Company registration number: 04854807
|
|
|
FOR THE YEAR ENDED
30 APRIL 2023
|
|
|
|
CITY AND SOUTHERN PROPERTIES LIMITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITY AND SOUTHERN PROPERTIES LIMITED
|
|
|
COMPANY INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chartered Accountants & Statutory Auditor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITY AND SOUTHERN PROPERTIES LIMITED
|
|
|
CONTENTS
|
|
Statement of financial position
|
|
Notes to the financial statements
|
|
|
|
|
|
|
|
CITY AND SOUTHERN PROPERTIES LIMITED
REGISTERED NUMBER:04854807
|
|
|
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
Net current (liabilities)/assets
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITY AND SOUTHERN PROPERTIES LIMITED
REGISTERED NUMBER:04854807
|
|
|
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2023
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
J B Duffy
|
|
|
|
The notes on pages 3 to 6 form part of these financial statements.
|
|
|
|
|
|
CITY AND SOUTHERN PROPERTIES LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
City & Southern Properties Limited is a private company limited by shares incorporated and domiciled in England and Wales. The address of its registered office and principal place of business is Duffy House, 1 Mount Road, Feltham, Middlesex, United Kingdom, TW13 6AR.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The turnover shown in the Statement of Comprehensive Income represents the amount of rent receivable in the year which is recognised as it falls due.
Finance costs are charged to the income statement 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.
|
|
|
|
|
|
CITY AND SOUTHERN PROPERTIES LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (continued)
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in the income statement 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.
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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
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 reporting date.
Investment properties comprise properties owned by the Company which are held for capital appreciation, rental income or both. Investment properties are initially measured at cost, including expenditure that is directly attributable to the acquisition of the asset. Investment properties are revalued on acquisition by independent external valuers and then by the directors or independent valuers annually thereafter. Any gain or loss arising from a change in fair value is recognised in profit or loss.
Subsequent expenditure is capitalised only when it is probable that the future economic benefits associated with the expenditure will flow to the company. Ongoing repairs and maintenance are expensed as incurred.
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.
The average monthly number of employees, including directors, during the year was 2 (2022 - 2).
|
|
|
|
|
|
CITY AND SOUTHERN PROPERTIES LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
|
|
Freehold investment property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The investment properties are included at a fair value of £2,475,000 (2022: £2,480,000). The properties were valued by the directors at fair value at the reporting date.
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
The bank loan of £685,000 is secured on two investment properties held by the Company and has an interest rate of 2.5% over LIBOR. The loan is not due for repayment until June 2023.
|
|
|
|
|
|
|
CITY AND SOUTHERN PROPERTIES LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The bank loan of £685,000 is secured on two investment properties held by the Company and has an interest rate of 2.5% over LIBOR. The loan is not due for repayment until June 2023. See note 8 for details of a post balance sheet amendment to these loans, where the maturity date has changed to 29 August 2028.
|
|
Post balance sheet events
|
On 16 October 2023, the bank loan repayment date was ammended to 29 August 2028.
Duffy Group Holdings Limited, a company incorporated in the United Kingdom, is the parent company of the smallest group for which consolidated financial statements are drawn up of which the company is a member. The parent company's principal place of business is Duffy House, 1 Mount Road, Feltham, Middlesex, United Kingdom, TW13 6AR.
The auditors' report on the financial statements for the year ended 30 April 2023 was unqualified.
The audit report was signed on 5 February 2024 by Andrew Cook FCA (Senior statutory auditor) on behalf of Menzies LLP.
|