Company registration number 09269821 (England and Wales)
CITY VIEW (SUNDERLAND) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
PAGES FOR FILING WITH REGISTRAR
CITY VIEW (SUNDERLAND) LIMITED
COMPANY INFORMATION
Directors
Mr N Abrol
Dr A Ghai
Mr D S Somal
Mr R K Sehgal
Company number
09269821
Registered office
West One
Asama Court
Newcastle Business Park
Newcastle upon Tyne
NE4 7YD
Accountants
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
CITY VIEW (SUNDERLAND) LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2022
31 October 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment property
3
6,180,000
5,162,500
Current assets
Debtors
4
1,682,197
1,410,401
Cash at bank and in hand
50,640
33,685
1,732,837
1,444,086
Creditors: amounts falling due within one year
5
(93,662)
(91,434)
Net current assets
1,639,175
1,352,652
Total assets less current liabilities
7,819,175
6,515,152
Provisions for liabilities
6
(624,500)
(281,295)
Net assets
7,194,675
6,233,857
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
7,194,575
6,233,757
Total equity
7,194,675
6,233,857

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 31 October 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.

The 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 28 July 2023 and are signed on its behalf by:
Dr A Ghai
Director
Company Registration No. 09269821
CITY VIEW (SUNDERLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
- 2 -
1
Accounting policies
Company information

City View (Sunderland) Limited is a private company limited by shares incorporated in England and Wales. The registered office is West One, Asama Court, Newcastle Business Park, Newcastle upon Tyne, NE4 7YD.

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 UK sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rents receivable (VAT exempt) in accordance with the underlying tenancy leases.

1.3
Investment properties

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

 

The methods and significant assumptions used to ascertain the fair value of £6,180,000 and fair value movement of £1,017,500 credited to the profit/loss for the year are as follows:

 

Investment property was valued on an open market basis on 19 July 2022 by Lambert Smith Hampton, a registered RICS valuer

1.4
Impairment of assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CITY VIEW (SUNDERLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

 

Current and deferred taxation assets and liabilities are not discounted.

Current tax

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

1.7
Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

1.8
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

1.9

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

2
Employees

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

2022
2021
Number
Number
Total
1
1
CITY VIEW (SUNDERLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 4 -
3
Investment property
2022
£
Fair value
At 1 November 2021
5,162,500
Revaluations
1,017,500
At 31 October 2022
6,180,000

The historic cost of the investment property is £Nil (2021 £Nil).

4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,682,101
1,410,325
Prepayments and accrued income
96
76
1,682,197
1,410,401
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
9,940
739
Corporation tax
14,705
26,418
Other taxation and social security
1,273
1,185
Other creditors
18,101
19,601
Accruals and deferred income
49,643
43,491
93,662
91,434
6
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
7
624,500
281,295
CITY VIEW (SUNDERLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 5 -
7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2022
2021
Balances:
£
£
Revaluation of investment property
624,500
281,295
2022
Movements in the year:
£
Liability at 1 November 2021
281,295
Charge to profit or loss
193,325
Effect of change in tax rate - profit or loss
149,880
Liability at 31 October 2022
624,500
8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
9
Financial commitments, guarantees and contingent liabilities

The company has provided guarantees for the bank facilities of its fellow subsidiary undertaking, Phoenix House (Sunderland) Limited. The company has pledged its investment property and other assets as security.

10
Related party transactions
Transactions with related parties

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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