Company registration number 00216710 (England and Wales)
CITY & ST JAMES PROPERTY HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
CITY & ST JAMES PROPERTY HOLDINGS LIMITED
COMPANY INFORMATION
Directors
E A Shahmoon
D S Gabbay
A Gabbay
C Hanouka
L E Shahmoon
A J Dalah
R A Shahmoon
Company number
00216710
Registered office
Ground Floor Trinity Court
Trinity Street
Peterborough
Cambridgeshire
PE1 1DA
Auditor
Goodman Jones LLP
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
CITY & ST JAMES PROPERTY HOLDINGS LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 16
CITY & ST JAMES PROPERTY HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -
The directors present their annual report and financial statements for the year ended 29 February 2024.
Principal activities
The principal activity of the company continued to be that of an investment holding company and the trading of property.
Results and dividends
The profit for the year, after taxation, amounted to £1,950 (2023: £4,950 loss).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
E A Shahmoon
D S Gabbay
A Gabbay
C Hanouka
L E Shahmoon
A J Dalah
R A Shahmoon
Qualifying third party indemnity provisions
Qualifying third party indemnity provisions for the benefit of the company's directors were paid during the year by other companies to which the directors are also appointed. These provisions remain in force at the reporting date.
Auditor
In accordance with the company's articles, a resolution proposing that Goodman Jones LLP be reappointed as auditor of the company will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
CITY & ST JAMES PROPERTY HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Going concern
The directors have considered the company's financial position and future prospects, believing that the company continues to remain a going concern. Further details of this are included in the notes to the financial statements.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
C Hanouka
Director
31 October 2024
CITY & ST JAMES PROPERTY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CITY & ST JAMES PROPERTY HOLDINGS LIMITED
- 3 -
Opinion
We have audited the financial statements of City & St James Property Holdings Limited (the 'company') for the year ended 29 February 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 29 February 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
CITY & ST JAMES PROPERTY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CITY & ST JAMES PROPERTY HOLDINGS LIMITED (CONTINUED)
- 4 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out. These procedures included:
CITY & ST JAMES PROPERTY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CITY & ST JAMES PROPERTY HOLDINGS LIMITED (CONTINUED)
- 5 -
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
Reading minutes of meetings of those charged with governance;
Obtaining and reading correspondence from legal and regulatory bodies including HMRC;
Identifying and testing journal entries;
Challenging assumptions and judgements made by management in their significant accounting estimates.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above. The further removed instances of non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Giuseppe Scozzaro
Senior Statutory Auditor
For and on behalf of Goodman Jones LLP
31 October 2024
Chartered Accountants
Statutory Auditor
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
CITY & ST JAMES PROPERTY HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
2024
2023
Notes
£
£
Turnover
42,417
38,757
Cost of sales
(17,250)
(33,804)
Gross profit
25,167
4,953
Administrative expenses
(23,315)
(9,936)
Operating profit/(loss)
3
1,852
(4,983)
Interest receivable and similar income
5
98
33
Profit/(loss) before taxation
1,950
(4,950)
Tax on profit/(loss)
6
Profit/(loss) for the financial year
1,950
(4,950)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
CITY & ST JAMES PROPERTY HOLDINGS LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
7
7,077,678
7,077,678
Current assets
Stocks
9
565,000
565,000
Debtors
10
47,735,298
47,731,458
48,300,298
48,296,458
Creditors: amounts falling due within one year
11
(60,836)
(58,946)
Net current assets
48,239,462
48,237,512
Total assets less current liabilities
55,317,140
55,315,190
Provisions for liabilities
12
(76,257)
(76,257)
Net assets
55,240,883
55,238,933
Capital and reserves
Called up share capital
14
1,820,000
1,820,000
Share premium account
31,506,057
31,506,057
Revaluation reserve
255,000
255,000
Profit and loss reserves
21,659,826
21,657,876
Total equity
55,240,883
55,238,933
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
C Hanouka
Director
Company registration number 00216710 (England and Wales)
CITY & ST JAMES PROPERTY HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 March 2022
1,820,000
31,506,057
255,000
21,662,826
55,243,883
Year ended 28 February 2023:
Loss and total comprehensive income
-
-
-
(4,950)
(4,950)
Balance at 28 February 2023
1,820,000
31,506,057
255,000
21,657,876
55,238,933
Year ended 29 February 2024:
Profit and total comprehensive income
-
-
-
1,950
1,950
Balance at 29 February 2024
1,820,000
31,506,057
255,000
21,659,826
55,240,883
CITY & ST JAMES PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 9 -
1
Accounting policies
Company information
City & St James Property Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor Trinity Court, Trinity Street, Peterborough, Cambridgeshire, PE1 1DA.
1.1
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company is a parent company that is also a subsidiary included in the consolidated financial statements of its parent undertaking established under the law of an EEA state and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
These financial statements therefore present information for the company as an individual and not in relation to the group it heads.
1.2
Going concern
In making their assessment of the ability of the company to continue as a going concern, the directors have prepared detailed cash flow projections for the company. The parent undertaking, O&H Strategic Land Limited, has prepared the same on a consolidated basis. These projections have been prepared to February 2028 and include sensitivities in cash inflows for potential reductions in activities. These projections show, in all scenarios, that the group remains liquid, however each individual company (including City & St James Property Holdings Limited) has limited or no cash.true
The company has received a letter from the parent company (O&H Strategic Land Limited) confirming that the parent company operates a cash management treasury function for the O&H Strategic Land Limited group. The cash is pooled and held within O&H Strategic Land Limited. The letter confirms that they are holding that cash and that the directors of this group continue to have full and unfettered access to it.
