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27 December 2023
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No description of principal activity
2022-05-01
Sage Accounts Production Advanced 2023 - FRS102_2023
9,675,000
9,675,000
9,675,000
xbrli:pure
xbrli:shares
iso4217:GBP
11889827
2022-05-01
2023-04-30
11889827
2023-04-30
11889827
2022-04-30
11889827
2021-05-01
2022-04-30
11889827
2022-04-30
11889827
2021-04-30
11889827
bus:Director1
2022-05-01
2023-04-30
11889827
core:WithinOneYear
2023-04-30
11889827
core:WithinOneYear
2022-04-30
11889827
core:AfterOneYear
2023-04-30
11889827
core:AfterOneYear
2022-04-30
11889827
core:ShareCapital
2023-04-30
11889827
core:ShareCapital
2022-04-30
11889827
core:OtherReservesSubtotal
2023-04-30
11889827
core:OtherReservesSubtotal
2022-04-30
11889827
core:RetainedEarningsAccumulatedLosses
2023-04-30
11889827
core:RetainedEarningsAccumulatedLosses
2022-04-30
11889827
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-04-30
11889827
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-04-30
11889827
bus:SmallEntities
2022-05-01
2023-04-30
11889827
bus:Audited
2022-05-01
2023-04-30
11889827
bus:SmallCompaniesRegimeForAccounts
2022-05-01
2023-04-30
11889827
bus:EntityHasNeverTraded
2022-05-01
2023-04-30
11889827
bus:PrivateLimitedCompanyLtd
2022-05-01
2023-04-30
11889827
bus:FullAccounts
2022-05-01
2023-04-30
11889827
1
2022-05-01
2023-04-30
COMPANY REGISTRATION NUMBER:
11889827
Filleted Financial Statements |
|
Statement of Financial Position |
|
30 April 2023
Fixed assets
Tangible assets |
4 |
9,675,000 |
9,675,000 |
|
|
|
|
Current assets
Debtors |
5 |
1,464,724 |
3,573,005 |
Investments |
6 |
3,102,620 |
7,846,684 |
Cash at bank and in hand |
3,459,222 |
975,673 |
|
------------ |
------------- |
|
8,026,566 |
12,395,362 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
6,394,328 |
10,444,034 |
|
------------ |
------------- |
Net current assets |
1,632,238 |
1,951,328 |
|
------------- |
------------- |
Total assets less current liabilities |
11,307,238 |
11,626,328 |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
6,125,000 |
6,125,000 |
|
|
|
|
Provisions |
332,795 |
252,924 |
|
------------- |
------------- |
Net assets |
4,849,443 |
5,248,404 |
|
------------- |
------------- |
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Other reserves |
4,870,705 |
4,950,576 |
Profit and loss account |
(
21,362) |
297,728 |
|
------------ |
------------ |
Shareholders funds |
4,849,443 |
5,248,404 |
|
------------ |
------------ |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
27 December 2023
, and are signed on behalf of the board by:
Mr Graham Harris |
|
Director |
|
|
|
Company registration number:
11889827
Notes to the Financial Statements |
|
Year ended 30 April 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Malting Place, 169 Tower Bridge Road, London, SE1 3BJ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents rents received net of sales taxes.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Tangible assets
|
Investment properties |
|
£ |
Cost |
|
At 1 May 2022 and 30 April 2023 |
9,675,000 |
|
------------ |
Depreciation |
|
At 1 May 2022 and 30 April 2023 |
– |
|
------------ |
Carrying amount |
|
At 30 April 2023 |
9,675,000 |
|
------------ |
At 30 April 2022 |
9,675,000 |
|
------------ |
|
|
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
1,437,019 |
3,545,300 |
Other debtors |
27,705 |
27,705 |
|
------------ |
------------ |
|
1,464,724 |
3,573,005 |
|
------------ |
------------ |
|
|
|
6.
Investments
|
2023 |
2022 |
|
£ |
£ |
Other investments |
3,102,620 |
7,846,684 |
|
------------ |
------------ |
|
|
|
|
|
2023 |
2022 |
|
|
£ |
£ |
|
The fair value of these investment is |
3,175,000 |
8,095,805 |
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
2,372,028 |
5,929,960 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
4,018,837 |
4,471,519 |
Other creditors |
3,463 |
42,555 |
|
------------ |
------------- |
|
6,394,328 |
10,444,034 |
|
------------ |
------------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
6,125,000 |
6,125,000 |
|
------------ |
------------ |
|
|
|
Bank borrowing is secured by a charge on the freehold property owned by the company. The charge has not been crystallised. The charged indebtedness is also subject to cross guarantee on assets of the group. The Director has provided a personal guarantee in respect of part of the indebtedness to banks. Bank loans and overdrafts are due between one and two years
9.
Summary audit opinion
The auditor's report dated
27 December 2023
was
unqualified
.
The senior statutory auditor was
Gary Sargeant FCA
, for and on behalf of
Sargeant Partnership LLP
.
10.
Related party transactions
The company has taken advantage of the exemption available under FRS 102 paragraph 33.1a whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
11.
Controlling party
The company is under the control of London and City Group Holdings Limited, a company registered in England & Wales, the accounts of which are available from 1 Maltings Place, 169 Tower Bridge Road, SE1 3JB . The results of the company are included in the consolidated accounts of London & City Group Holdings Limited.