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Registration number: 03839951

Citylease Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Citylease Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Citylease Limited

(Registration number: 03839951)
Statement of Financial Position as at 30 September 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

1,907

2,055

Investment property

5

1,115,154

985,899

Investments

6

1

1

 

1,117,062

987,955

Current assets

 

Debtors

7

36,935

54,816

Cash at bank and in hand

 

18,550

-

 

55,485

54,816

Creditors: Amounts falling due within one year

8

(232,681)

(261,301)

Net current liabilities

 

(177,196)

(206,485)

Total assets less current liabilities

 

939,866

781,470

Creditors: Amounts falling due after more than one year

8

-

(35,323)

Provisions for liabilities

(111,399)

(80,370)

Net assets

 

828,467

665,777

Capital and reserves

 

Called up share capital

1

1

Capital redemption reserve

1

1

Non-distributable reserve

435,783

337,606

Profit and loss account

392,682

328,169

Shareholders' funds

 

828,467

665,777

 

Citylease Limited

(Registration number: 03839951)
Statement of Financial Position as at 30 September 2024 (continued)

For the financial 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 accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 28 May 2025
 


Mr J Hockin
Director

 

Citylease Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Bucklands House
256 Fort Austin Avenue
Plymouth
England
PL6 5SS

Principal activity

The principal activity of the company is that of property letting.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Reclassification of comparative amounts

Last year has been restated to correct the treatment of the deferred tax movement on investment properties. £7,200 has been credited to the OCI and debited to the profit and loss account. The same amount has then been transferred between the profit and loss reserve and non-distributable reserve to keep the non-distributable unrealised gain separate from distributable profit reserves.

 

Citylease Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Included within turnover is the value of rents due during the year accrued in line with the assured short term residency agreements.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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:.

Asset class

Depreciation method and rate

Plant and machinery

15% Reducing Balance

Furniture and fittings

15% Reducing Balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

 

Citylease Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amounts of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

 

Citylease Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2023

12,168

1,200

13,368

Additions

189

-

189

At 30 September 2024

12,357

1,200

13,557

Depreciation

At 1 October 2023

10,739

574

11,313

Charge for the year

243

94

337

At 30 September 2024

10,982

668

11,650

Carrying amount

At 30 September 2024

1,375

532

1,907

At 30 September 2023

1,429

626

2,055

5

Investment properties

2024
£

At 1 October

985,899

Fair value adjustments

129,255

At 30 September

1,115,154

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director.

 

Citylease Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

6

Investments

2024
£

2023
£

Investments in joint ventures

1

1

Joint ventures

£

Cost

At 1 October 2023

1

Provision

Carrying amount

At 30 September 2024

1

At 30 September 2023

1

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

23,044

16,396

Amounts owed by related parties

11

11,398

36,398

Prepayments

 

2,493

2,022

 

36,935

54,816

 

Citylease Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Loans and borrowings

10

9,124

43,513

Trade creditors

 

-

265

Taxation and social security

 

21,341

12,438

Accruals and deferred income

 

1,500

1,500

Other creditors

 

200,716

203,585

 

232,681

261,301

The bank loans are secured by fixed charge over the properties owned by the company.

Creditors: amounts falling due after more than one year

2024
£

2023
£

Loans and borrowings

10

-

35,323

The bank loans are secured by fixed charge over the properties owned by the company.

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Non distributable reserve:

This reserve records non distributable unrealised gains on investment property less the deferred tax provision.

 

Citylease Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

35,323

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,124

34,469

Bank overdrafts

-

9,044

9,124

43,513

 

Citylease Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

11

Related party transactions

During the year the director entered into the following advances and credits with the company:

Transactions with the director

2024

At 1 October 2023
£

Advances to director
£

At 30 September 2024
£

Director loan accounts

(203,544)

3,245

(200,299)

       
     

 

2023

At 1 October 2022
£

Advances to director
£

At 30 September 2023
£

Director loan accounts

(207,976)

4,432

(203,544)

 

Summary of transactions with joint ventures

At the year end, the company was owed £11,398 (2023 - £36,398) by Student Units Limited, a joint venture investment.