Silverfin false false 30/09/2023 01/10/2022 30/09/2023 A B Lilius 04/01/2008 D Turner 14/09/2012 03 April 2024 The principal activity of the Company during the financial year was rental of property. 06322060 2023-09-30 06322060 bus:Director1 2023-09-30 06322060 bus:Director2 2023-09-30 06322060 2022-09-30 06322060 core:CurrentFinancialInstruments 2023-09-30 06322060 core:CurrentFinancialInstruments 2022-09-30 06322060 core:ShareCapital 2023-09-30 06322060 core:ShareCapital 2022-09-30 06322060 core:RevaluationReserve 2023-09-30 06322060 core:RevaluationReserve 2022-09-30 06322060 core:RetainedEarningsAccumulatedLosses 2023-09-30 06322060 core:RetainedEarningsAccumulatedLosses 2022-09-30 06322060 core:OtherPropertyPlantEquipment 2022-09-30 06322060 core:OtherPropertyPlantEquipment 2023-09-30 06322060 2022-10-01 2023-09-30 06322060 bus:FilletedAccounts 2022-10-01 2023-09-30 06322060 bus:SmallEntities 2022-10-01 2023-09-30 06322060 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 06322060 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 06322060 bus:Director1 2022-10-01 2023-09-30 06322060 bus:Director2 2022-10-01 2023-09-30 06322060 core:OtherPropertyPlantEquipment 2022-10-01 2023-09-30 06322060 2021-10-01 2022-09-30 iso4217:GBP xbrli:pure

Company No: 06322060 (England and Wales)

MODERN CITY ESTATES LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

MODERN CITY ESTATES LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

MODERN CITY ESTATES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 September 2023
MODERN CITY ESTATES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,270,000 2,213,150
2,270,000 2,213,150
Current assets
Stocks 4 43,641 43,641
Debtors 5 70,429 55,338
Cash at bank and in hand 104,444 173,310
218,514 272,289
Creditors: amounts falling due within one year 6 ( 60,877) ( 68,135)
Net current assets 157,637 204,154
Total assets less current liabilities 2,427,637 2,417,304
Provision for liabilities ( 253,000) ( 239,000)
Net assets 2,174,637 2,178,304
Capital and reserves
Called-up share capital 1,582,586 1,582,586
Revaluation reserve 534,850 478,000
Profit and loss account 57,201 117,718
Total shareholders' funds 2,174,637 2,178,304

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

Directors' responsibilities:

The financial statements of Modern City Estates Limited (registered number: 06322060) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

D Turner
Director

03 April 2024

MODERN CITY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
MODERN CITY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Modern City Estates Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 October 2022 2,247,427 2,247,427
Revaluations 56,850 56,850
At 30 September 2023 2,304,277 2,304,277
Accumulated depreciation
At 01 October 2022 34,277 34,277
At 30 September 2023 34,277 34,277
Net book value
At 30 September 2023 2,270,000 2,270,000
At 30 September 2022 2,213,150 2,213,150

Investment properties

Investment properties, which are all freehold, were revalued to fair value at 30 September 2023, based on a valuation undertaken by the directors, on an open market value for existing use basis.

4. Stocks

2023 2022
£ £
Stocks 43,641 43,641

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

5. Debtors

2023 2022
£ £
Other debtors 70,429 55,338

6. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 18,360 22,391
Other creditors 42,517 45,744
60,877 68,135