Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-302022-05-01falseNo description of principal activity03falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04854807 2022-05-01 2023-04-30 04854807 2023-04-30 04854807 2021-05-01 2022-04-30 04854807 2022-04-30 04854807 1 2022-05-01 2023-04-30 04854807 d:Director1 2022-05-01 2023-04-30 04854807 d:Director3 2022-05-01 2023-04-30 04854807 d:RegisteredOffice 2022-05-01 2023-04-30 04854807 c:FreeholdInvestmentProperty 2023-04-30 04854807 c:FreeholdInvestmentProperty 2022-04-30 04854807 c:FreeholdInvestmentProperty 2 2022-05-01 2023-04-30 04854807 c:CurrentFinancialInstruments 2023-04-30 04854807 c:CurrentFinancialInstruments 2022-04-30 04854807 c:Non-currentFinancialInstruments 2023-04-30 04854807 c:Non-currentFinancialInstruments 2022-04-30 04854807 c:CurrentFinancialInstruments c:WithinOneYear 2023-04-30 04854807 c:CurrentFinancialInstruments c:WithinOneYear 2022-04-30 04854807 c:Non-currentFinancialInstruments c:AfterOneYear 2023-04-30 04854807 c:Non-currentFinancialInstruments c:AfterOneYear 2022-04-30 04854807 c:ShareCapital 2023-04-30 04854807 c:ShareCapital 2022-04-30 04854807 c:RetainedEarningsAccumulatedLosses 2023-04-30 04854807 c:RetainedEarningsAccumulatedLosses 2022-04-30 04854807 d:FRS102 2022-05-01 2023-04-30 04854807 d:Audited 2022-05-01 2023-04-30 04854807 d:FullAccounts 2022-05-01 2023-04-30 04854807 d:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 04854807 d:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure
Company registration number: 04854807







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2023


CITY AND SOUTHERN PROPERTIES LIMITED






































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CITY AND SOUTHERN PROPERTIES LIMITED
 


 
COMPANY INFORMATION


Directors
J B Duffy 
D Corbett 




Registered number
04854807



Registered office
Duffy House
1 Mount Road

Feltham

Middlesex

TW13 6AR




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


CITY AND SOUTHERN PROPERTIES LIMITED
 



CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6


 


CITY AND SOUTHERN PROPERTIES LIMITED
REGISTERED NUMBER:04854807



STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
2,475,000
2,480,000

  
2,475,000
2,480,000

Current assets
  

Debtors: amounts falling due within one year
 5 
675,485
635,805

Cash at bank and in hand
  
32,234
17,774

  
707,719
653,579

Creditors: amounts falling due within one year
 6 
(850,417)
(100,698)

Net current (liabilities)/assets
  
 
 
(142,698)
 
 
552,881

Total assets less current liabilities
  
2,332,302
3,032,881

Creditors: amounts falling due after more than one year
 7 
-
(685,000)

Provisions for liabilities
  

Deferred tax
  
(81,199)
(85,094)

  
 
 
(81,199)
 
 
(85,094)

Net assets
  
2,251,103
2,262,787


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
2,250,103
2,261,787

  
2,251,103
2,262,787


Page 1

 


CITY AND SOUTHERN PROPERTIES LIMITED
REGISTERED NUMBER:04854807


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2023

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 by: 



................................................
J B Duffy
Director

Date: 5 February 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 


CITY AND SOUTHERN PROPERTIES LIMITED
 


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

1.


General information

City & Southern Properties Limited is a private company limited by shares incorporated and domiciled in England and Wales. The address of its registered office and principal place of business is Duffy House, 1 Mount Road, Feltham, Middlesex, United Kingdom, TW13 6AR.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
The turnover shown in the Statement of Comprehensive Income represents the amount of rent receivable in the year which is recognised as it falls due. 

 
2.3

Finance costs

Finance costs are charged to the income statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 


CITY AND SOUTHERN PROPERTIES LIMITED
 


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

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the income statement 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.5

Investment property

Investment properties comprise properties owned by the Company which are held for capital appreciation, rental income or both. Investment properties are initially measured at cost, including expenditure that is directly attributable to the acquisition of the asset. Investment properties are revalued on acquisition by independent external valuers and then by the directors or independent valuers annually thereafter. Any gain or loss arising from a change in fair value is recognised in profit or loss.
Subsequent expenditure is capitalised only when it is probable that the future economic benefits associated with the expenditure will flow to the company. Ongoing repairs and maintenance are expensed as incurred.

 
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 average monthly number of employees, including directors, during the year was 2 (2022 - 2). 

Page 4

 


CITY AND SOUTHERN PROPERTIES LIMITED
 


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

4.


Investment property


Freehold investment property

£



Valuation


At 1 May 2022
2,480,000


Revaluation
(5,000)



At 30 April 2023
2,475,000

The investment properties are included at a fair value of £2,475,000 (2022: £2,480,000). The properties were valued by the directors at fair value at the reporting date.





5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
667,739
562,306

Prepayments and accrued income
7,746
-

Tax recoverable
-
73,499

675,485
635,805



6.


Creditors: Amounts falling due within one year

2023
2021
£
£

Bank loans
685,000
-

Amounts owed to group undertakings
118,274
73,860

Accruals and deferred income
47,143
26,838

850,417
100,698


The bank loan of £685,000 is secured on two investment properties held by the Company and has an interest rate of 2.5% over LIBOR. The loan is not due for repayment until June 2023.

Page 5

 


CITY AND SOUTHERN PROPERTIES LIMITED
 


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

7.


Creditors: Amounts falling due after more than one year

2023
2021
£
£

Bank loans
-
685,000

-
685,000


The bank loan of £685,000 is secured on two investment properties held by the Company and has an interest rate of 2.5% over LIBOR. The loan is not due for repayment until June 2023. See note 8 for details of a post balance sheet amendment to these loans, where the maturity date has changed to 29 August 2028.


8.


Post balance sheet events

On 16 October 2023, the bank loan repayment date was ammended to 29 August 2028.


9.


Parent Company

Duffy Group Holdings Limited, a company incorporated in the United Kingdom, is the parent company of the smallest group for which consolidated financial statements are drawn up of which the company is a member. The parent company's principal place of business is Duffy House, 1 Mount Road, Feltham, Middlesex, United Kingdom, TW13 6AR.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2023 was unqualified.

The audit report was signed on 5 February 2024 by Andrew Cook FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 6