A A.Michaelides Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 00755252 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2023

for

A A.MICHAELIDES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

A.A. Michaelides

A Michaelides

M.M. Michaelides

J.M. O'Keefe

SECRETARY:

A.A. Michaelides

REGISTERED OFFICE:

Global House

303 Ballards Lane

London

N12 8NP

REGISTERED NUMBER:

00755252 (England and Wales)

ACCOUNTANTS:

K J Pittalis and Partners LLP

Chartered Certified Accountants

Global House

303 Ballards Lane

London

N12 8NP

FIXED ASSETS

Tangible assets

5

4,800,000

4,800,000

TOTAL ASSETS LESS CURRENT LIABILITIES

4,800,000

4,800,000

PROVISIONS FOR LIABILITIES

6

1,092,139

960,000

NET ASSETS

3,707,861

3,840,000

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Revaluation reserve

3,276,417

3,408,556

Retained earnings

381,444

381,444

SHAREHOLDERS' FUNDS

3,707,861

3,840,000

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

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.

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 Board of Directors and authorised for issue on 8 November 2023 and were signed on its behalf by:

A Michaelides - Director

1.	STATUTORY INFORMATION

A A.Michaelides Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Land and buildings held and used in the Company's own activities are stated in the statement of financial position at their revalued amounts. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position.

Any revaluation increase or decrease on land and buildings are taken to the property revaluation reserve.

Once the property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised.

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 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST OR VALUATION

At 1 July 2022

and 30 June 2023

4,800,000

36,357

4,836,357

DEPRECIATION

At 1 July 2022

and 30 June 2023

-

36,357

36,357

NET BOOK VALUE

At 30 June 2023

4,800,000

-

4,800,000

At 30 June 2022

4,800,000

-

4,800,000

Cost or valuation at 30 June 2023 is represented by:

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

Valuation in 2016

600,000

-

600,000

Valuation in 2013

3,265,221

-

3,265,221

Valuation in 2003

503,335

-

503,335

Cost

431,444

36,357

467,801

4,800,000

36,357

4,836,357

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

30/6/23

30/6/22

£

£

Cost

431,444

431,444

The fair value of the properties at June 2023 has been arrived at on the basis of the above valuation after the year end date. The directors believe the market conditions of this valuation existed at the year end. Market evidence consists of transaction prices for similar hotel properties in the location and taking into account the rental yield in the area where the properties are situated.

6.	PROVISIONS FOR LIABILITIES

30/6/23

30/6/22

£

£

Deferred tax

1,092,139

960,000

Deferred

tax

£

Balance at 1 July 2022

960,000

Provided during year

132,139

Balance at 30 June 2023

1,092,139

The deferred tax provision, as shown above, relates to the potential future tax due should the freehold properties held by the company be sold. The provision has been calculated based on the difference

between the historic cost of the properties and the market value of those properties as at the Balance Sheet date at the future applicable corporation tax rates. The increase in the provision for the year reflects the change in corporation tax rates from 19% to 25%, as required by FRS 102 S1A.