3 false false false false false false false false false false true false false false false true false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 40,019,446 112,500 1,396,936 38,735,010 38,735,010 40,019,446 xbrli:pure xbrli:shares iso4217:GBP 05289667 2022-12-01 2023-11-30 05289667 2023-11-30 05289667 2022-11-30 05289667 2021-12-01 2022-11-30 05289667 2022-11-30 05289667 2021-11-30 05289667 bus:Director1 2022-12-01 2023-11-30 05289667 bus:Director2 2022-12-01 2023-11-30 05289667 core:WithinOneYear 2023-11-30 05289667 core:WithinOneYear 2022-11-30 05289667 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 05289667 core:AfterOneYear 2023-11-30 05289667 core:AfterOneYear 2022-11-30 05289667 core:ShareCapital 2023-11-30 05289667 core:ShareCapital 2022-11-30 05289667 core:RevaluationReserve 2023-11-30 05289667 core:RevaluationReserve 2022-11-30 05289667 core:RetainedEarningsAccumulatedLosses 2023-11-30 05289667 core:RetainedEarningsAccumulatedLosses 2022-11-30 05289667 core:BetweenOneFiveYears 2023-11-30 05289667 core:BetweenOneFiveYears 2022-11-30 05289667 core:MoreThanFiveYears 2023-11-30 05289667 core:MoreThanFiveYears 2022-11-30 05289667 core:LandBuildings core:OwnedOrFreeholdAssets 2023-11-30 05289667 core:LandBuildings core:OwnedOrFreeholdAssets 2022-11-30 05289667 core:LandBuildings core:OwnedOrFreeholdAssets 2022-11-30 05289667 bus:SmallEntities 2022-12-01 2023-11-30 05289667 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 05289667 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 05289667 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 05289667 bus:FullAccounts 2022-12-01 2023-11-30
COMPANY REGISTRATION NUMBER: 05289667
Citygate Developments 2005 Limited
Unaudited financial statements
30 November 2023
Citygate Developments 2005 Limited
Statement of financial position
30 November 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
38,735,010
40,019,446
Current assets
Debtors
6
277,215
468,377
Cash at bank and in hand
2,158,990
1,652,199
-----------
-----------
2,436,205
2,120,576
Creditors: Amounts falling due within one year
7
( 19,166,453)
( 1,325,980)
------------
-----------
Net current (liabilities)/assets
( 16,730,248)
794,596
------------
------------
Total assets less current liabilities
22,004,762
40,814,042
Creditors: Amounts falling due after more than one year
8
( 7,128,203)
( 25,597,947)
Provisions
Taxation including deferred tax
( 354,980)
( 515,167)
------------
------------
Net assets
14,521,579
14,700,928
------------
------------
Capital and reserves
Called up share capital
2
2
Revaluation reserve
14,464,189
15,189,764
Profit and loss account
57,388
( 488,838)
------------
------------
Shareholders funds
14,521,579
14,700,928
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Citygate Developments 2005 Limited
Statement of financial position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 13 August 2024 , and are signed on behalf of the board by:
I Reid
A Jones
Director
Director
Company registration number: 05289667
Citygate Developments 2005 Limited
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 16 Queen Street, Norwich, NR2 4SG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Acquisitions and disposals of properties
Acquisitions and disposals of commercial properties are considered to have taken place where (even if legal completion has not taken place) there is a legally binding, unconditional and irrevocable contract, and provided that the properties being sold are substantially complete.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The items in the financial statements where these judgements and estimates have been made include: Valuation of investment properties - Investment property values are reviewed annually by the directors using a yield methodology. This uses market rental values capitalised at a market capitalisation rate, but there is an inevitable degree of judgement involved, in that each property is unique and value can only ultimately be reliably tested in the market itself.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, stated net of discounts and of Value Added Tax. Specific policies are as follows: Rental income - rental and related income is credited to turnover on a straight-line basis over the lease term. The aggregate of lease incentives are recognised over the lease term on a straight line basis.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current and deferred taxation assets and liabilities are not discounted. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax arises from timing difference that are differences between taxable profits and total comprehensive income stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are only recognised when 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of employees during the year was 3 (2022: 3 ).
5. Tangible assets
Investment property
£
Cost or valuation
At 1 December 2022
40,019,446
Additions
112,500
Revaluations
( 1,396,936)
------------
At 30 November 2023
38,735,010
------------
Depreciation
At 1 December 2022 and 30 November 2023
------------
Carrying amount
At 30 November 2023
38,735,010
------------
At 30 November 2022
40,019,446
------------
Tangible assets held at valuation
The investment properties were revalued by Savills in July 2023 on an open market basis. In the opinion of the directors, the valuation as at 30 November 2023 would not be materially different to these values. On an historical cost basis these would have been included at an original cost of £ 26,315,865 (2022: £ 26,203,364 ) and an aggregate impairment of £3,056,600 (2022: £2,826,600).
6. Debtors
2023
2022
£
£
Trade debtors
69,283
72,089
Prepayments and accrued income
207,932
396,288
---------
---------
277,215
468,377
---------
---------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Prepayments and accrued income
176,644
----
---------
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Other loans
18,116,450
425,000
Trade creditors
69,572
67,385
Accruals and deferred income
403,553
493,688
Social security and other taxes
136,337
87,203
Other creditors
440,541
252,704
------------
-----------
19,166,453
1,325,980
------------
-----------
Other loans falling due within one year are secured by way of a first legal mortgage against the freehold and leasehold investment property and all other assets of the company.
8. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Other loans
18,116,450
Amounts owed to group undertakings
7,128,203
7,081,497
Other creditors
400,000
-----------
------------
7,128,203
25,597,947
-----------
------------
Other loans falling due after more than one year are secured by way of a first legal mortgage against the freehold and leasehold investment property and all other assets of the company.
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
354,980
515,167
---------
---------
10. Operating leases - as lessor
The income for the company is derived from rentals under operating lease agreements. The average expiry date of the current leases falls over 5 years from the year end.
11. Operating leases - as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
7,999
7,999
Later than 1 year and not later than 5 years
31,997
31,997
Later than 5 years
167,986
175,985
---------
---------
207,982
215,981
---------
---------
12. Controlling party
The company is controlled by Citygate Developments Limited. In the opinion of the directors this is the company's ultimate holding company and there is no ultimate individual controlling party.