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REGISTERED NUMBER: 05732832 (England and Wales)









CARDIFF CITY DEVELOPMENT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023






CARDIFF CITY DEVELOPMENT LIMITED (REGISTERED NUMBER: 05732832)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CARDIFF CITY DEVELOPMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: P P M Vidler
M Chegounchei





REGISTERED OFFICE: Churchgate House
3 Church road
Whitchurch
Cardiff
SOUTH GLAMORGAN
CF14 2DX





REGISTERED NUMBER: 05732832 (England and Wales)






CARDIFF CITY DEVELOPMENT LIMITED (REGISTERED NUMBER: 05732832)

BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 13,691 15,785
Investment property 5 9,500,000 7,839,193
9,513,691 7,854,978

CURRENT ASSETS
Debtors 6 1,434,484 511,616
Cash at bank 13,070 35,719
1,447,554 547,335
CREDITORS
Amounts falling due within one year 7 266,777 230,024
NET CURRENT ASSETS 1,180,777 317,311
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,694,468

8,172,289

CREDITORS
Amounts falling due after more than one
year

8

(6,057,294

)

(5,429,766

)

PROVISIONS FOR LIABILITIES (3,423 ) (2,999 )
NET ASSETS 4,633,751 2,739,524

CARDIFF CITY DEVELOPMENT LIMITED (REGISTERED NUMBER: 05732832)

BALANCE SHEET - continued
30 APRIL 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 100 100
Non-distributable revaluation
reserve 1,660,807 -
Retained earnings 2,972,844 2,739,424
SHAREHOLDERS' FUNDS 4,633,751 2,739,524

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 16 November 2023 and were signed on its behalf by:





P P M Vidler - Director


CARDIFF CITY DEVELOPMENT LIMITED (REGISTERED NUMBER: 05732832)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1. STATUTORY INFORMATION

Cardiff City Development 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. ACCOUNTING POLICIES

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

Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the directors have reviewed the balance sheet, the likely future cashflows of the business and have considered the facilities that are available to the company along with his continued support.

At the date 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 and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 1, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 id revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The fair value of investment properties involved the use of professional valuation techniques, which are reviewed annually by management. Where factors that could impact the fair value are identified, appropriate adjustments are made through the income statement.

Turnover
Turnover is measured at fair value of the consideration received or receivable net of VAT and discounts. The policies adopted for the recognition of turnover are as follows:

Rental income:
Turnover is recognised at the fair value of rent received or receivable in the normal course of business. Rental income is recognised in the period which it relates.

CARDIFF CITY DEVELOPMENT LIMITED (REGISTERED NUMBER: 05732832)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

2. ACCOUNTING POLICIES - continued

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
Computer equipment - 20% on reducing balance

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Investment property
The fair value of investment properties involved the use of professional valuation techniques, which are reviewed annually by management. Where factors that could impact the fair value are identified, appropriate adjustments are made through the income statement.

Investment properties are held to generate rental income and capital appreciation. Investment properties are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Investment properties are subsequently remeasured at fair value. An assessment of investment property fair value is performed annually. Any changes in fair value are recognised in the income statement.

Deferred tax is recognised on any fair value changes at the rate that would apply to the sale of the investment property, unless the property has a limited useful life and is held as part of a business model to consume all of the economic benefits associated with it.

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 balance sheet date.


CARDIFF CITY DEVELOPMENT LIMITED (REGISTERED NUMBER: 05732832)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-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.

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 benefit will be required in settlement and the amount can be reliable estimated.

Impairment
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 assets 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.

CARDIFF CITY DEVELOPMENT LIMITED (REGISTERED NUMBER: 05732832)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

2. ACCOUNTING POLICIES - continued

Borrowing costs
Borrowing costs including loan interest and loan arrangement charges are directly attributable to the acquisition, construction of the properties, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognised in the profit or loss in the period in which they are incurred.

Loan arrangement and set up fees paid to the lender are deferred and written off to the Profit and Loss account over the term of loan.

Financial Instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets are 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.

Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets
Basic financial assets, which include trade and other debtors, loans to related companies 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 2 ) .

CARDIFF CITY DEVELOPMENT LIMITED (REGISTERED NUMBER: 05732832)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 May 2022 95,750 3,188 98,938
Additions - 334 334
At 30 April 2023 95,750 3,522 99,272
DEPRECIATION
At 1 May 2022 80,616 2,537 83,153
Charge for year 2,270 158 2,428
At 30 April 2023 82,886 2,695 85,581
NET BOOK VALUE
At 30 April 2023 12,864 827 13,691
At 30 April 2022 15,134 651 15,785

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2022 7,839,193
Revaluations 1,660,807
At 30 April 2023 9,500,000
NET BOOK VALUE
At 30 April 2023 9,500,000
At 30 April 2022 7,839,193

Fair value at 30 April 2023 is represented by:
£   
Valuation in 2022 1,660,807
Cost 7,839,193
9,500,000

The investment property was reassessed and professionally valued on 23 September 2022 at open market value, by certified chartered surveyors Savills.

CARDIFF CITY DEVELOPMENT LIMITED (REGISTERED NUMBER: 05732832)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 1,434,484 511,616

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 130,829 134,796
Taxation and social security 114,059 72,710
Other creditors 21,889 22,518
266,777 230,024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 6,057,294 5,429,766

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 6,188,123 5,564,562

The bank loan has been secured by a fixed and floating charge and negative pledge against the freehold properties 93 -107, 109 Richmond Road and 91A Richmond Road. Limited personal guarantees for £1,000,000 have also been given from the directors Mr M Chegounchei and Mr P P M Vidler. The directors consider that the carrying amount of the bank loans are approximate to their fair values.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

11. TRANSACTIONS WITH DIRECTORS

Included in creditors, amounts falling due within one year is an amount owed to the directors of £12,090 (2022 - £12,090).

All amounts due from the company are interest free and considered repayable on demand.

CARDIFF CITY DEVELOPMENT LIMITED (REGISTERED NUMBER: 05732832)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

12. RELATED PARTY DISCLOSURES

As at 30 April 2023 an amount of £110,029 (2022 - £105,000) was owed to the company from Cathedral Gardens Ltd, a company with common directors.

As at 30 April 2023 an amount of £270,208 (2022 - £220,208) was owed to the company from JNR Property Development Limited, a company with common directors.

As at 30 April 2023 an amount of £40,000 (2022 - £40,000) was owed to the company from PP Madellas Estates Limited, a company with common directors and registered in Cyprus.

As at 30 April 2023 an amount of £10,000 (2022 - £10,000) was owed to the company from Barons Court Cardiff Limited, a company with common directors.

As at 30 April 2023 an amount of £578,873 (2022 - £133,908) was owed to the company from Love Investments Limited, a company with common directors.

As at 30 April 2023 an amount if £350,000 (2022 - £NIL) was owed to the company from Cardiff City Apartments Limited, a company with common directors.

As at 30 April 2023 an amount of £2,660 (2022 - £NIL) was owed to the company from Nos Da Cardiff Ltd, a company with common directors.

During the year an amount £295 (2022 - £5,876) was paid to Love Investments Limited in respect of bookkeeping fees and administrative services.

During the year an amount £7,627 (2022 - £5,280) was paid to JNR Property Development Limited in respect of property management fees.

All amounts due to the company are interest free and considered repayable on demand.