On this basis, the directors consider that both the group and the company will be able to discharge their obligations in the ordinary course of business for a period of at least twelve months from the date when the financial statements are authorised for issue and consider it appropriate to continue to prepare these financial statements on a going concern basis.
1.3
Turnover
Turnover represents rental income arising within the United Kingdom, from the letting of properties and related activities less value added tax. Turnover is recognised on an accruals basis.
CITY & ST JAMES PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 10 -
1.4
Interest income
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
1.5
Fixed asset investments
Investments in subsidiaries are measured at cost less any accumulated impairment . Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issues together with the fair value of any additional consideration paid.
1.6
Finance costs are charged to the Statement of Comprehensive Income 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.
1.7
Stocks
Stock relates to the cost of land purchased for development and is stated at the lower of cost and net realisable value.
In determining cost for these purposes, stock acquired from third parties includes purchase price and any other costs incurred in bringing the inventories to their present location and condition.
Where properties held in stock were transferred from investment property, the cost is the fair value at the date the land was transferred into stock.
1.8
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 of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
CITY & ST JAMES PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 11 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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.
CITY & ST JAMES PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 12 -
1.11
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
1.12
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are initially measured at fair value, net of any transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
1.13
Rental income
Rental income represents rent receivable from the letting of property in the United Kingdom.
Benefits to lessees in the form of rent free periods are treated as a reduction in the overall return of the lease and in accordance with section 20 of FRS 102, are recognised on a straight line basis over the lease. Capital contributions paid to tenants are shown as a debtor and amortised over the period of the lease.
However, the company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard (1 March 2014) to continue to be charged over the shorter period to the first market rent review rather than the term of the lease.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
Stock
The carrying value of stocks requires management judgement in determining the profitability of each project at the point of sale. The company gives consideration to the status of each project, stage of development, current tenants and revenues and market conditions, when ensuring stocks are valued at the lower of cost and net realisable value.
3
Operating profit/(loss)
Audit and taxation fees are borne by fellow subsidiaries.
4
Employees
The company has no employees (2023 - Nil) other than directors, who did not receive any remuneration (2023 - £Nil).
CITY & ST JAMES PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 13 -
5
Interest receivable and similar income
2024
2023
£
£
Interest on bank deposits
98
33
6
Taxation
The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit/(loss) before taxation
1,950
(4,950)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 24.50% (2023: 19.00%)
478
(941)
Group relief
(186)
1,008
Permanent capital allowances in excess of depreciation
(292)
(67)
Taxation charge for the year
-
-
Factors that may affect future tax charges
The Finance Bill 2021, published on 11 March 2021, increased the main rate of Corporation Tax to 25% for the year commencing 1 April 2023.
The deferred taxation liability has therefore been calculated at 25%, being the rate substantively enacted at the Balance Sheet date.
7
Fixed asset investments
2024
2023
£
£
Investments in subsidiaries
7,077,678
7,077,678
8
Subsidiaries
Details of the company's subsidiaries at 29 February 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
O&H Hampton Limited
England & Wales
Ordinary
99.00
J F Ashton Limited
England & Wales
Ordinary
100.00
The registered office address of all the subsidiaries is Ground Floor Trinity Court, Trinity Street, Peterborough, Cambridgeshire, PE1 1DA.
CITY & ST JAMES PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 14 -
9
Stocks
2024
2023
£
£
Land held for development
565,000
565,000
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
47,733,214
47,719,842
Other debtors
2,084
11,616
47,735,298
47,731,458
There are no formal agreements for amounts owed by group undertakings, which are interest free and repayable on demand.
11
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,570
8,179
Taxation and social security
291
1,965
Other creditors
17,547
9,377
Accruals and deferred income
39,428
39,425
60,836
58,946
12
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
13
76,257
76,257
CITY & ST JAMES PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 15 -
13
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Appropriation gains rolled over
76,257
76,257
There were no deferred tax movements in the year.
14
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
7,000,000
7,000,000
70,000
70,000
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Deferred preference shares of 25p each
7,000,000
7,000,000
1,750,000
1,750,000
Preference shares classified as equity
1,750,000
1,750,000
Total equity share capital
1,820,000
1,820,000
The deferred preference shares carry the right to receive a fixed non-cumulative dividend at a rate of 1% per annum for any financial year in respect of which net profits of the company available for dividend exceed £1,000,000,000. They also carry the right on winding up of repayment of the capital paid up out of the surplus assets of the company after the total sum of £1,000,000 has been distributed in respect of each of the ordinary shares. The deferred shares do not entitle the holders to receive notice of, attend, or vote at any general meeting of the company.
In accordance with section 22 of FRS 102, the 7,000,000 deferred shares of 25p each are presented as equity at the reporting date based on the rights and obligation of the shares.
CITY & ST JAMES PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 16 -
15
Operating lease commitments
Lessor
The company leases out the investment property and land bank under non-cancellable leases for the following minimum lease payments. There are no contingent risks.
2024
2023
£
£
Within one year
19,082
14,243
Between two and five years
48,382
48,382
In over five years
331,414
343,510
398,878
406,135
16
Parent company
At 29 February 2024 the company's ultimate parent company was O&H Strategic Land Holdings Limited, a company registered in Jersey.
O&H Properties Limited is the immediate parent company and the parent of the smallest group in which City & St James Property Holdings Ltd is a member.
O&H Holdings No.2 Limited is the largest group in which the company is consolidated. Copies of the financial statements of O&H Holdings No.2 Limited are available from Companies House, Crown Way, Cardiff, CF14 3UZ. The registered office address of O&H Holdings No.2 Limited is Ground Floor Trinity Court, Trinity Street, Peterborough, Cambridgeshire, PE1 1DA.
There is no ultimate controlling party of the company.
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