Company registration number 03166997 (England and Wales)
SUPERCITY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
SUPERCITY LIMITED
CONTENTS
Page
Statement of comprehensive income
1
Balance sheet
2
Notes to the financial statements
4 - 11
SUPERCITY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
2023
2022
as restated
£
£
Profit for the year
125,250
389,671
Other comprehensive income
Revaluation of tangible fixed assets
(797,443)
(367,550)
Tax relating to other comprehensive income
125,000
(12,429)
Other comprehensive income for the year
(672,443)
(379,979)
Total comprehensive income for the year
(547,193)
9,692
SUPERCITY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,809,386
9,306,152
Investments
4
7,356,058
7,756,942
16,165,444
17,063,094
Current assets
Debtors
5
1,582,401
8,297,548
Cash at bank and in hand
179,457
162,879
1,761,858
8,460,427
Creditors: amounts falling due within one year
6
(1,239,943)
(10,719,639)
Net current assets/(liabilities)
521,915
(2,259,212)
Total assets less current liabilities
16,687,359
14,803,882
Creditors: amounts falling due after more than one year
7
(2,790,382)
(6,010)
Provisions for liabilities
(1,509,750)
(1,731,002)
Net assets
12,387,227
13,066,870
Capital and reserves
Called up share capital
8
100
100
Revaluation reserve
2,741,290
3,413,733
Profit and loss reserves
9,645,837
9,653,037
Total equity
12,387,227
13,066,870
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 9 November 2023 and are signed on its behalf by:
R G Walters
Director
Company Registration No. 03166997
SUPERCITY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 March 2022:
Balance at 1 April 2021
100
3,812,444
9,630,916
13,443,460
Year ended 31 March 2022:
Profit for the year
-
-
389,671
389,671
Other comprehensive income:
Revaluation of tangible fixed assets
-
(367,550)
-
(367,550)
Tax relating to other comprehensive income
-
(12,429)
(12,429)
Total comprehensive income for the year
-
(379,979)
389,671
9,692
Revaluation movement
-
(18,732)
(367,550)
(386,282)
Balance at 31 March 2022
100
3,413,733
9,653,037
13,066,870
Year ended 31 March 2023:
Profit for the year
-
-
125,250
125,250
Other comprehensive income:
Revaluation of tangible fixed assets
-
(797,443)
-
(797,443)
Tax relating to other comprehensive income
-
125,000
125,000
Total comprehensive income for the year
-
(672,443)
125,250
(547,193)
Dividends
-
-
(500,000)
(500,000)
Balance at 31 March 2023
100
2,741,290
9,645,837
12,387,227
The notes on pages 4 to 11 form part of these financial statements.
SUPERCITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Supercity Limited is a private company limited by shares incorporated in England and Wales. The registered office is 25 Furnival Street, London, EC4A 1JT.
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 sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and fixed asset investments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents rent and services apartment income receivable by the company. Rental income is based on lease agreements and is recognised evenly over the period of the lease.
Revenue from serviced apartments and other guest services is recognised when rooms are occupied and as services are provided.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold buildings
Buildings depreciated over 100 years
Plant and machinery
20 - 33.33% straight line
Fixtures, fittings & equipment
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
SUPERCITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash at bank and in hand
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.
1.8
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
SUPERCITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including trade creditors, bank loans, and other creditors, are initially recognised at transaction price 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
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 profit and loss account 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.
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
SUPERCITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 7 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was 4 (2022: 4)
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2022
9,875,644
6,591
9,882,235
Additions
4,705
4,705
Revaluation
(797,443)
(797,443)
At 31 March 2023
9,078,201
11,296
9,089,497
Depreciation and impairment
At 1 April 2022
208,094
439
208,533
Depreciation charged in the year
70,107
1,471
71,578
At 31 March 2023
278,201
1,910
280,111
Carrying amount
At 31 March 2023
8,800,000
9,386
8,809,386
At 31 March 2022
9,300,000
6,152
9,306,152
SUPERCITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
3
Tangible fixed assets
(Continued)
- 8 -
The fair value of the freehold property has been arrived on the basis of a valuation by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties at that time.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Freehold buildings
2023
2022
£
£
Cost
5,376,769
5,376,769
Accumulated depreciation
(436,069)
(382,302)
Carrying value
4,940,700
4,994,467
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
7,356,058
7,756,942
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2022
7,756,942
Revaluation
(400,884)
At 31 March 2023
7,356,058
Carrying amount
At 31 March 2023
7,356,058
At 31 March 2022
7,756,942
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,461
Amounts owed by group undertakings
15,000
15,000
Other debtors
1,567,401
8,278,087
1,582,401
8,297,548
SUPERCITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan
5,633,164
Corporation tax
113,790
129,350
Other taxation and social security
6,385
12,025
Other creditors
1,119,768
4,945,100
1,239,943
10,719,639
The bank loan is secured by a legal charge over the company's land and buildings. The bank loan of £5.63m was fully repaid in March 2023
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
6,010
6,010
Other loan
2,784,372
2,790,382
6,010
The other loan is secured by a fixed and floating charge over the company's land and buildings and all other assets.
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
25 Ordinary shares of £1 each
25
25
25 Ordinary 'A' shares of £1 each
25
25
25 Ordinary 'B' shares of £1 each
25
25
25 Ordinary 'C' shares of £1 each
25
25
100
100
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
SUPERCITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
9
Audit report information
(Continued)
- 10 -
Senior Statutory Auditor:
Engin Zekia FCA
Statutory Auditor:
Gerald Edelman LLP
10
Financial commitments, guarantees and contingent liabilities
The company has provided a security over its assets for a loan from a related entity amounting to £5.5m.
11
Related party transactions
Included within other creditors are amounts totaling £1,109,268 (2022: £683,464), due to entities in which the company is a designated member.
Included within other debtors are amounts totaling £195,250 (2022: £2,025,318), due from entities in which the company is a designated member.
Included within other creditors are amounts totaling £Nil (2022: £120,364), due from entities in which the company is a shareholder.
The company received a share of profits of £412,648 ((2022: £640,119) from these entities in the year, and no interest has been charged on the above balances.
Included in other loan is a balance of £2.784m (2022: £Nil) due to Bothwall Finance Ltd, a company in which R Walters is a director and shareholder. Interest of £15,170 (2022: £Nil) was charged in the year.
12
Directors' transactions
Included in other debtors is an amount of £10,000 (2022: £10,000) due from the director M Walters. This was the maximum overdrawn amount. No interest has been charged on this balance.
13
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Revaluation adjustment
1
-
-
Reconciliation of changes in profit for the previous financial period
2022
Notes
£
Adjustments to prior year
Revaluation adjustment
1
367,550
Profit as previously reported
22,121
Profit as adjusted
389,671
SUPERCITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
13
Prior period adjustment
(Continued)
- 11 -
Notes to reconciliation
1-Revaluation adjustment
The prior year adjustment relates to reclassification of revaluation for freehold properties.
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