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Registration number: 03744846

City & Suburban Homes Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

City & Suburban Homes Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

City & Suburban Homes Limited

(Registration number: 03744846)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Current assets

 

Debtors

5

1,659,103

1,840,307

Cash at bank and in hand

 

14

1,948

 

1,659,117

1,842,255

Creditors: Amounts falling due within one year

6

(399,787)

(202,929)

Total assets less current liabilities

 

1,259,330

1,639,326

Creditors: Amounts falling due after more than one year

6

(20,245)

(29,183)

Net assets

 

1,239,085

1,610,143

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

1,239,083

1,610,141

Shareholders' funds

 

1,239,085

1,610,143

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 5 September 2024
 

.........................................
GA Charles
Director

 

City & Suburban Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor Woodgate Studios
2-8 Games Road
Cockfosters
Barnet
Hertfordshire
EN4 9HN

These financial statements were authorised for issue by the director on 5 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts are prepared in the company's functional currency of British Pounds (£) and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

City & Suburban Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Trade creditors

Creditors with no stated interest rate and payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 

City & Suburban Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 3).

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

UK corporation tax

-

251,631

Deferred taxation

-

(561)

Tax expense

-

251,070

5

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

9

569,003

761,688

Other debtors

 

1,090,100

1,078,619

   

1,659,103

1,840,307

 

City & Suburban Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

9,800

9,785

Trade creditors

 

199,192

-

Amounts owed to related parties

9

17,800

6,846

Taxation and social security

 

166,395

181,498

Accruals and deferred income

 

6,600

4,800

 

399,787

202,929

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

20,245

29,183

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

20,245

29,183

Current loans and borrowings

 

City & Suburban Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

2023
£

2022
£

Bank borrowings

9,800

9,785

9

Related party transactions

The amount shown in debtors £569,003 (2022 : £761,687) is owed to the company by related parties; City & Suburban (Monier) Ltd £549,882** (2022 : £675,491), Downwell Hoxton Ltd £3,585 (2022 : £3,585), City & Suburban Developments Ltd £1,314 (2022 : £1,314), City & Suburban Ltd £3,834 (2022 : £3,834), Downwell LLP £4,835 (2022 : £4,835) and Marshgate Lane Homes Ltd £5,552 (2022 : £5,552)

** After the year end this balance was received in full and further advances were made by City & Suburban (Monier) Ltd resulting in a balance owed to City & Suburban (Monier) Ltd of £324,800

Included in other debtors is an amount of £781,782 (2022 : £773,198) owed the the company by the director. Interest has been charged at commercial rates. The loan from the company to the director is unsecured and repayable on demand.

The amount shown in creditors £17,800 (2022 : £6,846) is owed by the company to related parties; Pryme Properties Ltd £6,846 (2022 : £6,846) and St Edmunds Real Estate Ltd £10,954