15 true false false false false false false false false false true false false 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 4,619,056 8,709,677 10 2,106,708 2,106,708 2,106,708 137 137 137 xbrli:pure xbrli:shares iso4217:GBP 05311185 2023-05-01 2024-04-30 05311185 2024-04-30 05311185 2023-04-30 05311185 2022-05-01 2023-04-30 05311185 2023-04-30 05311185 2022-04-30 05311185 bus:Consolidated 2023-05-01 2024-04-30 05311185 core:FurnitureFittings 2023-05-01 2024-04-30 05311185 bus:Consolidated core:FurnitureFittings 2023-05-01 2024-04-30 05311185 bus:RegisteredOffice 2023-05-01 2024-04-30 05311185 bus:LeadAgentIfApplicable 2023-05-01 2024-04-30 05311185 bus:Consolidated bus:LeadAgentIfApplicable 2023-05-01 2024-04-30 05311185 bus:Director1 2023-05-01 2024-04-30 05311185 bus:CompanySecretary1 2023-05-01 2024-04-30 05311185 bus:Consolidated 2024-04-30 05311185 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 05311185 bus:Consolidated core:FurnitureFittings 2023-04-30 05311185 bus:Consolidated 2023-04-30 05311185 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-30 05311185 bus:Consolidated core:FurnitureFittings 2024-04-30 05311185 bus:Consolidated 2022-05-01 2023-04-30 05311185 bus:Consolidated 2023-04-30 05311185 bus:Consolidated core:WithinOneYear 2024-04-30 05311185 bus:Consolidated core:WithinOneYear 2023-04-30 05311185 core:WithinOneYear 2024-04-30 05311185 core:WithinOneYear 2023-04-30 05311185 core:AfterOneYear bus:Consolidated 2024-04-30 05311185 core:AfterOneYear bus:Consolidated 2023-04-30 05311185 bus:Consolidated core:OtherReservesSubtotal 2022-05-01 2023-04-30 05311185 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 05311185 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 05311185 core:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 05311185 core:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 05311185 bus:Consolidated core:ShareCapital 2024-04-30 05311185 bus:Consolidated core:ShareCapital 2023-04-30 05311185 bus:Consolidated core:OtherReservesSubtotal 2024-04-30 05311185 bus:Consolidated core:OtherReservesSubtotal 2023-04-30 05311185 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2024-04-30 05311185 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2023-04-30 05311185 core:ShareCapital 2024-04-30 05311185 core:ShareCapital 2023-04-30 05311185 core:RetainedEarningsAccumulatedLosses 2024-04-30 05311185 core:RetainedEarningsAccumulatedLosses 2023-04-30 05311185 bus:Consolidated core:ShareCapital 2022-04-30 05311185 bus:Consolidated core:OtherReservesSubtotal 2022-04-30 05311185 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2022-04-30 05311185 bus:Consolidated 2022-04-30 05311185 core:ShareCapital 2022-04-30 05311185 core:RetainedEarningsAccumulatedLosses 2022-04-30 05311185 core:CostValuation core:Non-currentFinancialInstruments 2024-04-30 05311185 core:Non-currentFinancialInstruments 2024-04-30 05311185 core:Non-currentFinancialInstruments 2023-04-30 05311185 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 05311185 bus:Consolidated core:FurnitureFittings 2023-04-30 05311185 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-30 05311185 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 05311185 bus:Consolidated bus:LeadAgentIfApplicable 2022-05-01 2023-04-30 05311185 bus:SmallEntities 2023-05-01 2024-04-30 05311185 bus:Audited 2023-05-01 2024-04-30 05311185 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 05311185 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 05311185 bus:FullAccounts 2023-05-01 2024-04-30 05311185 core:AssetsNotYetAvailableForUsePPE bus:Consolidated 2023-04-30 05311185 core:AssetsNotYetAvailableForUsePPE bus:Consolidated 2023-05-01 2024-04-30 05311185 core:AssetsNotYetAvailableForUsePPE bus:Consolidated 2024-04-30
COMPANY REGISTRATION NUMBER: 05311185
London and City Group Holdings Limited
Consolidated Financial Statements
30 April 2024
London and City Group Holdings Limited
Consolidated Financial Statements
Year ended 30 April 2024
Contents
Page
Officers and professional advisers
1
Director's report
2
Independent auditor's report to the members
5
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Notes to the consolidated financial statements
14
London and City Group Holdings Limited
Officers and Professional Advisers
Director
Mr G Harris
Company secretary
Mrs C Robson
Registered office
1 Maltings Place
169 Tower Bridge Road
London
SE1 3JB
Auditor
Sargeant Partnership LLP
Chartered Accountants & Statutory Auditor
Unit 5 White Oak Square
London Road
Swanley
Kent
BR8 7AG
London and City Group Holdings Limited
Director's Report
Year ended 30 April 2024
The director presents his report and the consolidated financial statements of the group for the year ended 30 April 2024 .
