1 May 2023 v2024.42.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP037133812023-05-012024-04-30037133812024-04-30037133812023-04-3003713381core:WithinOneYear2024-04-3003713381core:WithinOneYear2023-04-3003713381core:ShareCapital2024-04-3003713381core:ShareCapital2023-04-3003713381core:RetainedEarningsAccumulatedLosses2024-04-3003713381core:RetainedEarningsAccumulatedLosses2023-04-3003713381bus:Director12023-05-012024-04-3003713381bus:RegisteredOffice2023-05-012024-04-3003713381core:FurnitureFittingsToolsEquipment2023-05-012024-04-30037133812022-05-012023-04-3003713381core:LandBuildings2024-04-3003713381core:PlantMachinery2024-04-3003713381core:PlantMachinery2023-05-01037133812023-05-0103713381core:PlantMachinery2023-05-012024-04-3003713381core:LandBuildings2023-04-3003713381core:PlantMachinery2023-04-300371338112023-05-012024-04-3003713381countries:EnglandWales2023-05-012024-04-3003713381bus:AuditExempt-NoAccountantsReport2023-05-012024-04-3003713381bus:PrivateLimitedCompanyLtd2023-05-012024-04-3003713381bus:SmallEntities2023-05-012024-04-3003713381bus:FullAccounts2023-05-012024-04-30
Company registration number:
03713381
Cambridge City Estates Limited
Unaudited Filleted Financial Statements for the year ended
30 April 2024
Cambridge City Estates Limited
Statement of Financial Position
30 April 2024
20242023
Note££
Fixed assets    
Tangible assets 5
422,946
 
427,139
 
Current assets    
Debtors 6
4,693
 
26,064
 
Cash at bank and in hand
45,836
 
15,495
 
50,529
 
41,559
 
Creditors: amounts falling due within one year 7
(282,778
)
(280,330
)
Net current liabilities
(232,249
)
(238,771
)
Total assets less current liabilities 190,697   188,368  
Provisions for liabilities
(15,639
)
(15,639
)
Net assets
175,058
 
172,729
 
Capital and reserves    
Called up share capital
1,001
 
1,001
 
Profit and loss account
174,057
 
171,728
 
Shareholders funds
175,058
 
172,729
 
For the year ending
30 April 2024
, 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
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
18 September 2024
, and are signed on behalf of the board by:
Mrs Emily Florence Elizabeth Howard
Director
Company registration number:
03713381
Cambridge City Estates Limited
Notes to the Financial Statements
Year ended
30 April 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
1 Turn Hill Barn
,
Turn Hill
,
Rossendale
,
Lancashire
,
BB4 9NL
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Judgements and key sources of estimation uncertainty

In the preparation of the financial statements, the directors are required to use estimates and judgements. The estimates and judgements that have the greatest risk of causing a material adjustment to the accounts are as follows:
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The useful lives and residual values allocated are a key estimate.
Investment property
Investment property is held at fair value. An independent valuation of the property portfolio was carried out in January 2016 by Nick Heap, BSc (Hons) MRICS of Sanderson Weatherall LLP. The directors believe that this valuation accurately reflects the valuation of the properties at 30 April 2024.
Impairment
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
The assets’ residual values, useful lives and depreciation methods are reviewed annually, and adjusted if appropriate. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within ‘other operating income’ in the statement of comprehensive income.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
25% straight line

Investment properties

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. No depreciation is provided.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Dividends

Dividends are recognised when they become legally payable.

4 Average number of employees

The average number of persons employed by the company during the year was
1
(2023:
1.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 May 2023
and
30 April 2024
417,500
 
29,540
 
447,040
 
Depreciation      
At
1 May 2023
-  
19,901
 
19,901
 
Charge -  
4,193
 
4,193
 
At
30 April 2024
-  
24,094
 
24,094
 
Carrying amount      
At
30 April 2024
417,500
 
5,446
 
422,946
 
At 30 April 2023
417,500
 
9,639
 
427,139
 
Land & Property can be split into Freehold and Leasehold; which are held at valuation. The amounts included above at valuation are: Freehold £347,500 (2023: £347,500) and Leasehold £70,000 (2023: £70,000).

Investment property

Included in land and buildings are the following amounts in relation to investment properties:
2024
£
Carrying value at
1 May 2023
and
30 April 2024
417,500
 

6 Debtors

20242023
££
Other debtors
4,693
 
26,064
 

7 Creditors: amounts falling due within one year

20242023
££
Taxation and social security
2,473
 
1,706
 
Other creditors
280,305
 
278,624
 
282,778
 
280,330
 
On transition to FRS 102 a deferred tax liability was recognised on investment property revaluation gains and losses. This resulted a deferred tax liability which is being unwound when the property is disposed of and hence the gains or losses are realised. Deferred tax is recognised at 19% (2023: 19%), which is the rate substantively enacted at the balance sheet date. The provision for deferred tax is included within other creditors £15,639 (2023: £15,639).

8 Share capital

Allotted & called up:
500 Ordinary Shares of £1 each £500. 2023: 500 Ordinary Shares of £1 each £500.
500 Ordinary A shares of £1 each: £500. 2023 500 Ordinary A shares of £1 each: £500.
1 Ordinary B shares of £1 each: £1. 2023 1 Ordinary B shares of £1 each: £1.
Shares issued during the period:
Nil. 2023: 498 Ordinary Shares of £1 each: £498.
Nil. 2023: 500 Ordinary A shares of £1 each: £500.
Nil. 2023: 1 Ordinary B shares of £1 each: £1.
The following share capital is unpaid and disclosed within Debtors less than 1 year
Ordinary shares 498 shares of £1 totalling £498. 2023: Ordinary shares 498 shares of £1 totalling £498.
Ordinary A shares 500 shares of £1 totalling £500. 2023: Ordinary A shares 500 shares of £1 totalling £500.
Ordinary B shares 1 share of £1 totalling £1. 2023: Ordinary B shares 1 share of £1 totalling £1.
Dividends declared in the year are as follows
Ordinary shares £ nil per share. 2023: Ordinary shares £ nil per share.
Ordinary A shares £4 per share. 2023: Ordinary A shares £4 per share.
Ordinary B shares £2000 per share. 2023: Ordinary B shares £462 per share.

9 Directors' advances, credit and guarantees

No directors received advances, credits or guarantees during the current or previous accounting period.