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CITY PROPERTY LETS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






CITY PROPERTY LETS LTD (REGISTERED NUMBER: 03163138)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CITY PROPERTY LETS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mrs S M Bamber-Powell
J S Garcia





SECRETARY: Mrs S M Bamber-Powell





REGISTERED OFFICE: 58 Gloucester Road
Bishopsworth
Bristol
BS7 8BH





REGISTERED NUMBER: 03163138 (England and Wales)





ACCOUNTANTS: Bowen Accountants Ltd
Chartered Accountants
Unit 1 Gate Farm
High Street
Sutton Benger
Chippenham
Wiltshire
SN15 4RE

CITY PROPERTY LETS LTD (REGISTERED NUMBER: 03163138)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 40,000 45,000
Tangible assets 5 63,203 55,319
Investment property 6 740,000 918,000
843,203 1,018,319

CURRENT ASSETS
Debtors 7 14,166 1,843
Prepayments and accrued income 833 1,123
Cash at bank 470,412 710,872
485,411 713,838
CREDITORS
Amounts falling due within one year 8 314,907 322,592
NET CURRENT ASSETS 170,504 391,246
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,013,707

1,409,565

CREDITORS
Amounts falling due after more than one
year

9

-

(90,939

)

PROVISIONS FOR LIABILITIES 11 (158,047 ) (160,849 )

ACCRUALS AND DEFERRED INCOME (4,731 ) (6,903 )
NET ASSETS 850,929 1,150,874

CAPITAL AND RESERVES
Called up share capital 80 100
Revaluation reserve 12 527,536 505,814
Capital redemption reserve 12 20 -
Retained earnings 12 323,293 644,960
850,929 1,150,874

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 PROPERTY LETS LTD (REGISTERED NUMBER: 03163138)

BALANCE SHEET - continued
31 MARCH 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2024 and were signed on its behalf by:





Mrs S M Bamber-Powell - Director


CITY PROPERTY LETS LTD (REGISTERED NUMBER: 03163138)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

City Property Lets Ltd 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

CITY PROPERTY LETS LTD (REGISTERED NUMBER: 03163138)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 50,000
AMORTISATION
At 1 April 2023 5,000
Charge for year 5,000
At 31 March 2024 10,000
NET BOOK VALUE
At 31 March 2024 40,000
At 31 March 2023 45,000

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 131,296
Additions 26,111
Disposals (2,500 )
At 31 March 2024 154,907
DEPRECIATION
At 1 April 2023 75,977
Charge for year 16,430
Eliminated on disposal (703 )
At 31 March 2024 91,704
NET BOOK VALUE
At 31 March 2024 63,203
At 31 March 2023 55,319

CITY PROPERTY LETS LTD (REGISTERED NUMBER: 03163138)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 918,000
Disposals (178,000 )
At 31 March 2024 740,000
NET BOOK VALUE
At 31 March 2024 740,000
At 31 March 2023 918,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,784 1,843
Other debtors 9,382 -
14,166 1,843

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 6,767
Trade creditors 199 811
Taxation and social security 27,089 76,140
Other creditors 287,619 238,874
314,907 322,592

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 90,939

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 63,872

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 97,706

The mortgage is secured against property owned by the company.

CITY PROPERTY LETS LTD (REGISTERED NUMBER: 03163138)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 158,047 160,849

Deferred
tax
£   
Balance at 1 April 2023 160,849
Credit to Income Statement during year (2,802 )
Balance at 31 March 2024 158,047

12. RESERVES
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 April 2023 644,960 505,814 - 1,150,774
Deficit for the year (26,137 ) (26,137 )
Dividends (44,700 ) (44,700 )
Purchase of own shares (250,000 ) - 20 (249,980 )
Revaluation (830 ) 21,722 - 20,892
At 31 March 2024 323,293 527,536 20 850,849