Principal activities
The principal activities of the group during the year were comprised of property development and investment. Sites are developed to create both residential and commercial units for letting on the open market and subsequently retained for longer term as income producing investments. The directors are pleased to report further relatively significant advance in the level of group investment in the year under review, and the indications are that there will be further progress in the ensuing year. Results and dividends The results for the year are set out on page 10. No ordinary dividends were paid. The director does not recommend payment of a dividend. Auditor In accordance with the company's articles, a resolution proposing that Sargeant Partnership LLP be appointed as auditor of the group will be put at a General Meeting.
Director
The director who served the company during the year was as follows:
Mr G Harris
Business review
The Directors have considered the ongoing impact of COVID-19 on its business activities. In particular in regard to
Rental income
Asset value
Going concern
The results for the period to 30th April 2024 reflect the impact of Covid. The directors consider the impact on rents to be very short-term and thus the underlying long-term asset value to be reasonably stated. Consequently, the Directors do not presently consider there to be any going concern issues.
During early 2022 the decision was taken to transform the Maltings development from a 'standard' office investment model to a full 'flex' model with the intention to generate increased rent levels of between 30% and 50% resulting in both increased income and a higher overall value.
This transformation involves a complete refurbishment of the development to achieve the highest grade 'A' space to provide high spec offices accommodating the latest tech requirements, communal facilities - tenant's lounge with food and beverage, spa/gym, changing /shower facilities, meeting rooms plus extensive landscaping.
To achieve this transformation, the development will revert to being a development site with a rolling programme of vacating office to facilitate redevelopment.
The short term impact on rental income will be significant due to vacant space and tenant concessions whilst works are in progress.
Early progress on new leases of completed units is very encouraging and, despite the ongoing construction disruption, the rental increases detailed above are being achieved.
Director's responsibilities statement
The director is responsible for preparing the director's report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the director to prepare consolidated financial statements for each financial year. Under that law the director has elected to prepare the consolidated financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the consolidated financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these consolidated financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the consolidated financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is 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 consolidated financial statements comply with the Companies Act 2006. He is 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 28 January 2025 and signed on behalf of the board by:
Mr G Harris
Director
London and City Group Holdings Limited
Independent Auditor's Report to the Members of London and City Group Holdings Limited
Year ended 30 April 2024
Opinion
We have audited the consolidated financial statements of London and City Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the consolidated financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 30 April 2024 and of the group's loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
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 consolidated financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the consolidated 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: " the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or " the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The other information comprises the information included in the annual report, other than the consolidated financial statements and our auditor’s report thereon. The director is responsible for the other information. Our opinion on the consolidated 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. In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in 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 there is a material misstatement in the consolidated financial statements or a material misstatement of the other information. 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 the audit:
- the information given in the director's report for the financial year for which the consolidated financial statements are prepared is consistent with the consolidated financial statements; and
- the director's report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the director's 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company consolidated financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the director was not entitled to prepare the consolidated financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the director's report and from the requirement to prepare a strategic report. Responsibilities of the director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the consolidated financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, the director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the consolidated 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 . We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant so specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK. We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance. We assess the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets. Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above. We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Use of our 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.
Gary Sargeant FCA
(Senior Statutory Auditor)
For and on behalf of
Sargeant Partnership LLP
Chartered Accountants & Statutory Auditor
Unit 5 White Oak Square
London Road
Swanley
Kent
BR8 7AG
28 January 2025
London and City Group Holdings Limited
Consolidated Statement of Comprehensive Income
Year ended 30 April 2024
2024
2023
Note
£
£
Turnover
2,750,333
2,800,775
Cost of sales
( 1,436,047)
( 1,192,725)
-------------
-------------
Gross profit
1,314,286
1,608,050
Administrative expenses
( 4,449,231)
( 3,732,047)
Other operating income
1,186,267
2,686,586
-------------
-------------
Operating (loss)/profit
( 1,948,678)
562,589
Fair value gains and losses on investment properties
( 7,518,000)
Other interest receivable and similar income
884,583
73,984
Interest payable and similar expenses
( 3,554,961)
( 2,146,422)
-------------
-------------
Loss before taxation
6
( 4,619,056)
( 9,027,849)
Tax on loss
318,172
-------------
-------------
Loss for the financial year and total comprehensive income
( 4,619,056)
( 8,709,677)
-------------
-------------
All the activities of the group are from continuing operations.
