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REGISTERED NUMBER: SC113402 (Scotland)




















Edinburgh City Homes Limited

Unaudited Financial Statements

for the Year Ended 30 April 2024






Edinburgh City Homes Limited (Registered number: SC113402)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Edinburgh City Homes Limited

Company Information
for the Year Ended 30 April 2024







DIRECTOR: J Crooks



REGISTERED OFFICE: 9 Ainslie Place
Edinburgh
EH3 6AT



REGISTERED NUMBER: SC113402 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: Bank of Scotland
PO Box 1000
BX2 1LB



SOLICITORS: Mowat Hall Dick
45 Queen Charlotte Street
Leith
Edinburgh
EH6 7HT

Edinburgh City Homes Limited (Registered number: SC113402)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 476 -
Investments 5 1,110,480 996,495
Investment property 6 7,829,605 7,966,506
8,940,561 8,963,001

CURRENT ASSETS
Cash at bank 50,940 47,993

CREDITORS
Amounts falling due within one year 7 590,104 292,343
NET CURRENT LIABILITIES (539,164 ) (244,350 )
TOTAL ASSETS LESS CURRENT LIABILITIES 8,401,397 8,718,651

CREDITORS
Amounts falling due after more than one
year

8

(313,989

)

(791,243

)

PROVISIONS FOR LIABILITIES 10 - (24,000 )
NET ASSETS 8,087,408 7,903,408

Edinburgh City Homes Limited (Registered number: SC113402)

Balance Sheet - continued
30 April 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 39,800 39,800
Capital redemption reserve 11 93,000 93,000
Fair value reserve 11 2,734,111 2,766,033
Retained earnings 11 5,220,497 5,004,575
SHAREHOLDERS' FUNDS 8,087,408 7,903,408

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 January 2025 and were signed by:





J Crooks - Director


Edinburgh City Homes Limited (Registered number: SC113402)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Edinburgh City Homes Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These 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 as modified by the revaluation of certain assets.

The director's going concern assessment for the company covers a period of at least 12 months from the date of signing of these financial statements.

Turnover and revenue recognition
Turnover represents amounts receivable during the year for rent of properties held by the company.

Rent is recognised in accordance with the lease agreement.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant & machinery - 33% on cost

Investment property
Investment properties are shown at their fair value. Any surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuations in property market conditions is not considered to be permanent.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve with the relevant change in fair value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Edinburgh City Homes Limited (Registered number: SC113402)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Fixed assets investments
Unlisted fixed asset investments are stated at cost less any provision for impairment.

Listed fixed asset investment are stated at market value. Any revaluation gains or losses are recognised in the fair value reserve.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are repayable on demand.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

Edinburgh City Homes Limited (Registered number: SC113402)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. TANGIBLE FIXED ASSETS
Plant &
machinery
£   
COST
Additions 714
At 30 April 2024 714
DEPRECIATION
Charge for year 238
At 30 April 2024 238
NET BOOK VALUE
At 30 April 2024 476

5. FIXED ASSET INVESTMENTS
Listed Unlisted
investments investments Totals
£    £    £   
COST OR VALUATION
At 1 May 2023 826,584 169,911 996,495
Additions 274,206 - 274,206
Disposals (11,271 ) - (11,271 )
Revaluations (148,950 ) - (148,950 )
At 30 April 2024 940,569 169,911 1,110,480
NET BOOK VALUE
At 30 April 2024 940,569 169,911 1,110,480
At 30 April 2023 826,584 169,911 996,495

The cost and market value of the investments listed on the London Stock Exchange as at 30 April 2024 were £2,393,231 (2023: £2,187,141) and £940,569 (2023: £826,584) respectively.

The historic cost of unlisted investments as at 30 April 2024 were £169,911 (2023: £169,911).

Edinburgh City Homes Limited (Registered number: SC113402)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023 7,966,506
Disposals (136,901 )
At 30 April 2024 7,829,605
NET BOOK VALUE
At 30 April 2024 7,829,605
At 30 April 2023 7,966,506

If investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 3,642,842 3,779,743

Investment properties were valued on an open market basis on 30 April 2024 by the director.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 29,161 28,262
Taxation and social security 83,378 60,347
Other creditors 477,565 203,734
590,104 292,343

Included within other creditors is a loan from the director. The balance is unsecured and repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 313,989 791,243

Edinburgh City Homes Limited (Registered number: SC113402)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 119,000 571,147

Repayable by instalments
Bank loans more 5 yr by instal 67,103 96,152

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 343,150 819,505

There are five bank loans with Lloyds TSB. The first loan is secured on the following four properties: 2nd floor flat, 22 Calton Hill; top floor flat, 9 Montgomery Street; top floor flat, 1 West Park Place and 4/14 Tron Square. The second loan is secured on 2nd floor flat, 161 Rose Street. The third is secured over Ground Floor Flat, 12 Regent Terrace. The fourth is secured over 6 Anne House, 11 Bells Wynd. The fifth is secured over 7 Anne House, 11 Bells Wynd. There is also a bond and floating charge over all assets.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
On revaluation surplus - 24,000

Deferred
tax
£   
Balance at 1 May 2023 24,000
Provided during year (24,000 )
Balance at 30 April 2024 -

Edinburgh City Homes Limited (Registered number: SC113402)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

11. RESERVES
Capital Fair
Retained redemption value
earnings reserve reserve Totals
£    £    £    £   

At 1 May 2023 5,004,575 93,000 2,766,033 7,863,608
Profit for the year 184,000 184,000
Revaluation of investments 149,034 - (149,034 ) -
Release of reserves on disposal
of investments

(93,112

)

-

93,112

-

Deferred tax movement (24,000 ) - 24,000 -
At 30 April 2024 5,220,497 93,000 2,734,111 8,047,608

The fair value reserve represents the net revaluation surplus on listed investments and investment properties that is not readily distributable as realised earnings.