Company Registration No. 11823706 (England and Wales)
CITYHEART (KINGSTON) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CITYHEART (KINGSTON) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
CITYHEART (KINGSTON) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
31 December 2023
31 December 2022
Notes
£
£
£
£
Current assets
Debtors
3
224,257
7,138,745
Cash at bank and in hand
770,979
5,147
995,236
7,143,892
Creditors: amounts falling due within one year
4
(460,730)
(6,328,623)
Net current assets
534,506
815,269
Creditors: amounts falling due after more than one year
5
(273,000)
(513,444)
Net assets
261,506
301,825
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
261,505
301,824
Total equity
261,506
301,825
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the Director and authorised for issue on 25 September 2024
Mr William Mark McNamee
Director
Company registration number 11823706 (England and Wales)
CITYHEART (KINGSTON) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2021
1
156,049
156,050
Period ended 31 December 2022:
Profit and total comprehensive income
-
145,775
145,775
Balance at 31 December 2022
1
301,824
301,825
Year ended 31 December 2023:
Loss and total comprehensive income
-
(40,319)
(40,319)
Balance at 31 December 2023
1
261,505
261,506
CITYHEART (KINGSTON) LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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 (KINGSTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Accounting policies
Company information
Cityheart (Kingston) 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 9QP.
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 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.
2.3
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.
CITYHEART (KINGSTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Debtors
31 December 2023
31 December 2022
Amounts falling due within one year:
£
£
Trade debtors
603,405
Other debtors
35,132
6,182,997
35,132
6,786,402
31 December 2023
31 December 2022
Amounts falling due after more than one year:
£
£
Other debtors
189,125
352,343
Total debtors
224,257
7,138,745
4
Creditors: amounts falling due within one year
31 December 2023
31 December 2022
£
£
Trade creditors
17,993
752,405
Amounts owed to group undertakings
433,498
4,984,466
Taxation and social security
4,882
Other creditors
9,239
586,870
460,730
6,328,623
5
Creditors: amounts falling due after more than one year
31 December 2023
31 December 2022
£
£
Trade creditors
273,000
513,444
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Michael Foreshaw FCA and the auditor was Haines Watts Chester.