REGISTERED NUMBER: |
Edinburgh City Homes Limited |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
9 Ainslie Place |
Edinburgh |
Midlothian |
EH3 6AT |
BANKERS: |
PO Box 1000 |
BX2 1LB |
SOLICITORS: |
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 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) |
NET ASSETS |
Edinburgh City Homes Limited (Registered number: SC113402) |
Balance Sheet - continued |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve | 11 |
Fair value reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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 were approved by the director and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant & machinery | - |
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 |
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 |
At 30 April 2024 |
DEPRECIATION |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
5. | FIXED ASSET INVESTMENTS |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 May 2023 | 996,495 |
Additions | 274,206 |
Disposals | ( |
) | (11,271 | ) |
Revaluations | ( |
) | (148,950 | ) |
At 30 April 2024 | 1,110,480 |
NET BOOK VALUE |
At 30 April 2024 | 1,110,480 |
At 30 April 2023 | 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 |
Disposals | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
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 |
Taxation and social security |
Other creditors |
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 |
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 |
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 |
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 |
Provided during year | ( |
) |
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 | 7,863,608 |
Profit for the year |
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 | 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. |