Company registration number: 10812677
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FOR THE YEAR ENDED
31 DECEMBER 2023
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CITY & PROVINCIAL PROPERTIES FINANCE LIMITED
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CITY & PROVINCIAL PROPERTIES FINANCE LIMITED
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COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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CITY & PROVINCIAL PROPERTIES FINANCE LIMITED
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CONTENTS
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Statement of financial position
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Notes to the financial statements
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CITY & PROVINCIAL PROPERTIES FINANCE LIMITED
REGISTERED NUMBER:10812677
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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Mr P Kempe
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The notes on pages 2 to 6 form part of these financial statements.
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CITY & PROVINCIAL PROPERTIES FINANCE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
City & Provincial Properties Finance Limited is a private company, limited by shares, registered in England and Wales, registration number 10812677. The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9LT. The principal place of business is 5 Marylebone Mews, London, W1G 8PX.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
The following principal accounting policies have been applied:
Revenue represents interest and loan arrangement fees, net of directly attributable costs. Interest is recognised on the accrual basis over the term of the loans using the effective interest rate method. Loan arrangement fees are recognised over the term of the facility.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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CITY & PROVINCIAL PROPERTIES FINANCE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
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CITY & PROVINCIAL PROPERTIES FINANCE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Financial instruments (continued)
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Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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The average monthly number of employees, including directors, during the year was 0 (2022 - 0).
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Provision for doubtful debt
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CITY & PROVINCIAL PROPERTIES FINANCE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Bank loans due within one year of £1,099,003 (2022: £7,859,220) have been secured through a guarantee provided by Briggens Estate 1 Limited and City & Provincial Properties Investments Ltd, companies under common control. A guarantee has also been provided personally by some of the directors. Furthermore, there is a charge over a cash deposit of £12,050,000 held at year end. The cash deposit of £12,050,000 was restricted and was not available for use by the Company at the year end. Since the year end, the cash deposit has been released and is now available for use.
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Creditors: Amounts falling due after more than one year
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Bank loans due in more than one year of £17,825,000 (2022: £17,825,000) have been secured through a guarantee provided by Briggens Estate 1 Limited, City & Provincial (Worthing) Limited, Hold Midco Ltd and Hold My Bricks Limited, companies under common control. A guarantee has also been provided personally by some of the directors. Furthermore, there is a charge over a cash deposit of £12,050,000 held at year end. The cash deposit of £12,050,000 was restricted and was not available for use by the Company at the year end. Since the year end, the cash deposit has been released and is now available for use.
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CITY & PROVINCIAL PROPERTIES FINANCE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 25 September 2024 by Robin Hopkins FCA (Senior statutory auditor) on behalf of Menzies LLP.
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