Company registration number 08037843 (England and Wales)
CITYSHAPE INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
CITYSHAPE INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
CITYSHAPE INVESTMENTS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
80,990
80,990
Investments
5
4,222,731
4,222,731
4,303,721
4,303,721
Current assets
Stocks
13,248
4,397
Debtors
6
519,778
1,219,067
Cash at bank and in hand
55,020
13,215
588,046
1,236,679
Creditors: amounts falling due within one year
7
(105,350)
(856,040)
Net current assets
482,696
380,639
Total assets less current liabilities
4,786,417
4,684,360
Creditors: amounts falling due after more than one year
8
(3,295,000)
(3,295,000)
Provisions for liabilities
(3,012)
(3,012)
Net assets
1,488,405
1,386,348
Capital and reserves
Called up share capital
1,100
1,100
Revaluation reserve
14,704
14,704
Profit and loss reserves
1,472,601
1,370,544
Total equity
1,488,405
1,386,348

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

CITYSHAPE INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 February 2024 and are signed on its behalf by:
C E Diment
Director
Company registration number 08037843 (England and Wales)
CITYSHAPE INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2021
1,100
14,704
1,273,897
1,289,701
Year ended 30 June 2022:
Profit and total comprehensive income
-
-
96,647
96,647
Balance at 30 June 2022
1,100
14,704
1,370,544
1,386,348
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
102,057
102,057
Balance at 30 June 2023
1,100
14,704
1,472,601
1,488,405
CITYSHAPE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information

Cityshape Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Market House, 10 Market Walk, Saffron Walden, Essex, CB10 1JZ.

1.1
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.

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

1.2
Turnover

Turnover in relation to rent receivable from the letting of investment properties is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 

Turnover from sale of completed stock properties is recognised upon the exchange of contract and purchase agreements and when the risks and rewards of ownership have been transferred to purchasers.

1.3
Investment properties

Investment property is carried at fair value determined annually by external valuers 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.

1.4
Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

1.5
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.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

1.6
Stocks

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

CITYSHAPE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -

Stocks of property are valued at the lower of cost and net realisable value. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

1.7
Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.8
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.

 

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

 

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

1.9
Taxation

The tax expense for the year comprises current and deferred tax. 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.

Current tax

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.

CITYSHAPE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

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 balance sheet date.

1.10
Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

 

Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

 

When payments are eventually made, they are charged to the provision carried in the balance sheet.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
4
4
Investment property
2023
£
Fair value
At 1 July 2022 and 30 June 2023
80,990
CITYSHAPE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
4
Investment property
(Continued)
- 7 -

The 2023 valuations were made by directors, on an open market value for existing use basis.

5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
4,222,731
4,222,731
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,231
13,328
Amounts owed by group undertakings
320,095
1,043,833
Prepayments and accrued income
78,805
51,417
407,131
1,108,578
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
112,647
110,489
Total debtors
519,778
1,219,067
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
896
-
0
Taxation and social security
4,056
3,992
Other creditors
99,018
850,025
Accruals and deferred income
1,380
2,023
105,350
856,040
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
3,295,000
3,295,000
CITYSHAPE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
8
Creditors: amounts falling due after more than one year
(Continued)
- 8 -

On 10 July 2014, the company issued £3,400,000 unsecured loan notes with a 3% coupon rate compounded annually, to its directors who are also the ordinary shareholders. The loan notes are redeemable on the fifteenth anniversary being 9 July 2029. The company may opt to repay the loan early by providing at least one week notice to the loan note holders.

9
Ultimate controlling party

The ultimate controlling party is M and P Marshall by virtue of their shareholding.

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