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Registration number: SC269346

Flats in the City Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Flats in the City Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Flats in the City Ltd

Company Information

Directors

Mr S Lai

Mrs C Lai

Dr S Lai

Registered office

24 Rosebery Street
Aberdeen
AB15 5LL

Accountants

Mint Accounting Ltd
63 Dock Street
Dundee
DD1 3DU

 

Flats in the City Ltd

(Registration number: SC269346)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

16,852

17,010

Investment property

5

704,094

736,500

 

720,946

753,510

Current assets

 

Debtors

6

450

382

Cash at bank and in hand

 

7,783

2,138

 

8,233

2,520

Creditors: Amounts falling due within one year

7

(196,852)

(204,548)

Net current liabilities

 

(188,619)

(202,028)

Total assets less current liabilities

 

532,327

551,482

Creditors: Amounts falling due after more than one year

7

(798)

-

Provisions for liabilities

(13,555)

(15,807)

Net assets

 

517,974

535,675

Capital and reserves

 

Called up share capital

10,000

10,000

Revaluation reserve

138,875

169,059

Retained earnings

369,099

356,616

Shareholders' funds

 

517,974

535,675

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Flats in the City Ltd

(Registration number: SC269346)
Balance Sheet as at 30 June 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 February 2024 and signed on its behalf by:
 

.........................................
Mr S Lai
Director

 

Flats in the City Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
24 Rosebery Street
Aberdeen
AB15 5LL
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents net rental receipts from investment property, excluding VAT. Turnover is recognised in the period covered by rental receipts due.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Flats in the City Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% on cost

Fixtures and fittings

15% on cost

Office equipment

33.3% on cost

Property improvements

10% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined periodically by external valuers and reviewed annually by the directors. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Flats in the City Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Flats in the City Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

62,047

62,047

Additions

4,109

4,109

Disposals

(8,741)

(8,741)

At 30 June 2023

57,415

57,415

Depreciation

At 1 July 2022

45,037

45,037

Charge for the year

4,065

4,065

Eliminated on disposal

(8,539)

(8,539)

At 30 June 2023

40,563

40,563

Carrying amount

At 30 June 2023

16,852

16,852

At 30 June 2022

17,010

17,010

5

Investment properties

2023
£

At 1 July

736,500

Fair value adjustments

(32,406)

At 30 June

704,094

The fair value of £704,094 (2022 £736,500) on the investment properties has been arrived at on the basis of a valuation carried out by the director of the company in 2023. The valuation was reduced in value by reference to the Aberdeen Solicitors Property Centre report of movement in the Aberdeen property market for the year.

There has been no valuation of investment property by an independent valuer.

 

Flats in the City Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

450

-

Prepayments

-

382

 

450

382

 

Flats in the City Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

1,367

-

Taxation and social security

 

1,890

-

Accruals and deferred income

 

597

1,449

Other creditors

 

192,998

203,099

 

196,852

204,548

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

798

-

8

Reserves

Tangible assets
2023
£

Total amount of revalued assets

704,904

Amount of revaluation brought forward

(181,634)

Amount of revaluation for the year

32,406

Total carrying amount of assets had they not been revalued

554,866

The deferred tax charge on the overall fair value of the properties, after indexation has been debited to the fair value reserve. There was a credit to the fair value reserve in the current year of £2222 for the reduction in fair value in the current year with a deferred tax effect carried forward of a debit of £10,353 reducing the fair value reserve.

 

Flats in the City Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

798

-

2023
£

2022
£

Current loans and borrowings

Other borrowings

1,367

-

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £Nil (2022 - £0.40) per each Ordinary shares

 

-

 

4,000