London and City Group Holdings Limited
Consolidated Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
7
57,210,473
56,601,217
Current assets
Debtors
9
4,425,509
1,833,774
Investments
10
19,778,699
26,189,572
Cash at bank and in hand
8,688,331
16,373,264
--------------
--------------
32,892,539
44,396,610
Creditors: amounts falling due within one year
11
39,941,949
46,198,474
--------------
--------------
Net current liabilities
7,049,410
1,801,864
--------------
--------------
Total assets less current liabilities
50,161,063
54,799,353
Creditors: amounts falling due after more than one year
12
30,798,726
30,817,960
Provisions
Taxation including deferred tax
4,015,754
4,015,754
--------------
--------------
Net assets
15,346,583
19,965,639
--------------
--------------
Capital and reserves
Called up share capital
100
100
Other reserves
25,184,463
25,184,463
Profit and loss account
( 9,837,980)
( 5,218,924)
--------------
--------------
Shareholders funds
15,346,583
19,965,639
--------------
--------------
These consolidated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These consolidated financial statements were approved by the board of directors and authorised for issue on 28 January 2025 , and are signed on behalf of the board by:
Mr G Harris
Director
Company registration number: 05311185
London and City Group Holdings Limited
Company Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
7
2,106,708
2,106,708
Investments
8
137
137
-------------
-------------
2,106,845
2,106,845
Current assets
Debtors
9
31,171,173
26,195,424
Investments
10
18,010,069
23,086,952
Cash at bank and in hand
6,361,899
12,885,356
--------------
--------------
55,543,141
62,167,732
Creditors: amounts falling due within one year
11
33,934,224
39,935,789
--------------
--------------
Net current assets
21,608,917
22,231,943
--------------
--------------
Total assets less current liabilities
23,715,762
24,338,788
--------------
--------------
Net assets
23,715,762
24,338,788
--------------
--------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
23,715,662
24,338,688
--------------
--------------
Shareholders funds
23,715,762
24,338,788
--------------
--------------
The loss for the financial year of the parent company was £ 623,025 (2023: £ 309,142 profit).
These consolidated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These consolidated financial statements were approved by the board of directors and authorised for issue on 28 January 2025 , and are signed on behalf of the board by:
Mr G Harris
Director
Company registration number: 05311185
London and City Group Holdings Limited
Consolidated Statement of Changes in Equity
Year ended 30 April 2024
Called up share capital
Other reserves
Profit and loss account
Total
£
£
£
£
At 1 May 2022
100
32,384,291
( 3,709,075)
28,675,316
Loss for the year
( 8,709,677)
( 8,709,677)
Other comprehensive income for the year:
other reserves
(7,199,828)
7,199,828
----
--------------
-------------
--------------
Total comprehensive income for the year
( 7,199,828)
( 1,509,849)
( 8,709,677)
At 30 April 2023
100
25,184,463
( 5,218,924)
19,965,639
Loss for the year
( 4,619,056)
( 4,619,056)
----
--------------
-------------
--------------
Total comprehensive income for the year
( 4,619,056)
( 4,619,056)
----
--------------
-------------
--------------
At 30 April 2024
100
25,184,463
( 9,837,980)
15,346,583
----
--------------
-------------
--------------
London and City Group Holdings Limited
Company Statement of Changes in Equity
Year ended 30 April 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 May 2022
100
24,029,546
24,029,646
Profit for the year
309,142
309,142
----
--------------
--------------
Total comprehensive income for the year
309,142
309,142
At 30 April 2023
100
24,338,687
24,338,787
Loss for the year
( 623,025)
( 623,025)
----
--------------
--------------
Total comprehensive income for the year
( 623,025)
( 623,025)
----
--------------
--------------
At 30 April 2024
100
23,715,662
23,715,762
----
--------------
--------------
London and City Group Holdings Limited
Notes to the Consolidated Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Maltings Place, 169 Tower Bridge Road, London, SE1 3JB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirement of the Companies Act 2006 as applicable to companies subject to the small companies regime.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over five years from the year of acquisition. The results of companies acquired or disposed of are included in the group profit and loss account after or up to the date that control passes respectively. As a consolidated group profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006. The consolidated financial statements incorporate the financial statements of the company, group undertakings and operations over which London & City Group Holdings Limited has material influence or control.
