Company registration number 04868985 (England and Wales)
CITY QUAY (LONDON) LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
CITY QUAY (LONDON) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
CITY QUAY (LONDON) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
307,463
624,320
Investment properties
4
529,000
836,463
624,320
Current assets
Debtors
5
7,034
15,601
Cash at bank and in hand
460,684
123,638
467,718
139,239
Creditors: amounts falling due within one year
6
(160,384)
(52,897)
Net current assets
307,334
86,342
Total assets less current liabilities
1,143,797
710,662
Provisions for liabilities
(91,351)
Net assets
1,052,446
710,662
Capital and reserves
Called up share capital
7
89
89
Other reserves
8
150,000
150,000
Profit and loss reserves
8
902,357
560,573
Total equity
1,052,446
710,662
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 22 November 2023 and are signed on its behalf by:
Mr C D L Williams
Director
Company Registration No. 04868985
CITY QUAY (LONDON) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2021
89
150,000
669,398
819,487
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
16,175
16,175
Dividends
-
-
(125,000)
(125,000)
Balance at 31 December 2021
89
150,000
560,573
710,662
Period ended 31 March 2023:
Profit and total comprehensive income for the period
-
-
875,784
875,784
Dividends
-
-
(534,000)
(534,000)
Balance at 31 March 2023
89
150,000
902,357
1,052,446
CITY QUAY (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
City Quay (London) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 66 Prescot Street, London, E1 8NN. the company's principal place of business is 41 Sandpiper Court, 8 Thomas More Street, London, E1W 1AS.
1.1
Reporting period
The financial statements represent a period of accounts between 01 January 2022 and 31 March 2023. Therefore the figures are not directly comparable with the prior period of 12 months.
1.2
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. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover represents rent receivable and is recognised at the fair value of the consideration received or receivable in the normal course of business.
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:
Land and buildings leasehold
No depreciation on leasehold property
Fixtures, fittings & equipment
25% 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
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
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.
CITY QUAY (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
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 and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
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.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
CITY QUAY (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
Basic financial liabilities
Basic financial liabilities, including 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.
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.
CITY QUAY (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
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.
2
Employees
The average monthly number of unremunerated persons (including directors) employed by the company during the period was:
2023
2021
Number
Number
Total
7
7
3
Tangible fixed assets
Land and buildings leasehold
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2022
624,320
4,433
628,753
Transfers
(316,857)
(316,857)
At 31 March 2023
307,463
4,433
311,896
Depreciation and impairment
At 1 January 2022 and 31 March 2023
4,433
4,433
Carrying amount
At 31 March 2023
307,463
307,463
At 31 December 2021
624,320
624,320
CITY QUAY (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 7 -
4
Investment property
2023
£
Fair value
At 1 January 2022
Transfers
316,857
Disposals
(520,000)
Revaluations
732,143
At 31 March 2023
529,000
During the year the directors took the decision to reclassify the properties held by the company as Investment properties rather than fixed assets to more accurately reflect the economic benefit of the properties to the company.
The fair value of the investment properties has been arrived at by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2023
2021
Amounts falling due within one year:
£
£
Corporation tax recoverable
950
950
Other debtors
3,351
14,207
Prepayments and accrued income
2,733
444
7,034
15,601
6
Creditors: amounts falling due within one year
2023
2021
£
£
Trade creditors
19,140
Corporation tax
134,881
5,364
Accruals and deferred income
25,503
28,393
160,384
52,897
7
Called up share capital
2023
2021
2023
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares - A of 50p each
38
38
19
19
ordinary shares - B of 75p each
68
68
51
51
ordinary shares - C of £1 each
19
19
19
19
125
125
89
89
CITY QUAY (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 8 -
8
Reserves
Revaluation reserve
Included within profit and loss reserves is an amount of £365,404 relating to unrealised revaluation gains on investment properties. The amount is not available for distribution until the investment properties are disposed of after which it becomes realised.
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.
Senior Statutory Auditor:
Paul Woosey
Statutory Auditor:
Gravita Audit II Limited
2023-03-312022-01-01false22 November 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedMrs J K Clayton JonesMr M V ScanlonMr C D L WilliamsMr P D GarwoodMr J D SimonSir J GainsMs S DingwallMs J BodenMs S E M CahillGravita Trustees Limited048689852022-01-012023-03-31048689852023-03-31048689852021-12-3104868985core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3104868985core:FurnitureFittings2023-03-3104868985core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-12-3104868985core:FurnitureFittings2021-12-3104868985core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3104868985core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3104868985core:CurrentFinancialInstruments2023-03-3104868985core:CurrentFinancialInstruments2021-12-3104868985core:ShareCapital2023-03-3104868985core:ShareCapital2021-12-3104868985core:OtherMiscellaneousReserve2023-03-3104868985core:OtherMiscellaneousReserve2021-12-3104868985core:RetainedEarningsAccumulatedLosses2023-03-3104868985core:RetainedEarningsAccumulatedLosses2021-12-3104868985core:ShareCapital2020-12-3104868985core:RetainedEarningsAccumulatedLosses2020-12-3104868985core:ShareCapitalOrdinaryShares2023-03-3104868985core:ShareCapitalOrdinaryShares2021-12-3104868985bus:Director32022-01-012023-03-3104868985core:RetainedEarningsAccumulatedLosses2021-01-012021-12-31048689852021-01-012021-12-3104868985core:RetainedEarningsAccumulatedLosses2022-01-012023-03-3104868985core:LandBuildingscore:LongLeaseholdAssets2022-01-012023-03-3104868985core:FurnitureFittings2022-01-012023-03-3104868985core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-12-3104868985core:FurnitureFittings2021-12-31048689852021-12-3104868985core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-01-012023-03-3104868985bus:PrivateLimitedCompanyLtd2022-01-012023-03-3104868985bus:SmallCompaniesRegimeForAccounts2022-01-012023-03-3104868985bus:FRS1022022-01-012023-03-3104868985bus:Audited2022-01-012023-03-3104868985bus:Director12022-01-012023-03-3104868985bus:Director22022-01-012023-03-3104868985bus:Director42022-01-012023-03-3104868985bus:Director52022-01-012023-03-3104868985bus:Director62022-01-012023-03-3104868985bus:Director72022-01-012023-03-3104868985bus:Director82022-01-012023-03-3104868985bus:Director92022-01-012023-03-3104868985bus:CompanySecretary12022-01-012023-03-3104868985bus:FullAccounts2022-01-012023-03-31xbrli:purexbrli:sharesiso4217:GBP