Company registration number 09796499 (England and Wales)
CITYHILL INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 JANUARY 2022
PAGES FOR FILING WITH REGISTRAR
CITYHILL INVESTMENTS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
CITYHILL INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
1 JANUARY 2022
01 January 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
4
1,361,561
1,287,509
Current assets
Debtors
5
1,288,893
971,291
Cash at bank and in hand
262,216
307,957
1,551,109
1,279,248
Creditors: amounts falling due within one year
6
(252,583)
(206,882)
Net current assets
1,298,526
1,072,366
Total assets less current liabilities
2,660,087
2,359,875
Provisions for liabilities
7
(14,391)
8,948
Net assets
2,645,696
2,368,823
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
2,645,695
2,368,822
Total equity
2,645,696
2,368,823

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial period ended 1 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the period 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 and signed by the director and authorised for issue on 15 August 2022
R Hensman
Director
Company Registration No. 09796499
CITYHILL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 JANUARY 2022
- 2 -
1
Accounting policies
Company information

Cityhill Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Bonhill Street, London, EC2A 4DJ.

1.1
Reporting period

The financial statements cover the period from 1 October 2021 to 1 January 2022 as the company changed its accounting reference date to 1 January. Consequently the comparative amounts (including the related notes) are not entirely comparable.

1.2
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, rounded to the nearest £.

The financial statements have been prepared on the historical cost convention except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.

1.3
Going concern

In response to the ongoing COVID-19 pandemic, the director has considered the information available and has reasonable expectation that the company has adequate reserves and resources to continue its operational activities for the foreseeable future. Accordingly the directors has concluded that they can continue to adopt the going concern basis in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration receivable for services provided in the normal course of business, and is shown net of discounts and VAT. Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance.

1.5
Fixed asset investments

Investments in listed and unlisted company shares have been classified as fixed asset investments as the company intends to hold them on a continuing basis.

 

Listed investments are remeasured to market value, by reference to the average closing price on the stock exchange, at each balance sheet date. Unlisted investments are not listed and are held at cost less impairment as fair value cannot be reliably determined.

 

Gains and losses on re-measurement are recognised in profit or loss for the period.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments.

CITYHILL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 JANUARY 2022
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

 

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

 

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method less any impairment.

 

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or the risks and rewards of ownership are transferred.

 

Basic financial Liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
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.

1.9
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 income statement 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.

CITYHILL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 JANUARY 2022
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

 

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate 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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2022
2021
Number
Number
Total
-
0
-
0
4
Fixed asset investments
2022
2021
£
£
Other investments other than loans
1,361,561
1,287,509
Fixed asset investments revalued

Included in Other investments are listed investments which have been valued on the basis of open market values by reference to the average closing price on the stock exchange to £776,534 as at 1 January 2022. The original book cost was £718,972.

CITYHILL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 JANUARY 2022
4
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 October 2021
1,386,244
Additions
665,839
Valuation changes
93,356
Disposals
(649,172)
At 1 January 2022
1,496,267
Impairment
At 1 October 2021
98,735
Impairment losses
35,971
At 1 January 2022
134,706
Carrying amount
At 1 January 2022
1,361,561
At 30 September 2021
1,287,509
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
926,799
-
0
Other debtors
344,303
929,296
Prepayments and accrued income
17,791
41,995
1,288,893
971,291
6
Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
143,553
103,880
Other creditors
109,030
103,002
252,583
206,882

Other creditors include £104,331 (2021: £100,000) owed to a company owned and controlled by the director.

CITYHILL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 JANUARY 2022
- 6 -
7
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2022
2021
Balances:
£
£
Investments at fair value
14,391
(8,948)
2022
Movements in the period:
£
Asset at 1 October 2021
(8,948)
Charge to profit or loss
23,339
Liability at 1 January 2022
14,391

The deferred tax liability set out above relates to fair value uplift on listed investments and is not expected to reverse within 12 months.

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