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Registered number: 04854807


 

CITY & SOUTHERN PROPERTIES LIMITED
 
ANNUAL REPORT
 
FOR THE YEAR ENDED 30 APRIL 2024

 
CITY & SOUTHERN PROPERTIES LIMITED
 

CONTENTS



Page
Company information
 
1
Statement of financial position
 
2
Notes to the financial statements
 
3 - 7


 
CITY & SOUTHERN PROPERTIES LIMITED
 

COMPANY INFORMATION


Directors
J B Duffy 
D Corbett 




Company secretary
J M Duffy



Registered number
04854807



Registered office
Duffy House
1 Mount Road

Feltham

Middlesex

TW13 6AR




Independent auditor
Cooper Parry Group Limited
Statutory Auditor

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA




Page 1

 
CITY & SOUTHERN PROPERTIES LIMITED
REGISTERED NUMBER: 04854807

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
2,475,000
2,475,000

Current assets
  

Debtors:
 5 
679,161
675,485

Cash at bank and in hand
  
19,499
32,234

  
698,660
707,719

Creditors: amounts falling due within one year
 6 
(186,044)
(850,417)

Net current assets/(liabilities)
  
 
 
512,616
 
 
(142,698)

Total assets less current liabilities
  
2,987,616
2,332,302

Creditors: amounts falling due after more than one year
 7 
(685,000)
-

Provisions for liabilities
  

Deferred tax
 8 
(81,199)
(81,199)

Net assets
  
2,221,417
2,251,103


Capital and reserves
  

Called up share capital 
 9 
1,000
1,000

Profit and loss account
  
2,220,417
2,250,103

Shareholders' funds
  
2,221,417
2,251,103


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 28 January 2025




J B Duffy
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
CITY & SOUTHERN PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

City & Southern Properties Limited is a private company limited by shares incorporated and domiciled in the United Kingdom and registered in England and Wales. The address of its registered office and principal place of business is Duffy House, 1 Mount Road, Feltham, Middlesex, United Kingdom, TW13 6AR.
The financial statements are prepared in Sterling (£) which is the functional currency of the Company. The financial statements are for the year ended 30 April 2024 (2023: 30 April 2023)

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The 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.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

The revenue shown in the statement of income and retained earnings represents the amount of rent receivable in the year which is recognised as it falls due.

 
2.3

Finance costs

Finance costs are charged to the statement of income and retained earnings 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.

 
2.4

Borrowing costs

All borrowing costs are recognised in the statement income and retained earnings in the year in which they are incurred.

Page 3

 
CITY & SOUTHERN PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

Tax is recognised in the statement of income and retained earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of income and retained earnings.
Subsequent expenditure is capitalised only when it is probable that the future economic benefits associated with the expenditure will flow to the Company. Ongoing repairs and maintenance are expensed as incurred.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans with related parties and investments in ordinary shares.

All financial assets and liabilities are initally measured at transaction price and subsequently measured at amortised cost.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.


3.


Employees


The average monthly number of employees, including directors, during the year was 2 (2023: 2).

Page 4

 
CITY & SOUTHERN PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023 and 30 April 2024
2,475,000


The properties were valued by the directors at fair value at the reporting date.



If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£



Historic cost
1,580,000
1,580,000


5.


Debtors

2024
2023
£
£



Amounts owed by group undertakings
670,911
667,739

Prepayments and accrued income
8,250
7,746

679,161
675,485


Amounts owed by group undertakings are interest free, unsecured and payable on demand. 
 

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans (see note 8)
-
685,000

Amounts owed to group undertakings
167,942
118,274

Accruals and deferred income
18,102
47,143

186,044
850,417


Amounts owed to group undertakings are interest free, unsecured and payable on demand.

Page 5

 
CITY & SOUTHERN PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans (see note 8)
685,000
-



8.


Deferred taxation




2024


£






At beginning of the year
81,199


Charged to the statement of comprehensive income
-



At end of the year
81,199

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Capital gains
81,199
81,199

Page 6

 
CITY & SOUTHERN PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 Ordinary shares of £1.00 each
1,000
1,000



10.


Related party transactions

The Company has taken advantage of the exemptions conferred by section 33 of FRS 102 from the requirement to make disclosures regarding transactions with other wholly owned subsidiaries within the Group.


11.


Parent and controlling party

The Company is a wholly owned subsidiary of Duffy Group Holdings Limited, which is the ultimate parent Company, and is incorporated and domiciled in the United Kingdom and registered in England and Wales.
The largest and smallest group in which the results of the Company are consolidated is that headed by Duffy Group Holdings Limited. The consolidated financial statements of this Company are available to the public and may be obtained from their registered office at Duffy House, 1 Mount Road, Feltham, Middlesex, TW13 6AR. No other financial statements include the results of this Company.
The ultimate controlling party is J B Duffy, the shareholder of Duffy Group Holdings Limited.


12.


Auditor's information

The auditor's report on the financial statements for the year ended 30 April 2024 was unqualified.

The audit report was signed on 28 January 2025 by Robert Blundell FCA (senior statutory auditor) on behalf of Cooper Parry Group Limited.


Page 7