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London & City Property Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11136489
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 385,327 375,274
385,327 375,274
CURRENT ASSETS
Debtors 5 44,093 55,055
Cash at bank and in hand 294 3,710
44,387 58,765
Creditors: Amounts Falling Due Within One Year (28,208 ) (31,094 )
NET CURRENT ASSETS (LIABILITIES) 16,179 27,671
TOTAL ASSETS LESS CURRENT LIABILITIES 401,506 402,945
Creditors: Amounts Falling Due After More Than One Year 6 (238,235 ) (241,644 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 7 (36,600 ) (28,500 )
NET ASSETS 126,671 132,801
CAPITAL AND RESERVES
Called up share capital 9 1 1
Revaluation reserve 10 113,400 121,500
Profit and Loss Account 13,270 11,300
SHAREHOLDERS' FUNDS 126,671 132,801
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Costas Mouyiaris
Director
17/04/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
London & City Property Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11136489. The registered office is 41 High Street, Southgate, London N14 6LD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0%
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the Profit & Loss Account.
The property currently is reflected at Valuation
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.5. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the Profit & Loss Account, directors report, and notes to the financial statements relating to the Profit & Loss Account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
3. Average Number of Employees
Average number of employees, excluding directors, during the year was: NIL (2023: NIL)
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Page 4
4. Tangible Assets
Land & Property
Freehold
£
Cost or Valuation
As at 1 February 2023 375,274
Additions 10,053
As at 31 January 2024 385,327
Net Book Value
As at 31 January 2024 385,327
As at 1 February 2023 375,274
Cost or valuation as at Year End represented by:
Land & Property
Freehold
£
At valuation 385,327
385,327
The Freehold interest remainingis is reflected in the accounts at valuation of the directors
5. Debtors
2024 2023
£ £
Due within one year
Amounts owed by associates 44,000 55,000
Due after more than one year
Trade debtors 93 55
44,093 55,055
6. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 238,235 241,644
The figure represent the Bank Loans expiring on the 29th July 2026
7. Deferred Taxation
The provision for deferred tax is made up as follows:
Deferred Tax respresenting Tax Payable related to Revaluation of Freehold Property.
2024 2023
£ £
Other timing differences 36,600 28,500
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8. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 February 2023 28,500 28,500
Additions 8,100 8,100
Balance at 31 January 2024 36,600 36,600
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
10. Reserves
Revaluation Reserve
£
As at 1 February 2023 121,500
Deficit on revaluation (8,100)
As at 31 January 2024 113,400
11. Ultimate Controlling Party
The company's ultimate controlling party is Costas Mouyiaris by virtue of his ownership of 100% of the issued share capital in the company.
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