Caseware UK (AP4) 2022.0.179 2022.0.179 false2022-04-01the development of building projects.00truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13269882 2022-04-01 2023-03-31 13269882 2023-03-31 13269882 2021-04-01 2022-03-31 13269882 2022-03-31 13269882 c:Director1 2022-04-01 2023-03-31 13269882 d:FreeholdInvestmentProperty 2022-04-01 2023-03-31 13269882 d:FreeholdInvestmentProperty 2023-03-31 13269882 d:CurrentFinancialInstruments 2023-03-31 13269882 d:CurrentFinancialInstruments 2022-03-31 13269882 d:Non-currentFinancialInstruments 2023-03-31 13269882 d:Non-currentFinancialInstruments 2022-03-31 13269882 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 13269882 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 13269882 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 13269882 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 13269882 d:ShareCapital 2023-03-31 13269882 d:ShareCapital 2022-03-31 13269882 d:RetainedEarningsAccumulatedLosses 2023-03-31 13269882 d:RetainedEarningsAccumulatedLosses 2022-03-31 13269882 c:FRS102 2022-04-01 2023-03-31 13269882 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 13269882 c:FullAccounts 2022-04-01 2023-03-31 13269882 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure
Registered number: 13269882













Citadel Homes (RI) Limited

Financial statements
Information for filing with the registrar

31 March 2023




 
Citadel Homes (RI) Limited


Balance sheet
At 31 March 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
13,000,000
-

  
13,000,000
-

Current assets
  

Debtors
 5 
47,702
1

Cash at bank and in hand
  
35,063
1,000

  
82,765
1,001

Creditors: amounts falling due within one year
 6 
(7,221,029)
(1,000)

Net current (liabilities)/assets
  
 
 
(7,138,264)
 
 
1

Total assets less current liabilities
  
5,861,736
1

Creditors: amounts falling due after more than one year
 7 
(5,500,000)
-

  

Net assets
  
361,736
1


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
361,735
-

Shareholders' funds
  
361,736
1


1

 
Citadel Homes (RI) Limited

    
Balance sheet (continued)
At 31 March 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 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 comprehensive income 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 on 23 October 2023.




D T Montgomery
Director

Company registered number: 13269882
The notes on pages 3 to 5 form part of these financial statements. 

2

 
Citadel Homes (RI) Limited
 
 

Notes to the financial statements
Year ended 31 March 2023

1.


General information

Citadel Homes (RI) Limited (the company) engages in the management of residential property.
The company is a private company limited by shares, incorporated and domociled in the United Kingdom. The address of the registered office is given in the company information page of these financial statements. 

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

Turnover shown in the profit and loss account represents rental income invoiced applicable to the period, exclusive of Value Added Tax.

 
2.3

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.4

Taxation

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 balance sheet date in the countries where the company operates and generates income.

 
2.5

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

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 company has no employees other than the directors, who did not receive any remuneration.

3

 
Citadel Homes (RI) Limited
 
 

Notes to the financial statements
Year ended 31 March 2023

4.


Investment property


Freehold investment property

£



Valuation


Additions at cost
13,000,000



At 31 March 2023
13,000,000

The director considers the value of the investment property to be reflective of its true value as on an open market value for existing use basis.





5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
37,037
1

Other debtors
10,665
-

47,702
1



6.


Creditors: amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
7,085,103
1,000

Corporation tax
84,851
-

Other creditors
7,590
-

Accruals and deferred income
43,485
-

7,221,029
1,000



7.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Bank loans
5,500,000
-

5,500,000
-


4

 
Citadel Homes (RI) Limited
 
 

Notes to the financial statements
Year ended 31 March 2023

8.


Related party transactions

During the year the company engaged in transactions with a related party, Citadel Homes (Cumbria) Limited. During the year, investment properties, valued at £13,000,000, and an associated £5,500,000 loan were transferred to the company from Citadel Homes (Cumbria) Limited. 

 
5