Company registration number 01601660 (England and Wales)
CITYWIDE PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CITYWIDE PROPERTIES LIMITED
CONTENTS
Page
Company information
1
Accountants' report
2
Statement of financial position
3 - 4
Statement of changes in equity
5
Notes to the financial statements
6 - 10
CITYWIDE PROPERTIES LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr Jeffery Keller
Mr J D Keller
Mr M D Barrett
Mr J W Jarvis
Company number
01601660
Registered office
5th Floor
Watson House
54-60 Baker Street
London
United Kingdom
W1U 7BU
Accountants
King & King
Chartered Accountants
5th Floor
Watson House
54-60 Baker Street
London
W1U 7BU
CITYWIDE PROPERTIES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CITYWIDE PROPERTIES LIMITED FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Citywide Properties Limited for the year ended 30 November 2023 which comprise, the statement of financial position, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Citywide Properties Limited, as a body, in accordance with the terms of our engagement letter dated 1 August 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Citywide Properties Limited and state those matters that we have agreed to state to the board of directors of Citywide Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Citywide Properties Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Citywide Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Citywide Properties Limited. You consider that Citywide Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Citywide Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
King & King
23 August 2024
Chartered Accountants
5th Floor
Watson House
54-60 Baker Street
London
W1U 7BU
CITYWIDE PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2023
30 November 2023
- 3 -
2023
2022
Notes
£
£
£
£
Non-current assets
Investment property
3
1,250,000
1,250,000
Investments
4
5,698,596
4,141,257
6,948,596
5,391,257
Current assets
Trade and other receivables
5
4,310
2,631
Cash and cash equivalents
476,598
2,486,089
480,908
2,488,720
Current liabilities
6
(158,373)
(106,733)
Net current assets
322,535
2,381,987
Total assets less current liabilities
7,271,131
7,773,244
Provisions for liabilities
(316,287)
(425,094)
Net assets
6,954,844
7,348,150
Equity
Called up share capital
7
100
100
Revaluation reserve
1,768,113
2,231,973
Retained earnings
5,186,631
5,116,077
Total equity
6,954,844
7,348,150
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CITYWIDE PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
Mr J D Keller
Director
Company registration number 01601660 (England and Wales)
CITYWIDE PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
Share capital
Revaluation reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 December 2021
100
2,324,043
4,969,696
7,293,839
Year ended 30 November 2022:
Profit and total comprehensive income
-
-
146,381
146,381
Other movements
-
(92,070)
-
(92,070)
Balance at 30 November 2022
100
2,231,973
5,116,077
7,348,150
Year ended 30 November 2023:
Profit and total comprehensive income
-
-
170,554
170,554
Dividends
-
-
(100,000)
(100,000)
Other movements
-
(463,860)
-
(463,860)
Balance at 30 November 2023
100
1,768,113
5,186,631
6,954,844
CITYWIDE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
1
Accounting policies
Company information
Citywide Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, Watson House, 54-60 Baker Street, London, United Kingdom, W1U 7BU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and losses are recognised in profit or loss.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
CITYWIDE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CITYWIDE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 8 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
5
3
Investment property
2023
£
Fair value
At 1 December 2022 and 30 November 2023
1,250,000
CITYWIDE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
3
Investment property
(Continued)
- 9 -
The freehold investment property held by the company was revalued by professional valuers, PJM of 43 St Johns Street, London, ECIM 4AN, a member of RICS, in January 2018 in the sum of £1,250,000 (cost £228,993). This valuation is considered by the directors to be appropriate as at the balance sheet date.
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
5,698,596
4,141,257
Movements in non-current investments
Investments
£
Cost or valuation
At 1 December 2022
4,141,257
Additions
2,150,023
Movement during the year
(592,684)
At 30 November 2023
5,698,596
Carrying amount
At 30 November 2023
5,698,596
At 30 November 2022
4,141,257
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
4,310
2,630
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
943
943
Corporation tax
50,976
34,336
Other payables
99,854
64,854
Accruals
6,600
6,600
158,373
106,733
CITYWIDE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 10 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Related party transactions
The company, Rainlawn Limited, Citywide (Holdings) Limited, Harman Avenue Estates Limited, Jarvis Keller Stephens Limited and Jarvis Keller Holdings Limited are under common control.
At the balance sheet date, the company owed an amount of £943 (2023: £943) to Jarvis Keller Stephens Limited.
At the balance sheet date, included within other creditors is an amount of £50,000 (2023: £50,000) owed to Harman Avenue Estates Limited and an amount of £4,572 (2023: £4,572) owed to Rainlawn Limited.
At the balance sheet date, the company owed the directors the following amounts.
Mr J B Keller - £82 (2023: £82).
9
Directors' transactions
Dividends totalling £100,000 (2022 - Nil) were paid in the year in respect of shares held by the company's directors Mr Kelvin Jarvis and Mr Jeffery Keller.
10
Parent company
The immediate parent company is Citywide (Holdings) Limited and the ultimate parent company is Jarvis Keller Holdings Limited. The registered office address of both companies is Fifth Floor Watson House, 54-60 Baker Street, London, United Kingdom, W1U 7BU.
The ultimate controlling parties are J B Keller.