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Company registration number: 08893167







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2023


CITY & SOUTHERN LIMITED






































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CITY & SOUTHERN LIMITED
 


 
COMPANY INFORMATION


Directors
Donal Corbett 
J B Duffy 




Registered number
08893167



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 & SOUTHERN LIMITED
 



CONTENTS



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


 


CITY & SOUTHERN LIMITED
REGISTERED NUMBER:08893167



STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
15,071,093
10,453,616

Cash at bank and in hand
  
29,259
4,779,347

  
15,100,352
15,232,963

Creditors: amounts falling due within one year
 5 
(55,583)
(163,494)

Net current assets
  
 
 
15,044,769
 
 
15,069,469

Total assets less current liabilities
  
15,044,769
15,069,469

  

Net assets
  
15,044,769
15,069,469


Capital and reserves
  

Called up share capital 
  
7,750,000
7,750,000

Profit and loss account
  
7,294,769
7,319,469

  
15,044,769
15,069,469


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 2 to 3 form part of these financial statements.

Page 1

 


CITY & SOUTHERN LIMITED
 


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

1.


General information

City & Southern 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, valued added tax and other sales taxes.
The revenue shown in the Statement of Comprehensive Income represented the amount of rent receivable in the year which is recognised as it falls due.  

 
2.3

Finance costs

Finance costs are charged to profit or loss 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.

 
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 reporting date in the countries where the Company operates and generates income.

 
2.5

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 2

 


CITY & SOUTHERN LIMITED
 


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

4.


Debtors

2023
2022
£
£


Trade debtors
23,716
23,716

Amounts owed by group undertakings
15,046,979
10,245,918

Other debtors
398
1,033

Tax recoverable
-
182,949

15,071,093
10,453,616



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,845
2,845

Amounts owed to group undertakings
52,738
133,242

Accruals and deferred income
-
27,407

55,583
163,494



6.


Contingent liabilities

In 2019, HMRC issued an assessment in respect of an alleged de-grouping charge on land acquired in a prior period by the Company. The amount of corporation tax charged by the assessment is £2,286,115 which is noted as a contingent liability. Having taken appropriate professional tax advice before and after the transactions concerned, and having received further professional tax advice following receipt of the assessment, the Company has appealed the assessment and expects the appeal to be upheld with the result that no tax will be paid.


7.


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.


8.


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 3