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REGISTERED NUMBER: 09049678 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31st May 2023

for

CITY LAND PROPERTIES (EUROPE)
LIMITED

CITY LAND PROPERTIES (EUROPE)
LIMITED (REGISTERED NUMBER: 09049678)

Contents of the Financial Statements
for the year ended 31st May 2023










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


CITY LAND PROPERTIES (EUROPE)
LIMITED

Company Information
for the year ended 31st May 2023







DIRECTOR: Mr M Pryor





REGISTERED OFFICE: Monometer House
Rectory Grove
Leigh-On-Sea
Essex
SS9 2HN





REGISTERED NUMBER: 09049678 (England and Wales)





ACCOUNTANTS: Barrons Limited
Chartered Accountants
Monometer House
Rectory Grove
Leigh on Sea
Essex
SS9 2HN

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
City Land Properties (Europe)
Limited


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of City Land Properties (Europe) Limited for the year ended 31st May 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of City Land Properties (Europe) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of City Land Properties (Europe) Limited and state those matters that we have agreed to state to the director of City Land Properties (Europe) Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than City Land Properties (Europe) Limited and its director for our work or for this report.

It is your duty to ensure that City Land Properties (Europe) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of City Land Properties (Europe) Limited. You consider that City Land Properties (Europe) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of City Land Properties (Europe) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Barrons Limited
Chartered Accountants
Monometer House
Rectory Grove
Leigh on Sea
Essex
SS9 2HN


29th March 2024

CITY LAND PROPERTIES (EUROPE)
LIMITED (REGISTERED NUMBER: 09049678)

Balance Sheet
31st May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 3,800,000 3,667,414

CURRENT ASSETS
Stocks - 110,881
Debtors 5 3,624 634
Cash at bank 377,911 283,203
381,535 394,718
CREDITORS
Amounts falling due within one year 6 1,845,548 1,918,068
NET CURRENT LIABILITIES (1,464,013 ) (1,523,350 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,335,987

2,144,064

CREDITORS
Amounts falling due after more than one
year

7

1,980,000

1,980,000
NET ASSETS 355,987 164,064

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 355,986 164,063
355,987 164,064

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CITY LAND PROPERTIES (EUROPE)
LIMITED (REGISTERED NUMBER: 09049678)

Balance Sheet - continued
31st May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 29th March 2024 and were signed by:





Mr M Pryor - Director


CITY LAND PROPERTIES (EUROPE)
LIMITED (REGISTERED NUMBER: 09049678)

Notes to the Financial Statements
for the year ended 31st May 2023


1. STATUTORY INFORMATION

City Land Properties (Europe) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover wholly consists of rental income from the investment properties held which are accounted for on an accruals basis.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If Stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


CITY LAND PROPERTIES (EUROPE)
LIMITED (REGISTERED NUMBER: 09049678)

Notes to the Financial Statements - continued
for the year ended 31st May 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Financial instruments
The Company only enters into basic financial instruments 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 non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, 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. Such instruments are subsequently carried at amortised cost using effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

CITY LAND PROPERTIES (EUROPE)
LIMITED (REGISTERED NUMBER: 09049678)

Notes to the Financial Statements - continued
for the year ended 31st May 2023


4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st June 2022 3,667,414
Revaluations 132,586
At 31st May 2023 3,800,000
NET BOOK VALUE
At 31st May 2023 3,800,000
At 31st May 2022 3,667,414

Investment properties were valued on an open market basis on 31 May 2023 by the company directors.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,624 634

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 17,159 2,873
Other creditors 1,828,389 1,915,195
1,845,548 1,918,068

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 1,980,000 1,980,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,980,000 1,980,000

CITY LAND PROPERTIES (EUROPE)
LIMITED (REGISTERED NUMBER: 09049678)

Notes to the Financial Statements - continued
for the year ended 31st May 2023


8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,980,000 1,980,000

The bank loans are secured by charges on the company's investment properties.

9. RELATED PARTY DISCLOSURES

As at the balance sheet date there was a director's current account balance totalling £1,826,229 (2022: £1,913,393).

10. TRANSITION TO FRS 102 SECTION 1A

The prior year's financial statements were prepared in accordance with Financial Reporting Standard 105 and investment property was held at cost less depreciation. The current year's financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A and therefore investment property is now held at fair value.

As a result of the above mentioned transition, historical depreciation charged up to 31 May 2021 totalling £91,252 has been reversed, increasing Fixed Assets and Retained Earnings. Also depreciation charged in the year to 31 May 2022 totalling £34,036 has been reversed, increasing Fixed Assets and reducing costs in the Profit and Loss account.

11. DISTRIBUTABLE RESERVES

Retained earnings as disclosed on the face of the balance sheet also include revaluation gains and deferred tax provision on these gains. These are not distributable reserves. The actual distributable reserves as at the balance sheet date were negative £225,153 (2022: £164,064).