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Company registration number: 10812677







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2022


CITY & PROVINCIAL PROPERTIES FINANCE LIMITED






































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CITY & PROVINCIAL PROPERTIES FINANCE LIMITED
 


 
COMPANY INFORMATION


Directors
Mr P Kempe 
Ms S Kempe 
Mr C Lovegrove 
Ms T Kempe 
Mr C Kempe 
Mr C Forsyth (appointed 21 November 2022)




Registered number
10812677



Registered office
Lynton House
7-12 Tavistock Square

London

WC1H 9LT




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


CITY & PROVINCIAL PROPERTIES FINANCE LIMITED
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 5


 


CITY & PROVINCIAL PROPERTIES FINANCE LIMITED
REGISTERED NUMBER:10812677



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
59,997,639
54,183,334

Cash at bank and in hand
  
184,308
32,204

  
60,181,947
54,215,538

Creditors: amounts falling due within one year
 6 
(26,311,477)
(20,734,412)

Net current assets
  
 
 
33,870,470
 
 
33,481,126

Total assets less current liabilities
  
33,870,470
33,481,126

Creditors: amounts falling due after more than one year
 7 
(17,825,000)
(17,825,000)

  

Net assets
  
16,045,470
15,656,126


Capital and reserves
  

Called up share capital 
  
10
10

Share premium account
  
15,774,063
15,774,063

Profit and loss account
  
271,397
(117,947)

  
16,045,470
15,656,126


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr P Kempe
Director

Date: 29 September 2023

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 


CITY & PROVINCIAL PROPERTIES FINANCE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

City & Provincial Properties Finance Limited is a private company, limited by shares, registered in England and Wales, registration number 10812677. The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9LT. The principal place of business is 5 Marylebone Mews, London, W1G 8PX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Revenue

Revenue represents interest and loan arrangement fees, net of directly attributable costs. Interest is recognised on the accrual basis over the term of the loans using the effective interest rate method. Loan arrangement fees are recognised over the term of the loan.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 2

 


CITY & PROVINCIAL PROPERTIES FINANCE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 0 (2021 - 0).


4.


Exceptional items

2022
2021
£
£


Provision for doubtful debt
877,785
535,613

Profit on sale of loans
-
(266,226)

877,785
269,387

Page 3

 


CITY & PROVINCIAL PROPERTIES FINANCE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Debtors

2022
2021
£
£


Trade debtors
59,521,437
53,793,436

Prepayments and accrued income
49,074
65,281

Deferred taxation
427,128
324,617

59,997,639
54,183,334



6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
7,859,220
2,722,738

Trade creditors
95,109
15,828

Corporation tax
257,799
229,585

Other creditors
16,346,871
16,033,854

Accruals and deferred income
1,752,478
1,732,407

26,311,477
20,734,412


Bank loans due within one year of £7,859,220 (2021: £2,722,738) have been secured through a guarantee provided by Briggens Estate 1 Limited and City & Provincial Properties Investments Ltd, companies under common control. A guarantee has also been provided personally by some of the directors. 


7.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
17,825,000
17,825,000

17,825,000
17,825,000


Bank loans due more than one year of £17,825,000 (2021: £17,825,000) have been secured through a guarantee provided by Briggens Estate 1 Limited, City & Provincial (Worthing) Limited, Attic Self Storage King's Cross Ltd and Attic Self Storage Kings Cross Properties Limited, companies under common control. A guarantee has also been provided personally by some of the directors. 

Page 4

 


CITY & PROVINCIAL PROPERTIES FINANCE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Loans


Analysis of the maturity of loans is given below:


2022
£

Amounts falling due within one year

Bank loans
7,859,220


7,859,220


Amounts falling due 2-5 years

Bank loans
17,825,000


17,825,000


25,684,220



9.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 29 September 2023 by Robin Hopkins FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 5