Company Registration No. 10350069 (England and Wales)
CITYHEART PARTNERSHIPS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CITYHEART PARTNERSHIPS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
CITYHEART PARTNERSHIPS LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1
1
Tangible assets
5
1
1
Investments
6
200
200
202
202
Current assets
Debtors
7
740,412
978,768
Cash at bank and in hand
295,690
765,475
1,036,102
1,744,243
Creditors: amounts falling due within one year
8
(104,321)
(794,888)
Net current assets
931,781
949,355
Total assets less current liabilities
931,983
949,557
Creditors: amounts falling due after more than one year
9
(353,598)
(353,598)
Net assets
578,385
595,959
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
578,384
595,958
Total equity
578,385
595,959

The directors of the company have elected not to include a copy of the profit and loss account 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:

The member has 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.

CITYHEART PARTNERSHIPS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023
30 November 2023
- 2 -
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 W M McNamee
Director
Company registration number 10350069 (England and Wales)
CITYHEART PARTNERSHIPS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2021
1
562,529
562,530
Year ended 30 November 2022:
Profit and total comprehensive income
-
33,429
33,429
Balance at 30 November 2022
1
595,958
595,959
Year ended 30 November 2023:
Loss and total comprehensive income
-
(7,574)
(7,574)
Dividends
-
(10,000)
(10,000)
Balance at 30 November 2023
1
578,384
578,385
CITYHEART PARTNERSHIPS LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified in the current year.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Revenue recognition in respect of long term contracts

The company uses the percentage of completion method to recognise project revenue for fixed price contracts and directors consider the contract profitability at each reporting date. Variations to estimates could result in over or under income recognition.

Recoverability of receivables and pre contract costs

The company establishes a provision for receivables that are estimated not to be recoverable and also for pre contract costs not recoverable. The directors consider factors such as past experience when assessing this provision.

Determining residual values and useful economic lives of plant and equipment

The company depreciates tangible assets over their estimated useful lives based on historic performance. The actual lives can vary. Judgement is applied also in the residual values of plant and machinery. When determining the residual value the directors aim to assess the amount that the asset would currently obtain if the asset were disposed using market prices where possible.

CITYHEART PARTNERSHIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
2
Accounting policies
Company information

Cityheart Partnerships Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Hilliards Court, Chester Business Park, Chester, Cheshire, CH4 9PX.

2.1
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. The principal accounting policies adopted are set out below.

2.2
Turnover

Turnover on long term contracts is recognised in the profit and loss account as the contract progresses.

Contract turnover includes the value of work completed during the financial period after reference to the total sales value and stage completion of the project and including the settlement of claims arising from previous years.

Profits on long term contracts are calculated in accordance with industry standard accounting practice and do not directly relate to turnover. Profit on current contracts is only taken at the stage near enough to completion for that profit to be reasonably certain. Provision is made for all losses incurred to the accounting date together with any further losses that are foreseen in bringing contract to completion.

Costs for this purpose include valuation of all work done by subcontractors, whether certified or not, and all overheads other than those relating to the general administration of the relevant companies. For any contracts where receipts exceed the book value of work done, the excess is included in creditors as payments on account.

2.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website
20% straight line basis
2.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

CITYHEART PARTNERSHIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
2
Accounting policies
(Continued)
- 6 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
33% straight line
2.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

2.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 profit and loss account, 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.

2.7
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 fixed 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.

CITYHEART PARTNERSHIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
3
Employees

The average monthly number of persons employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
4
Intangible fixed assets
Other
£
Cost
At 1 December 2022 and 30 November 2023
4,268
Amortisation and impairment
At 1 December 2022 and 30 November 2023
4,267
Carrying amount
At 30 November 2023
1
At 30 November 2022
1
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022 and 30 November 2023
5,415
Depreciation and impairment
At 1 December 2022 and 30 November 2023
5,414
Carrying amount
At 30 November 2023
1
At 30 November 2022
1
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
200
200

Fixed asset investments reflect the 100% interest Cityheart Partnerships Limited has in Cityheart Partnerships (Hereford) No. 1 Limited and the 100% interest in Cityheart Partnerships (Hereford) No. 2 Limited.

CITYHEART PARTNERSHIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
(1)
Corporation tax recoverable
1,741
-
0
Other debtors
385,073
625,171
386,814
625,170
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
353,598
353,598
Total debtors
740,412
978,768
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,166
7,600
Amounts owed to group undertakings
-
0
15,390
Corporation tax
-
0
9,136
Other creditors
102,155
762,762
104,321
794,888
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
353,598
353,598
2023-11-302022-12-01false23 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr W M McNameeMr Alastair GourlayMr W T Thomasfalsefalse103500692022-12-012023-11-30103500692023-11-30103500692022-11-3010350069core:IntangibleAssetsOtherThanGoodwill2023-11-3010350069core:IntangibleAssetsOtherThanGoodwill2022-11-3010350069core:OtherPropertyPlantEquipment2023-11-3010350069core:OtherPropertyPlantEquipment2022-11-3010350069core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-3010350069core:CurrentFinancialInstrumentscore:WithinOneYear2022-11-3010350069core:Non-currentFinancialInstrumentscore:AfterOneYear2023-11-3010350069core:Non-currentFinancialInstrumentscore:AfterOneYear2022-11-3010350069core:CurrentFinancialInstruments2023-11-3010350069core:CurrentFinancialInstruments2022-11-3010350069core:ShareCapital2023-11-3010350069core:ShareCapital2022-11-3010350069core:RetainedEarningsAccumulatedLosses2023-11-3010350069core:RetainedEarningsAccumulatedLosses2022-11-3010350069core:ShareCapital2021-11-3010350069core:RetainedEarningsAccumulatedLosses2021-11-3010350069bus:Director12022-12-012023-11-3010350069core:RetainedEarningsAccumulatedLosses2021-12-012022-11-30103500692021-12-012022-11-3010350069core:RetainedEarningsAccumulatedLosses2022-12-012023-11-3010350069core:IntangibleAssetsOtherThanGoodwill2022-12-012023-11-3010350069core:ComputerEquipment2022-12-012023-11-3010350069core:IntangibleAssetsOtherThanGoodwill2022-11-3010350069core:OtherPropertyPlantEquipment2022-11-3010350069core:WithinOneYear2023-11-3010350069core:WithinOneYear2022-11-3010350069core:AfterOneYear2023-11-3010350069core:AfterOneYear2022-11-3010350069core:Non-currentFinancialInstruments2023-11-3010350069core:Non-currentFinancialInstruments2022-11-3010350069bus:PrivateLimitedCompanyLtd2022-12-012023-11-3010350069bus:SmallCompaniesRegimeForAccounts2022-12-012023-11-3010350069bus:FRS1022022-12-012023-11-3010350069bus:AuditExemptWithAccountantsReport2022-12-012023-11-3010350069bus:Director22022-12-012023-11-3010350069bus:Director32022-12-012023-11-3010350069bus:FullAccounts2022-12-012023-11-30xbrli:purexbrli:sharesiso4217:GBP