Company registration number 08836677 (England and Wales)
CITY & COUNTRY SUNDRIDGE LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
CITY & COUNTRY SUNDRIDGE LTD
COMPANY INFORMATION
Directors
T R Sargeant
A I Sargeant
D R Sargeant
S Vernon-Harcourt
W Douglas
S J Marner
Secretary
A I Sargeant
Company number
08836677
Registered office
Bentfield Place
Bentfield Road
Stansted
Essex
CM24 8HL
Auditor
Goodman Jones LLP
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
United Kingdom
W1T 4RN
Business address
Bentfield Place
Bentfield Road
Stansted
Essex
CM24 8HL
CITY & COUNTRY SUNDRIDGE LTD
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Notes to the financial statements
8 - 13
CITY & COUNTRY SUNDRIDGE LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 July 2024.

Principal activities

The principal activity of the company is property development.

Results and dividends

The directors do not recommend payment of an ordinary dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

T R Sargeant
A I Sargeant
D R Sargeant
S Vernon-Harcourt
W Douglas
S J Marner
Financial instruments

The company uses financial instruments comprising borrowings and various net working capital items such as trade debtors and trade creditors, to finance its operations not funded by way of equity. The main risks identified with using these financial instruments are the management of cash flow and exposure to interest rate fluctuations. The company mitigates this risk by managing cash flow and negotiating credit facilities to assist with liquidity as required.

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:

 

 

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 & COUNTRY SUNDRIDGE LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -

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:

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.

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.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

By order of the board
A I Sargeant
Secretary
30 January 2025
CITY & COUNTRY SUNDRIDGE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CITY & COUNTRY SUNDRIDGE LTD
- 3 -
Opinion

We have audited the financial statements of City & Country Sundridge Ltd (the 'company') for the year ended 31 July 2024 which comprise the profit and loss account, the balance sheet 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:

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 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.

Other information

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:

CITY & COUNTRY SUNDRIDGE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CITY & COUNTRY SUNDRIDGE LTD (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:

 

 

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. These procedures included:

CITY & COUNTRY SUNDRIDGE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CITY & COUNTRY SUNDRIDGE LTD (CONTINUED)
- 5 -

 

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 are with laws and regulations from the events and transactions reflected in the financial statements, the less likely we are to become aware of them. 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.

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.

Matthew Cook (Senior Statutory Auditor)
For and on behalf of Goodman Jones LLP, Statutory Auditor
Chartered Accountants
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
United Kingdom
30 January 2025
CITY & COUNTRY SUNDRIDGE LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
2024
2023
£
£
Turnover
2,481,155
8,560
Cost of sales
(2,312,746)
(576,178)
Gross profit/(loss)
168,409
(567,618)
Administrative expenses
(28,436)
710,046
Operating profit
139,973
142,428
Interest payable and similar expenses
(76,187)
(133,769)
Profit before taxation
63,786
8,659
Tax on profit
-
0
-
0
Profit for the financial year
63,786
8,659

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CITY & COUNTRY SUNDRIDGE LTD
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
220,000
220,000
Current assets
Stocks
3
-
2,306,020
Debtors
5
2,521
7,447
Cash at bank and in hand
490,302
36,818
492,823
2,350,285
Creditors: amounts falling due within one year
6
(646,625)
(2,567,873)
Net current liabilities
(153,802)
(217,588)
Net assets
66,198
2,412
Capital and reserves
Called up share capital
8
100
100
Revaluation reserve
9
31,900
31,900
Profit and loss reserves
34,198
(29,588)
Total equity
66,198
2,412

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 30 January 2025 and are signed on its behalf by:
A I Sargeant
W Douglas
Director
Director
Company registration number 08836677 (England and Wales)
CITY & COUNTRY SUNDRIDGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
1
Accounting policies
Company information

City & Country Sundridge Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Bentfield Place, Bentfield Road, Stansted, Essex, CM24 8HL.

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 pounds sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

City & Country Sundridge Ltd is a wholly owned subsidiary of City & Country Group Plc and the results of City & Country Sundridge Ltd are included in the consolidated financial statements of City & Country Group Plc which are available from Bentfield Place, Bentfield Road, Stansted, Essex, CM24 8HL.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

CITY & COUNTRY SUNDRIDGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 9 -
1.3
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts and net of VAT.

