Registered number
11378103
City Group (Leicester) Limited
Unaudited Filleted Accounts
31 March 2024
City Group (Leicester) Limited
Registered number: 11378103
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,139,670 1,125,858
Investments 4 1,675,299 1,675,299
2,814,969 2,801,157
Current assets
Debtors 5 160,408 173,324
Cash at bank and in hand 40,879 352,758
201,287 526,082
Creditors: amounts falling due within one year 6 (1,840,904) (1,586,093)
Net current liabilities (1,639,617) (1,060,011)
Total assets less current liabilities 1,175,352 1,741,146
Creditors: amounts falling due after more than one year 7 (489,740) (1,155,437)
Net assets 685,612 585,709
Capital and reserves
Called up share capital 100 100
Profit and loss account 685,512 585,609
Shareholders' funds 685,612 585,709
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.
Mrs Kashmir Kaur & Mandeep Dhadwar
Director
Approved by the board on 14 August 2024
City Group (Leicester) Limited
Notes to the Accounts
for the year ended 31 March 2024
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 is share of Net Income from Temple Buildings partnership and other properties.
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2023 1,125,858
Additions 13,812
At 31 March 2024 1,139,670
Depreciation
At 31 March 2024 -
Net book value
At 31 March 2024 1,139,670
At 31 March 2023 1,125,858
4 Investments
Other
investments
£
Cost
At 1 April 2023 1,675,299
At 31 March 2024 1,675,299
5 Debtors 2024 2023
£ £
Other debtors 160,408 173,324
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 220,222 88,663
Taxation and social security costs 33,627 60,376
Other creditors 1,587,055 1,437,054
1,840,904 1,586,093
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 664,261
Amounts owed to holding company MKM Holdings Ltd 489,740 491,176
489,740 1,155,437
8 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 220,222 -
Instalments falling due for payment after more than five years - 445,104
220,222 445,104
Secured bank loans 220,222 752,924
Bank loan is secured by first legal charge over the commercial property at Ariel Works, Temple Road, Leicester LE5 4JG.This bank loan was cleared after the year end.
9 Related party transactions
Other creditors includes £775,299 (2023-£775,299) due to the directors, £450,000 (2023-£300,000) due to City Styles (Leicester) Ltd a company controlled by Mr Mandeep Dhadwar and £359,756 (2023-£359,756) due to City Properties (Leicester) Ltd a company controlled by Mrs K Kaur.
10 Controlling party
MKM Holdings Ltd, a company incorporated in Gibraltar, owns 100% of the share capital. Mrs Kashmir Kaur and Mr Mandeep Dhadwar owns and control 100% of the share capital of MKM Holdings Ltd.
11 Other information
City Group (Leicester) Limited is a private company limited by shares and incorporated in England. Its registered office is:
115 Parker Drive
Leicester
LE4 0JP
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