Registered number
07146524
City Rights Properties Limited
Filleted Accounts
31 March 2024
City Rights Properties Limited
Registered number: 07146524
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 37,021 49,286
Investments 4 8,774,480 8,774,480
8,811,501 8,823,766
Current assets
Debtors 5 1,862,883 1,016,685
Cash at bank and in hand 46,712 183,746
1,909,595 1,200,431
Creditors: amounts falling due within one year 6 (7,261,079) (6,348,935)
Net current liabilities (5,351,484) (5,148,504)
Total assets less current liabilities 3,460,017 3,675,262
Creditors: amounts falling due after more than one year 7 - (138,375)
Provisions for liabilities 9 (105,755) (105,755)
Net assets 3,354,262 3,431,132
Capital and reserves
Called up share capital 100 100
Non distributable reserve 8 450,852 450,852
Profit and loss account 2,903,310 2,980,180
Shareholders' funds 3,354,262 3,431,132
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Daniel Willison
Director
Approved by the board on 18 October 2024
City Rights Properties Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover comprises rents receivable from investment properties.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, and equipment over 5 years
Motor vehicles over 5 years
Investments
Investments comprise investment properties which are included at revalued amounts. Changes in fair values are reflected in the profit and loss account.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Equipment, fixtures and fittings Motor vehicles Total
£ £ £
Cost
At 1 April 2023 48,481 33,607 82,088
At 31 March 2024 48,481 33,607 82,088
Depreciation
At 1 April 2023 26,081 6,721 32,802
Charge for the year 5,543 6,722 12,265
At 31 March 2024 31,624 13,443 45,067
Net book value
At 31 March 2024 16,857 20,164 37,021
At 31 March 2023 22,400 26,886 49,286
4 Investments
Other
investments
£
Cost
At 1 April 2023 8,774,480
At 31 March 2024 8,774,480
The historical cost of investment properties is £8,218,126.
5 Debtors 2024 2023
£ £
Other debtors 1,862,883 1,016,685
Other debtors comprises interest bearing loans to non connected parties.
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 23,206 165,449
Trade creditors 111 -
Taxation and social security costs 64,791 60,176
Other creditors ( note 12 ) 7,172,971 6,123,310
7,261,079 6,348,935
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 138,375
The bank loans are secured on the investment properties
8 Non distributable reserve 2024 2023
£ £
At 1 April 2023 450,852 450,852
At 31 March 2024 450,852 450,852
9 Tax on profit 2024 2023
£ £
Tax charge on trading profit 64,824 58,096
Deferred tax provision on revaluation
of investment properties 105,755 105,755
170,579 163,851
9 Other information
City Rights Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 13
Belvedere Industrial Estate
Belvedere
Kent
DA17 6BS
11 Controlling party
The company is controlled by its director, Daniel Willison.
12 Related party transactions
At 31 March 2024 the company owed £7,130,114 to Pipe Services Limited
a company controlled by DJ Willison (2023 - £6,111,627).
At 31 March 2024 the company was owed £8,074 by Daniel Willison on loan account.
(2023 - £31,498).
Both sums were interest bearing, unsecured and repayable on demand.
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