Registered number
08599512
CITY SKY INVESTMENTS LTD
Filleted Accounts
31 July 2023
CITY SKY INVESTMENTS LTD
Registered number: 08599512
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 600,000 600,000
Current assets
Debtors 4 450 150
Cash at bank and in hand 17,658 63,862
18,108 64,012
Creditors: amounts falling due within one year 5 (1,093) (1,093)
Net current assets 17,015 62,919
Total assets less current liabilities 617,015 662,919
Creditors: amounts falling due after more than one year 6 (598,377) (638,276)
Provisions for liabilities (3,068) (3,068)
Net assets 15,570 21,575
Capital and reserves
Called up share capital 190 190
Revaluation reserve 8 13,077 13,077
Profit and loss account 2,303 8,308
Shareholders' funds 15,570 21,575
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Theodoros Pitsillides
Director
Approved by the board on 23 April 2024
CITY SKY INVESTMENTS LTD
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents rents receivable during the year.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Investment property
Land and buildings
£
Fair Value
At 1 August 2022 600,000
At 31 July 2023 600,000
Depreciation
At 31 July 2023 -
Net book value
At 31 July 2023 600,000
At 31 July 2022 600,000
Fair value at 31 July 2018 is represented by:
£
Valuation in 2017 16,145
Cost 583,855
600,000
4 Debtors 2023 2022
£ £
Other debtors 450 150
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 786 786
Other creditors 307 307
1,093 1,093
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 300,601 340,500
Amounts owed to group undertakings and undertakings in which the company has a participating interest 25,981 25,981
Other creditors 271,795 271,795
598,377 638,276
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 300,601 340,500
The loan is secured by way of fixed and floating charge over the leasehold property held by the company and contains a negative pledge.
8 Fair value reserve 2023 2022
£ £
At 1 August 2022 13,077 13,077
At 31 July 2023 13,077 13,077
9 Other information
CITY SKY INVESTMENTS LTD is a private company limited by shares and incorporated in England. Its registered office is:
1 Kings Avenue
London
United Kingdom
N21 3NA
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