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REGISTERED NUMBER: 04032719 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

CITYGLEN LIMITED

CITYGLEN LIMITED (REGISTERED NUMBER: 04032719)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CITYGLEN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: T A O'Leary





REGISTERED OFFICE: Riverside House
1-5 Como Street
Romford
Essex
RM7 7DN





REGISTERED NUMBER: 04032719 (England and Wales)

CITYGLEN LIMITED (REGISTERED NUMBER: 04032719)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 183,020 211,194

CURRENT ASSETS
Debtors 5 1,927,122 2,265,852
Cash at bank and in hand 62,838 144,623
1,989,960 2,410,475
CREDITORS
Amounts falling due within one year 6 1,774,640 1,820,153
NET CURRENT ASSETS 215,320 590,322
TOTAL ASSETS LESS CURRENT
LIABILITIES

398,340

801,516

CREDITORS
Amounts falling due after more than one
year

7

(122,187

)

(231,912

)

PROVISIONS FOR LIABILITIES (95,608 ) -
NET ASSETS 180,545 569,604

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 179,545 568,604
SHAREHOLDERS' FUNDS 180,545 569,604

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CITYGLEN LIMITED (REGISTERED NUMBER: 04032719)

BALANCE SHEET - continued
31 MAY 2023


The 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.

The financial statements were approved by the director and authorised for issue on 11 October 2024 and were signed by:





T A O'Leary - Director


CITYGLEN LIMITED (REGISTERED NUMBER: 04032719)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Cityglen Limited is a private company, limited by shares, registered in England & Wales. The company's registered number is 04032719 and the registered office address is Riverside House, 1-5 Como Street, Romford, Essex, United Kingdom, RM7 7DN.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of services, excluding Value Added Tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 10% on cost and 2% on cost
Plant and machinery etc - 25% on reducing balance and at varying rates on cost

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments.

Financial instruments are recognised 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 includes trade and other debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that as a result of one or more events that occurred after an initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

CITYGLEN LIMITED (REGISTERED NUMBER: 04032719)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors and preference shares classed as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire

Equity Instruments
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

CITYGLEN LIMITED (REGISTERED NUMBER: 04032719)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 15 ) .

4. TANGIBLE FIXED ASSETS
Short Improvements Plant and
leasehold to property machinery
£ £ £
COST
At 1 June 2022 191,872 63,345 50,704
Additions - - 5,135
At 31 May 2023 191,872 63,345 55,839
DEPRECIATION
At 1 June 2022 91,640 32,485 41,267
Charge for year 8,285 12,088 3,643
At 31 May 2023 99,925 44,573 44,910
NET BOOK VALUE
At 31 May 2023 91,947 18,772 10,929
At 31 May 2022 100,232 30,860 9,437

Fixtures
and Motor
fittings vehicles Totals
£ £ £
COST
At 1 June 2022 50,176 163,625 519,722
Additions 11,164 - 16,299
At 31 May 2023 61,340 163,625 536,021
DEPRECIATION
At 1 June 2022 37,451 105,685 308,528
Charge for year 5,972 14,485 44,473
At 31 May 2023 43,423 120,170 353,001
NET BOOK VALUE
At 31 May 2023 17,917 43,455 183,020
At 31 May 2022 12,725 57,940 211,194

CITYGLEN LIMITED (REGISTERED NUMBER: 04032719)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£
COST
At 1 June 2022
and 31 May 2023 144,085
DEPRECIATION
At 1 June 2022 86,970
Charge for year 14,279
At 31 May 2023 101,249
NET BOOK VALUE
At 31 May 2023 42,836
At 31 May 2022 57,115

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 474,677 313,393
Other debtors 1,452,445 1,952,459
1,927,122 2,265,852

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 72,500 72,500
Hire purchase contracts 11,870 24,611
Trade creditors 101,814 86,872
Taxation and social security 283,243 389,459
Other creditors 1,305,213 1,246,711
1,774,640 1,820,153

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Bank loans 114,436 212,291
Hire purchase contracts 7,751 19,621
122,187 231,912

CITYGLEN LIMITED (REGISTERED NUMBER: 04032719)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £
Bank loans 186,936 284,791
Hire purchase contracts 19,621 44,232
206,557 329,023

The hire purchase loans are secured against the assets to which they relate.

The Bounce Back Loan (BBL) and Coronavirus Business Interruption Loan (CBIL) are supported by a Government guarantee of up to 80 % of the balance of the loans.

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2023 and 31 May 2022:

2023 2022
£ £
T A O'Leary
Balance outstanding at start of year 9,960 -
Amounts advanced 19,700 9,960
Amounts repaid (30,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (340 ) 9,960

CITYGLEN LIMITED (REGISTERED NUMBER: 04032719)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

10. RELATED PARTY DISCLOSURES

Cityglen Pub Co Limited

T O'Leary is a director and shareholder in the company.

During the year Cityglen Pub Co Limited loaned the company £263,804.The amount due to the related party at the year end date was £231,673 (2022: debtor £32,121).

Whybrook Developments Limited

T O'Leary is a director and shareholder in the company.

There were no transactions during the year. The amount due from the related party at the year end date was £509,853 (2022: £509,853).

Whybrook Limited

T O'Leary is a director and shareholder in the company.

During the year there were transactions inter-company transactions of £255,515. The amount due to the related party at the year end date was £179,894 (2022 debtor of £75,620).

Hytyme Limited

T O'Leary is a director and shareholder in the company.

There were no transactions during the year. The amount due from the related party at the year end date was £15,873 (2022: £15,873).

Leacroft Services Limited

T O'Leary is a director and shareholder in the company.

During the year the company was charged rent of £158,400 (2022: £158,400) by Leacroft Services Limited. The amount due to the related party at the year end date was £423,951 (2022 £423,951).

Tower Bridge Properties Limited

T O'Leary is a director and shareholder in the company.

During the year the company was charged rent of £240,000 (2022: £240,000) by Tower Bridge Properties Limited. The amount due to the related party at the year end date was £554,256 (2022: £554,256).


Heads on Beds London Limited (formerly Cityglen South Norwood Limited)

T O'Leary is a director and shareholder in the company.

There were no transactions during the year. The amount due to the related party at the year end date was £100,000 (2022: £100,000).

Cityglen Investment Group Limited

T O'Leary is a director and shareholder in the company.

During the year the company received payments of £55,500 from Cityglen Investment Group Limited. The amount due to the related party at the year end date was £257,902 (2022: £202,402).


CITYGLEN LIMITED (REGISTERED NUMBER: 04032719)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023
Ambassador Ventures Limited

T O'Leary is a director and shareholder in the company.

There were no transactions during the year.The amount due to the related party at the year end date was £5,619 (2022: £5,619).

The above loans are interest free, with exception to Heads on Beds London Limited, and are repayable on demand.

During the year the director, T O'Leary charged the company rent of £84,960 (2022: £84,960). There was no balance at the year end.