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COMPANY REGISTRATION NUMBER: 04081461
Citygate Developments Limited
Unaudited financial statements
30 November 2023
Citygate Developments Limited
Statement of financial position
30 November 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
51,740
719
Investments
6
3
3
-------
----
51,743
722
Current assets
Debtors
7
7,232,793
7,084,290
Cash at bank and in hand
241,611
233,999
-----------
-----------
7,474,404
7,318,289
Creditors: Amounts falling due within one year
8
( 215,391)
( 312,875)
-----------
-----------
Net current assets
7,259,013
7,005,414
-----------
-----------
Total assets less current liabilities
7,310,756
7,006,136
-----------
-----------
Capital and reserves
Called up share capital
9
222
222
Profit and loss account
7,310,534
7,005,914
-----------
-----------
Shareholders funds
7,310,756
7,006,136
-----------
-----------
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 .
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: 04081461
Citygate Developments 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, Norfolk, 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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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. (a) Significant judgements The directors are of the opinion that the judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies have not had a significant effect on the amounts recognised in the financial statements. (b) Critical accounting estimates and assumptions The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The directors are of the opinion that the estimates and assumptions that management has made in the process of applying the entity's accounting policies have not had a significant effect on the amounts recognised in the financial statements.
Revenue recognition
Turnover represents property portfolio management and commercial rental income, net of value added tax.
Tangible assets
All tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and equipment
-
25% reducing balance
Motor vehicles
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
4. Employee numbers
The average number of employees during the year was 6 (2022: 5 ).
5. Tangible assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 December 2022
9,099
14,461
23,560
Additions
2,290
52,210
54,500
Disposals
( 4,638)
( 14,461)
( 19,099)
------
-------
-------
At 30 November 2023
6,751
52,210
58,961
------
-------
-------
Depreciation
At 1 December 2022
8,380
14,461
22,841
Charge for the year
751
2,719
3,470
Disposals
( 4,629)
( 14,461)
( 19,090)
------
-------
-------
At 30 November 2023
4,502
2,719
7,221
------
-------
-------
Carrying amount
At 30 November 2023
2,249
49,491
51,740
------
-------
-------
At 30 November 2022
719
719
------
-------
-------
6. Investments
Shares in group undertakings
£
Cost
At 1 December 2022 and 30 November 2023
3
----
Impairment
At 1 December 2022 and 30 November 2023
----
Carrying amount
At 30 November 2023
3
----
At 30 November 2022
3
----
7. Debtors
2023
2022
£
£
Amounts owed by group undertakings
7,230,203
7,081,497
Prepayments and accrued income
2,590
2,793
-----------
-----------
7,232,793
7,084,290
-----------
-----------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Amounts owed by group undertakings
7,128,203
7,081,497
-----------
-----------
8. Creditors: Amounts falling due within one year
2023
2022
£
£
Trade creditors
1,634
5,018
Social security and other taxes
45,911
20,737
Other creditors
167,846
287,120
---------
---------
215,391
312,875
---------
---------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.10 each
2,220
222
2,220
222
------
----
------
----
10. Contingencies
The company is party to a cross guarantee on the borrowings of Citygate Developments 2005 Limited. The balance outstanding on the borrowings of Citygate Developments 2005 Limited at the year end was £18,116,450 (2022: £18,541,450).
11. Ultimate controlling party
There is no ultimate individual controlling party.