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Registered number: 03737940
Citygate (Yorkshire) Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
VSP Accountancy Services
ACA
188 Victoria Avenue
Hull
East Yorkshire
HU53DY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03737940
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 360,000 360,000
360,000 360,000
CURRENT ASSETS
Cash at bank and in hand 2,137 2,130
2,137 2,130
Creditors: Amounts Falling Due Within One Year 6 (7,892 ) (8,341 )
NET CURRENT ASSETS (LIABILITIES) (5,755 ) (6,211 )
TOTAL ASSETS LESS CURRENT LIABILITIES 354,245 353,789
NET ASSETS 354,245 353,789
CAPITAL AND RESERVES
Called up share capital 7 2,000 2,000
Revaluation reserve 10 126,703 126,703
Profit and Loss Account 225,542 225,086
SHAREHOLDERS' FUNDS 354,245 353,789
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Robert Morley
Director
30/09/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Citygate (Yorkshire) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03737940 . The registered office is 22 Valley Drive, Kirkella, Hull, HU10 7PG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Turnover
Turnover represents net rental income received.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold not provided
Leasehold not provided
Fixtures & Fittings 15% on reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
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4. Tangible Assets
Land & Property
Freehold
£
Cost
As at 1 April 2023 360,000
As at 31 March 2024 360,000
Net Book Value
As at 31 March 2024 360,000
As at 1 April 2023 360,000
5. Debtors
2024 2023
£ £
Due within one year
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 4,330 4,890
Other creditors 1,810 1,810
Accruals and deferred income 750 750
Directors' loan accounts 1,002 891
7,892 8,341
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2,000 2,000
8. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mrs Susan Jolliffe 4,500 15,500
Mrs Shelagh Morley 4,500 15,500
Mr John Jolliffe 4,500 15,500
Mr Robert Morley 4,500 15,500
9. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 18,000 62,000
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10. Reserves
Revaluation Reserve
£
As at 1 April 2023 126,703
As at 31 March 2024 126,703
11. Ultimate Controlling Party
The company's ultimate controlling party are the directors by virtue of their ownership of 100% of the issued share capital in the company.
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