 

Turnover comprises sales of private housing and development properties during the year, gross rents receivable recognised in the period to which they relate and the invoiced value of other sales net of VAT. Properties are treated as sold and profits recognised when contracts are exchanged and the company has transferred the significant risks and rewards of ownership to the buyer, the building works are substantially completed at the year end and the properties legally complete within three months of the year end ensuring that the amount of turnover can be reliably measured.

1.4
Investment property

Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is accumulated and recognised in the revaluation reserve net of deferred tax and released to the profit and loss reserve upon disposal of the investment property.

1.5
Stocks

Stock is valued at the lower of cost and net realisable value. Cost comprises of direct costs that have been incurred in bringing the stocks to their present location and condition. Land held for development, including land in the course of development, is initially recorded at cost.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

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 & COUNTRY SUNDRIDGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 10 -
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.

 

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.

1.8
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.

1.9

Bank borrowings

Interest bearing bank loans and overdrafts are recorded at the proceeds received, net of direct issue costs.

Where bank agreements include a legal right of offset for in hand and overdraft balances, and the company intends to settle the net outstanding position, the offset arrangements are applied to record the net position

in the Balance Sheet.

Finance income and charges are accounted for using the ‘effective interest rate’ method in the Profit and Loss Account.

Finance costs are recognised as an expense in the Profit and Loss Account in the period to which they relate.

CITY & COUNTRY SUNDRIDGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 11 -
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.

 

Estimation of costs to complete

 

In order to determine the profit that the company is able to recognise on its developments in a specific period, the company has to allocate site-wide development costs between units built in the current year and in future years. It also has to estimate costs to complete on such developments. In making these assessments there is a degree of inherent uncertainty. The company has developed internal controls to assess and review carrying values and the appropriateness of estimates made.

 

Carrying value of land and work in progress

 

The company’s principal activity is residential property development. The majority of the development activity is not contracted prior to the development commencing. Accordingly, the company has in its Balance Sheet at 31 July 2024 current assets that are not covered by a forward sale. The company’s internal controls are designed to identify any developments where the estimated net realisable value of a site is less than its current carrying value within the Balance Sheet. The key judgements in these reviews were estimating the realisable value of a site, which is determined by forecast sales rates, expected sales prices and estimated costs to complete. Furthermore, for sites where planning permission has not yet been obtained, forecast sales include an expectation that reasonable planning permission will be successfully obtained. If the UK housing market were to change beyond management expectations in the future, in particular with regards to the assumptions around sales prices and estimated costs to complete, further adjustments to the carrying value of land and work in progress may be required.

 

Valuation of Investment Property

 

Investment properties are valued to fair value annually. The company recognises the property at fair value, defined as the estimated amount for which a property should exchange on the date of the valuation between a willing buyer and seller in an arm's length transaction, through the use of comparable values of similar properties observable in the market. The directors of the company assess the carrying value at each reporting date to ensure that the carrying value is adjusted to fair value.

3
Stocks
2024
2023
£
£
Stocks
-
2,306,020

Included in stock are properties under construction or development at the balance sheet date.

4
Investment property
2024
£
Fair value
At 1 August 2023 and 31 July 2024
220,000
CITY & COUNTRY SUNDRIDGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
4
Investment property
(Continued)
- 12 -

The investment properties have been shown in the balance sheet at fair market value in accordance with FRS 102 Section 16 'Investment Property'. The directors have valued the investment properties using a property yield basis.

 

The directors are satisfied as to the values at 31 July 2024.

The historical cost of these properties is £188,100 (2023: £188,100).

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
776
1,175
Other debtors
1,745
6,272
2,521
7,447
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
-
0
1,628,941
Trade creditors
-
0
36,863
Amounts owed to group undertakings
570,000
558,695
Taxation and social security
661
-
0
Other creditors
75,964
343,374
646,625
2,567,873
7
Loans and overdrafts
2024
2023
£
£
Bank loans
-
0
1,628,941
Payable within one year
-
0
1,628,941

 

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100

 

CITY & COUNTRY SUNDRIDGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
9
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
31,900
31,900
10
Employees

There were no employees during the year apart from directors (2023: nil).

 

11
Related party transactions

The company has taken advantage of the exemption available in accordance with FRS 102 'Related party disclosures' not to disclose transactions entered into between two or more members of the group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

12
Parent company

The intermediate parent company is City & Country Holdings Limited, a company registered in England and Wales. The ultimate parent company is City & Country Group Plc, a company registered in England and Wales.

 

City & Country Group Plc prepares group financial statements and copies can be obtained from the registered office.

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