Judgements and key sources of estimation uncertainty
In the application of the group's accounting policies, the director is 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.
Revenue recognition
The turnover shown in the profit and loss account represents rents receivable. Turnover is recognised on a straight line basis across the life of the lease.
Taxation
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes and unrealised surplus on revaluation of fixed assets. Tax deferred or accelerated is accounted for in respect of all material timing differences to the extent that it is considered that a net liability may arise.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit. Foreign subsidiaries are consolidated at the closing rate prevailing at 30th April, with any exchange difference being charged / credited to reserves.
Tangible assets
All fixed assets are initially recorded at cost. Depreciation commences when the assets are ready for intended use. Investment Property Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings & equipment
-
10% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with material changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. Finance costs of financial liabilities are recognised in the profit and loss account over the term of the instrument at a constant rate on the carrying amount.
Defined contribution plans
The company operates a defined contribution pension scheme for its employees. The amount charged to the profit and loss account in respect of pension costs is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.
4. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the consolidated financial statements
39,960
34,000
---------
---------
5. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2023: 15 ).
6. Profit before taxation
Profit before taxation is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
( 4,796)
531
Fair value adjustments to other fixed asset investments
7,518,000
-------
-------------
7. Tangible assets
Group
Investment Properties
Fixtures and fittings
Assets under constrction
Total
£
£
£
£
Cost
At 1 May 2023
54,588,708
24,873
2,007,733
56,621,314
Additions
604,460
604,460
--------------
---------
-------------
--------------
At 30 April 2024
54,588,708
24,873
2,612,193
57,225,774
--------------
---------
-------------
--------------
Depreciation
At 1 May 2023
20,097
20,097
Charge for the year
( 4,796)
( 4,796)
--------------
---------
-------------
--------------
At 30 April 2024
15,301
15,301
--------------
---------
-------------
--------------
Carrying amount
At 30 April 2024
54,588,708
9,572
2,612,193
57,210,473
--------------
---------
-------------
--------------
At 30 April 2023
54,588,708
4,776
2,007,733
56,601,217
--------------
---------
-------------
--------------
Company
Investment Properties
£
Cost
At 1 May 2023 and 30 April 2024
2,106,708
--------------
Depreciation
At 1 May 2023 and 30 April 2024
--------------
Carrying amount
At 30 April 2024
2,106,708
--------------
At 30 April 2023
2,106,708
--------------
The investment property (which is freehold), historic cost of £27,531,930 was valued on an open market basis at 30th April 2024 by the director. The valuation was made on behalf of the companies funders.
8. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 May 2023 and 30 April 2024
137
----
Impairment
At 1 May 2023 and 30 April 2024
----
Carrying amount
At 1 May 2023 and 30 April 2024
137
----
At 30 April 2023
137
----
Subsidiaries and other investments Registered office address for all UK unless otherwise indicated. 1 Malting Place 169 Tower Bridge Road London SE1 3JB
Subsidiary undertakings Class of share Percentage of shares held
Weltonvale (Sarsons) Ltd Ordinary 100
Sarsons (Main) Ltd Ordinary 100
Rodenway Ltd Ordinary 100
Weltonvale (Brunswick Court) Limited Ordinary 100
Sarsons Residential Limited Ordinary 100
Aparthotels (London Thames) Limited Ordinary 100
Aparthotels (West London) Limited Ordinary 100
Blackmoor Construction Limited Ordinary 100
Malting Estate Sales Company Ltd Ordinary 100
Keyerton Properties Limited Ordinary 100
Rodenway (Two) Limited Ordinary 100
Sarsons Studio Limited Ordinary 100
Sunlight Estates Limited Ordinary 100
Weltonvale Cinema Limited Ordinary 100
Think Collections Limited Ordinary 100
Think Commercial Property Limited Ordinary 100
Villa Agencies SPF Limited Ordinary 100
Weltonvale (Farm Lane) Limited Ordinary 100
Weltonvale (Tanner Street) Limited Ordinary 100
Weltonvale Arches Limited Ordinary 100
Sarsons (GH) Limited Ordinary 100
Weltonvale (Brunswick Court Two) Limited Ordinary 100
The following company have taken exemption from audit under the Companies Act 2006, section 479A: Company name Company Number Aparthotels (London Thames) Limited 05311087
9. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
( 38,297)
28,057
Amounts owed by group undertakings and undertakings in which the company has a participating interest
27,574,976
24,894,779
Other debtors
4,463,806
1,805,717
3,596,197
1,300,645
-------------
-------------
--------------
--------------
4,425,509
1,833,774
31,171,173
26,195,424
-------------
-------------
--------------
--------------
10. Investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Investments
19,778,699
26,189,572
18,010,069
23,086,952
--------------
--------------
--------------
--------------
2024
2023
2024
2023
£
£
£
£
The fair value of the above listed investment is
22,755,000
21,651,000
20,930,000
18,476,000
11. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
17,421,321
21,998,912
16,299,293
19,626,884
Trade creditors
517,110
588,399
267,633
327,214
Amounts owed to group undertakings and undertakings in which the company has a participating interest
5,810,488
6,192,970
Corporation tax
1,383,593
1,383,593
1,250,000
1,250,000
Social security and other taxes
11,831
10,655
Other creditors
20,608,094
22,216,915
10,306,810
12,538,721
--------------
--------------
--------------
--------------
39,941,949
46,198,474
33,934,224
39,935,789
--------------
--------------
--------------
--------------
12. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
30,798,726
30,817,960
--------------
--------------
----
----
The long-term loans are secured by fixed charges over properties. Bank loans and overdrafts are due between one and two years.
13. Director's advances, credits and guarantees
During the year under review the group held related party transactions with its director Mr G Harris . These transactions were limited to interest free loans made to the group. At the close of business on 30 April 2024 the group owed the director £9,849,415 (2023 £9,676,385).
14. Related party transactions
Group
The group is party to a cross guarantee, which is secured on assets of the group. The total group indebtedness subject to the guarantee at 30 April 2024 is £30,798,726 (2023 £30,817,960). Mr G Harris a director of the company, has provided a personal guarantee in respect of part of the indebtedness to the banks and is secured on the properties held within the group. The company has taken advantage of the exemption available under FRS 102 paragraph 33.1a whereby it has not disclosed transactions with any wholly owned subsidiary undertaking of the group. Collocated Solutions Limited is a related party by virtue of being controlled by W Wormald, a director of a subsidiary entity and member of key management of London and City Group Holdings Limited . No transactions took place with Collocated Solutions Limited during the current or prior year, there was a balance of £131,035 (2023 - £131,035) due from a subsidiary of London and City Group Holdings Limited at the year end. Wormald Accountants Limited is a related party by virtue of being controlled by W Wormald, a director of a subsidiary entity and member of key management of London and City Group Holdings Limited . During the year invoices of £36,361 (2023 - £35,711) were raised by Wormald Accountants Limited and at the year end a balance of £82,825 (2023 - £33,438) was due from a subsidiary of London and City Group Holdings Limited . Financial Connectivity Limited is a related party by virtue of being controlled by W Wormald, a director of a subsidiary entity and member of key management of London and City Group Holdings Limited During the year invoices of £68,785 (2023 - £91,625) were raised by Financial Connectivity Limited and at the year end a balance of £373,289 (2023 - £437,309) was due by London and City Group Holdings Limited . Capture Design & Build Limited is a related party by virtue of being T Ashby, a director of a subsidiary entities of London and City Group Holdings Limited . During the year invoices of £1,577,707 (2023 - £1,979,429) were raised by Capture Design & Build Limited and at the yearend a balance of £165,789 (2023 - £199,688) was due to Capture Design & Build Limited. Villa Agencies (Europe) Ltd is a related party by virtue of being controlled by Mr G Harris a member of key management of London and City Group Holdings Limited and its subsidiaries. At the year end a balance of £1,670,442 (2023 - £2,385,624) was due by London and City Group Holdings Limited During the year salary was paid to the following close members of family of the directors of the group and it's subsidiaries: G Harris - £100,000 J Harris - £12,500
15. Controlling party
The group and the company were under the control of Mr G Harris. Mr G Harris is the managing director and majority shareholder.