financial statements. The directors therefore consider the preparation of the financial statements on a going concern basis to be appropriate. |
CENTAURIDE INVESTMENTS LTD (REGISTERED NUMBER: 11208161) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are 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 considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates 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. |
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There were no judgements and estimates that had significant effect on the amounts recognised in the financial statements. |
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Turnover |
Turnover is rental income receivable from properties owned by the company. |
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Investment property |
Investment property is shown at most recent valuation and is held for long-term investment. Investment property is initially recognised at cost which includes purchase cost and any directly attributable expenditure. Investment property whose fair value can be measured reliably is carried at fair value. The surplus or deficit is recognised in the income statement accumulated in fair value reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the income statement for the period. The company engages independent valuers to assist the directors in determining fair value. Deferred taxation is provided on these gains at the rate expected to apply until the property is disposed. |
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If a reliable measure of fair value is not available without incurring undue costs or effort it shall be transferred to property, plant and equipment and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis. |
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Depreciation is not provided in respect of such property in accordance to FRS 102 Chapter 16 Investment Property. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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CENTAURIDE INVESTMENTS LTD (REGISTERED NUMBER: 11208161) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2019 |
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Revaluations | (50,000 | ) |
At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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The investment properties have been included at the directors' valuation of £3,162,000 (2019 - £3,212,000). The historical cost of the investment properties held at valuation in land and buildings is £3,212,000 (2019 - £3,212,000). The directors are of opinion that this valuation remain appropriate as at the reporting date. |
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Fair value at 31 March 2020 is represented by: |
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Valuation in 2020 | (50,000 | ) |
Cost | 3,212,000 |
3,162,000 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Rent receivable |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Corporation tax |
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Other creditors | 4,750 | - |
Directors' current account - |
Mr A P Hamalis and |
Mrs M Hamalis (joint) | 414,659 | - |
Directors' current accounts | - | 100,000 |
Accrued expenses |
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CENTAURIDE INVESTMENTS LTD (REGISTERED NUMBER: 11208161) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Shareholder loan - Miss Dina |
Hamalis | 2,712,000 | - |
Directors' loan accounts | - | 3,113,650 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 1,000 | 1,000 |
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10. | RESERVES |
Fair |
value |
reserve |
£ |
Reclassification | (50,000 | ) |
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At 31 March 2020 | ( |
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11. | RELATED PARTY DISCLOSURES |
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As at the reporting date, the company owed Mr A P Hamalis and Mrs M Hamalis, two of the directors of the company, the sum of £414,659 (2019 - £3,213,650). During the year they assigned the sum of £2,712,000 owed to them by the company to Miss D Hamalis. As at the year end the amount due to Miss D Hamalis is £2,712,000. |
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12. | ULTIMATE CONTROLLING PARTY |
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The company is controlled by Miss Dina Hamalis, one of the directors, by virtue of the fact that she owns 100% of the issued share capital of the company. |