Company registration number 10787231 (England and Wales)
CITYLIFE HOLDINGS 6 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
CITYLIFE HOLDINGS 6 LIMITED
BALANCE SHEET
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Current assets
Stocks
22,966,468
16,781,808
Debtors
3
656,963
745,890
Cash at bank and in hand
2,352
511,062
23,625,783
18,038,760
Creditors: amounts falling due within one year
4
(19,596,681)
(13,926,866)
Net current assets
4,029,102
4,111,894
Capital and reserves
Called up share capital
1,000
1,000
Non-distributable profits reserve
5
5,948,997
5,948,997
Distributable profit and loss reserves
(1,920,895)
(1,838,103)
Total equity
4,029,102
4,111,894
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 29 May 2025 and are signed on its behalf by:
G Morgan
Director
Company registration number 10787231 (England and Wales)
CITYLIFE HOLDINGS 6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
Citylife Holdings 6 Limited is a private company, limited by shares and incorporated in England and Wales. The company's registered number is 10787231. The address of its registered office is Floor 5, 3 Wellington Place, Leeds, LS1 4AP.
The principal activity of the company continued to be that of property development.
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 sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Work in progress
Work in progress is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises the acquisition and development costs excluding interest. Development costs include infrastructure costs and costs of houses built. The cost of land acquisition includes options to purchase land, and the cost of any investigation work prior to purchase.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and 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.
1.5
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. Financial assets classified as receivable within one year are not amortised.
CITYLIFE HOLDINGS 6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
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.
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. Financial liabilities classified as payable within one year are not amortised.
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.
1.6
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.
2
Employees
The average monthly number of persons (including director) employed by the company during the year was:
2024
2023
Number
Number
Total
3
2
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,415
15,801
Other debtors
651,245
701,641
Prepayments
1,303
28,448
656,963
745,890
CITYLIFE HOLDINGS 6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
257,343
345,741
Deferred income
13,637,599
13,498,515
Other creditors
5,647,449
3,769
Accruals
54,290
78,841
19,596,681
13,926,866
5
Non-distributable profits reserve
2024
2023
£
£
At the beginning and end of the year
5,948,997
5,948,997
6
Related party transactions
At the year end, included within other debtors, is a balance of £205,327 (2023: 205,537) due from Citylife Holdings Limited, a company in which G Morgan and K Johnson are directors.
At the year end, included within other debtors, is a balance of £29,440 (2023: £8,900) due from Citylife Limited, a company in which G Morgan and K Johnson are directors.
At the year end, included within other debtors, is a balance of £16,430 (2023: £17,984) due from Invest in Citylife Limited, a company in which G Morgan and K Johnson are directors.
At the year end, included within other debtors, is a balance of £306,726 (2023: £388,216) due from Citylife Holdings 4 Limited, a company in which G Morgan and K Johnson are directors.
At the year end, included within other debtors, is a balance of £81,490 (2023: £27,000) due from Citylife Holdings 5 Limited, a company in which G Morgan and K Johnson are directors.
At the year end, included within other creditors is a balance of £107,300 (2023: £NIL) due to Silverback Capital Limited, a company in which G Morgan and K Johnson are directors.
At the year end, included within other creditors is a balance of £26,412 (2023: £NIL) due to BKJ Capital Limited, a company in which K Johnson is a director.
At the year end, included within other creditors is a balance of £200,772 (2023: £NIL) due to Citylife Holdings Midland Mills Limited, a company in which K Johnson, G Morgan, D Spencer and D Worsley are directors.
At the year end, included within other creditors is a balance of £762,353 (2023: £3,769) due to David Ashley Construction Limited, a company in which K Johnson is a director.
At the year end, included within other creditors is a balance of £4,410,660 (2023:NIL) due to Torsion Construction Limited, a company in which D Spencer and D Worsley are directors.
CITYLIFE HOLDINGS 6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
7
Parent company
The immediate and ultimate parent undertaking is Silverback Capital Limited, a company incorporated in England. Its registered office is 15 Clover Nook Road, Somercotes, Alfreton, Derbyshire, DE55 4RF.
8
Prior period adjustment
During the year a discrepancy was found in relation to a liability balance in a previous year. Due to this reserves have increased, and creditors have decreased.