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COMPANY REGISTRATION NUMBER: 03991213
Cityhigher Ltd
Filleted Unaudited Financial Statements
30 September 2024
Cityhigher Ltd
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
2,267,843
1,920,913
Current assets
Debtors
6
344,265
314,973
Cash at bank and in hand
53,516
87,138
---------
---------
397,781
402,111
Creditors: amounts falling due within one year
7
118,591
11,627
---------
---------
Net current assets
279,190
390,484
------------
------------
Total assets less current liabilities
2,547,033
2,311,397
Creditors: amounts falling due after more than one year
8
1,664,950
1,448,170
Provisions
Taxation including deferred tax
152,292
152,058
------------
------------
Net assets
729,791
711,169
------------
------------
Cityhigher Ltd
Statement of Financial Position (continued)
30 September 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
11
2,000
2,000
Revaluation reserve
12
697,240
697,240
Profit and loss account
12
30,551
11,929
---------
---------
Shareholders funds
729,791
711,169
---------
---------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 March 2025 , and are signed on behalf of the board by:
Mr S Thorley
Director
Company registration number: 03991213
Cityhigher Ltd
Notes to the Financial Statements
Year ended 30 September 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 2 The Villas, Stoke on Trent, Staffs, ST4 5AQ, England.
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'.
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.
Revenue recognition
The company's turnover represents the value excluding VAT of rents receivable during the year from its investment properties.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
All fixed assets are initially recorded at cost except investment properties which are dealt with in accordance with a separate accounting policy
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:
Plant & machinery
-
15% reducing balance
Equipment
-
1/3rd straight line
Investment property
Investment properties are included at fair value. Gains are recognised in the Income Statement. Deferred Taxation is provided on these gains at the rate expected to apply when the property is sold.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Land and buildings
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 1 October 2023
1,920,504
606
639
1,921,749
Additions
346,093
964
140
347,197
------------
-------
----
------------
At 30 September 2024
2,266,597
1,570
779
2,268,946
------------
-------
----
------------
Depreciation
At 1 October 2023
214
622
836
Charge for the year
203
64
267
------------
-------
----
------------
At 30 September 2024
417
686
1,103
------------
-------
----
------------
Carrying amount
At 30 September 2024
2,266,597
1,153
93
2,267,843
------------
-------
----
------------
At 30 September 2023
1,920,504
392
17
1,920,913
------------
-------
----
------------
The valuation of investment properties was carried out by the director effective 26th October 2022. The valuation was made on the assumption that the properties were sold with the benefit of vacant position.
The company's land and building are wholly investment properties and are held for operating lease purposes.
6. Debtors
2024
2023
£
£
Trade debtors
1,721
1,209
Other debtors
342,544
313,764
---------
---------
344,265
314,973
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
4,199
4,200
Social security and other taxes
49
234
Other creditors
114,343
7,193
---------
--------
118,591
11,627
---------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,664,950
1,448,170
------------
------------
Included within creditors: amounts falling due after more than one year is an amount of £1,662,149 (2023: £1,141,169) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
Interest only secured borrowings are in place on each of the investment properties. The borrowings are repayable in full at the end of the mortgage term.
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
152,292
152,058
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
312
78
Fair value adjustment of investment property
151,980
151,980
---------
---------
152,292
152,058
---------
---------
10. Analysis of other comprehensive income
Revaluation reserve
£
Year ended 30 September 2023
Revaluation of tangible assets
418,465
Tax relating to components of other comprehensive income
( 115,983)
---------
302,482
---------
Cityhigher Ltd
Notes to the Financial Statements (continued)
Year ended 30 September 2024
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2,000
2,000
2,000
2,000
-------
-------
-------
-------
12. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.
13. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr S Thorley
112,419
284,137
( 503,219)
( 106,663)
---------
---------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr S Thorley
10,727
135,425
( 33,733)
112,419
--------
---------
--------
---------
14. Related party transactions
The company was under the control of Mr S W Thorley throughout the current and previous period. At the year end Cityhigher Ltd is owed £181,644 by a company under the control of Mr Thorley. No interest is charged on this loan. During the year Mr Thorley Transferred ownership for four rental properties to the company. The combined value of these properties was £333,500. The transactions took place at market value. The director's loan account is interest free and repayable on demand.