Company Registration No. 07403930 (England and Wales)
CITYHILL ADVISORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
CITYHILL ADVISORS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
CITYHILL ADVISORS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
1 JANUARY 2024
01 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,406
943
Investments
5
6,685
6,685
8,091
7,628
Current assets
Debtors
6
828,196
761,705
Investments
7
547,667
525,567
Cash at bank and in hand
170,786
114,618
1,546,649
1,401,890
Creditors: amounts falling due within one year
8
(206,996)
(79,022)
Net current assets
1,339,653
1,322,868
Net assets
1,347,744
1,330,496
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,347,743
1,330,495
Total equity
1,347,744
1,330,496

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 1 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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.

The financial statements were approved and signed by the director and authorised for issue on 10 April 2024
R Hensman
Director
Company registration number 07403930 (England and Wales)
CITYHILL ADVISORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 JANUARY 2024
- 2 -
1
Accounting policies
Company information

Cityhill Advisors Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Bonhill Street, London, EC2A 4DJ.

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 on the historical cost convention except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration receivable for services provided in the normal course of business, and is shown net of discounts and VAT. Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
over 3 years

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.

1.4
Impairment of fixed assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

 

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the income statement.

1.5
Cash at bank and in hand

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments.

CITYHILL ADVISORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

 

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

 

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method less any impairment.

 

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or the risks and rewards of ownership are transferred.

 

Basic financial Liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

CITYHILL ADVISORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

 

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

1.9
Employee benefits

Short-term employee benefits and contributions to employees' personal pensions are recognised as an expense in the period in which they are incurred.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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:

2024
2023
Number
Number
Total
1
2
CITYHILL ADVISORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 JANUARY 2024
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 2 January 2023
1,504
Additions
1,446
At 1 January 2024
2,950
Depreciation and impairment
At 2 January 2023
561
Depreciation charged in the year
983
At 1 January 2024
1,544
Carrying amount
At 1 January 2024
1,406
At 1 January 2023
943
5
Fixed asset investments
2024
2023
£
£
Investments
6,685
6,685
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 2 January 2023 & 1 January 2024
6,685
Carrying amount
At 1 January 2024
6,685
At 1 January 2023
6,685
CITYHILL ADVISORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 JANUARY 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
21,550
Other debtors
601,686
608,066
601,686
629,616
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
226,510
132,089
Total debtors
828,196
761,705

Other debtors includes £552,001 (2023: £463,834) owed by company owned and controlled by the director. These are unsecured, non-interest bearing loan and repayable on demand.

7
Current asset investments
2024
2023
£
£
Other investments
547,667
525,567
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
216
204
Amounts owed to group undertakings
-
0
257
Corporation tax
51,032
20,376
Other taxation and social security
11,526
10,608
Other creditors
144,222
47,577
206,996
79,022

 

Other creditors includes an amount owed to the Director of £125,422 (2023: Debit of £1,359).

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