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Registered number: 00969998












CAPITAL & CITY HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

 

CAPITAL & CITY HOLDINGS LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Statement of changes in equity
 
4
Notes to the financial statements
 
5 - 12


 

CAPITAL & CITY HOLDINGS LIMITED
 
COMPANY INFORMATION


Directors
A R Hay 
D O Hay 
L R Hay 




Registered number
00969998



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:00969998
CAPITAL & CITY HOLDINGS LIMITED

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 5 
45,000,000
45,000,000

Current assets
  

Debtors: amounts falling due within one year
 6 
756,012
756,681

Cash at bank and in hand
  
3,416,352
3,586,378

  
4,172,364
4,343,059

Creditors: amounts falling due within one year
 7 
(804,285)
(1,012,270)

Net current assets
  
 
 
3,368,079
 
 
3,330,789

Total assets less current liabilities
  
48,368,079
48,330,789

Creditors: amounts falling due after more than one year
 8 
(371,399)
(366,161)

Provisions for liabilities
  

Deferred tax
 9 
(5,620,399)
(5,670,455)

Net assets
  
42,376,281
42,294,173

Page 2


 
REGISTERED NUMBER:00969998
CAPITAL & CITY HOLDINGS LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 10 
52,263
52,263

Revaluation reserve
  
29,106,095
29,293,544

Capital redemption reserve
  
842,855
842,855

Profit and loss account
  
12,375,068
12,105,511

Total equity
  
42,376,281
42,294,173


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 profit and loss account 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: 




A R Hay
Director

Date: 12 February 2025

The notes on pages 5 to 12 form part of these financial statements.

Page 3

 

CAPITAL & CITY HOLDINGS LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 October 2022
52,263
842,855
30,816,789
10,642,995
42,354,902



Loss for the financial year
-
-
-
(60,729)
(60,729)

Investment property revaluation, net of deferred tax
-
-
(1,523,245)
1,523,245
-



At 1 October 2023
52,263
842,855
29,293,544
12,105,511
42,294,173



Profit for the financial year
-
-
-
1,082,108
1,082,108


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(1,000,000)
(1,000,000)

Investment property revaluation, net of deferred tax
-
-
(187,449)
187,449
-


At 30 September 2024
52,263
842,855
29,106,095
12,375,068
42,376,281


The notes on pages 5 to 12 form part of these financial statements.

Page 4

 

CAPITAL & CITY HOLDINGS LIMITED

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

1.


General information

Capital & City Holdings Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

  
2.3

Revenue

Revenue represents rent receivable in the year, net of value added tax. Revenue is recognised on a straight line basis over the lease term. The cost of any incentive given to enter in to a lease is recognised on a straight line basis over the lease term.

 
2.4

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 profit or loss.

 
2.5

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 5

 

CAPITAL & CITY HOLDINGS LIMITED

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

2.Accounting policies (continued)


2.6

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

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. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors and loans from fellow group companies 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 6

 

CAPITAL & CITY HOLDINGS LIMITED

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

2.Accounting policies (continued)




Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

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

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

  
2.7

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

  
2.8

Share capital

Ordinary shares are classified as equity.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 7

 

CAPITAL & CITY HOLDINGS LIMITED

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

2.Accounting policies (continued)

 
2.10

Finance costs

Finance costs are charged to profit or loss 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.

 
2.11

Operating leases: the company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.12

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet 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 balance sheet 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 8

 

CAPITAL & CITY HOLDINGS LIMITED

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

2.Accounting policies (continued)

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, which are described in note 2, the key judgement made by director is:
Valuation of Investment property
Investment property is valued annually by the directors, one of whom is chartered surveyor, using a yield methodology. This uses market rental values capitalised at a market capitalisation rate but there is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself.


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 9

 

CAPITAL & CITY HOLDINGS LIMITED

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

5.


Investment property


Long term leasehold investment property

£



Valuation


At 1 October 2023
45,000,000


Additions at cost
329,931


Revaluation
(329,931)



At 30 September 2024
45,000,000

The investment property was revalued on an open market basis for existing use on 30 September 2024 by the directors, one of whom is a Chartered Surveyor.
The valuation is based on the direct comparable method which provides an indication of rental value by comparing the property with other similar properties for which rental price information is available. The comparables were adjusted to reflect differences in age, size, condition, location and any other relevant factors.
The investment property is held for use under operating leases.
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
11,023,015
10,693,084

The directors are considering selling the company's investment property. 


6.


Debtors

2024
2023
£
£


Trade debtors
399,632
204,478

Other debtors
9,770
1,439

Prepayments and accrued income
346,610
550,764

756,012
756,681


Page 10

 

CAPITAL & CITY HOLDINGS LIMITED

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

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
108,861
-

Amounts owed to group undertakings
85,956
65,318

Corporation tax
234,235
269,711

Other taxation and social security
40,923
72,375

Accruals and deferred income
334,310
604,866

804,285
1,012,270



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
371,399
366,161



9.


Deferred tax liability




2024


£






At beginning of year
(5,670,455)


Credited to profit or loss
50,056



At end of year
(5,620,399)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(749,509)
(717,084)

Revaluation on investment property
(4,870,890)
(4,953,371)

(5,620,399)
(5,670,455)

Page 11

 

CAPITAL & CITY HOLDINGS LIMITED

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

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



52,263 (2023 - 52,263) Ordinary shares of £1.00 each
52,263
52,263



11.


Commitments under operating leases

At 30 September 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
400,000
250,000

Later than 1 year and not later than 5 years
1,275,000
875,000

1,675,000
1,125,000


12.


Guarantees

The company has cross-guarantees with Capital and City Limited and Capital & City Management Limited relating to the group's bank loans.


13.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are wholly owned part of the group.


14.


Parent undertaking

The smallest group for which consolidated financial statements are drawn up and of which the company is a member is that headed by Capital and City Limited, the registered office of which is 16 Great Queen Street, London, WC2B 5AH.

 
Page 12