IRIS Accounts Production v25.1.3.33 02246348 Board of Directors 1.10.23 30.9.24 30.9.24 the provision of warehousing and distribution services. true true false true true false false true false Ordinary 1.00000 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REGISTERED NUMBER: 02246348 (England and Wales)















London City Bond Limited

Strategic Report,

Report of the Directors and

Financial Statements

for the year ended

30 September 2024






London City Bond Limited (Registered number: 02246348)

Contents of the Financial Statements
for the year ended 30 September 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3 to 5

Report of the Independent Auditors 6 to 8

Income Statement 9

Other Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14 to 15

Notes to the Financial Statements 16 to 24


London City Bond Limited

Company Information
for the year ended 30 September 2024







DIRECTORS: A J Allington
B J Davis
D Hogg
J M Renwick
M Stone





REGISTERED OFFICE: Olympus
91-101 River Road
Barking
Essex
IG11 0EG





REGISTERED NUMBER: 02246348 (England and Wales)





AUDITORS: TC Group
Statutory Auditor
8 Hopper Way
Diss
Norfolk
IP22 4GT

London City Bond Limited (Registered number: 02246348)

Strategic Report
for the year ended 30 September 2024


The directors present their strategic report of the company for the year ended 30 September 2024.

REVIEW OF BUSINESS
The principal activity of the company continues to be the provision of warehousing and distribution services.

The results for the year ended 30 September 2024 showed turnover up on the previous year, this was driven mainly by price increases to reflect the high rates of inflation during the period. As a business we have experienced significant price increases on business rates and other inflationary pressures during the year but have remained resilient and delivered a profit.

We have returned a profit before tax of £170k which is down on the previous year. We have made significant investment in new warehouses and equipment which will take time to contribute to company profits. We have made some good progress in filling these new spaces but still have more to do.

The large investments in additional space we have made in recent years qualify for enhanced capital allowances which means we do not have a corporation tax charge in the year.Due to taxation regulations relating to capital allowances we have a large provision for deferred tax which will be released in future years.

During the year we were audited for ISO9001, 14001 and 50001 standards with no non-conformances reported, which is a positive sign of our robust systems and procedures.

At the year end the company had net assets of £5.1m (2023 - £4.7m). We have invested in additional storage space and IT infrastructure to enable us to continue to provide excellent service to our customers.

PRINCIPAL RISKS AND UNCERTAINTIES
We have an established risk management process to identify, assess and monitor the principal risks that we face as a business.

The principal risks identified this year were again the uncertainty relating to the war in Ukraine and inflationary pressures within the economy. We have kept a close eye on our cost base and have taken appropriate decisions to ensure we deliver strong performance in a challenging economic climate.

The principal risks in the year ahead relate to increased cost base due to the increase in employers' national insurance which adds significant costs to staffing from April 2025.

Revenue growth could also stagnate due to uncertainty in the market and the possible effects of tariffs and uncertainty of how businesses will react.

It is our intention to continue to improve all aspects of our business over the coming years and to maintain profitability, whilst ensuring that our customers continue to enjoy the highest level of service available.

SECTION 172(1) STATEMENT
The company considers its key Stakeholders to be Employees, Customers, Suppliers, Banks, HMRC and Shareholders. At the Board meetings the needs and effects of these parties are considered.

Rising costs dominated the board meetings at the start of the year, and we continued discussions with customers and employees to ensure that increases in prices or salaries were appropriate and fair.

Our employee discounts and wellbeing platform has helped support our staff during challenging economic times and we will continue to invest in our people via staff training and development in the coming years.

ON BEHALF OF THE BOARD:





A J Allington - Director


5 June 2025

London City Bond Limited (Registered number: 02246348)

Report of the Directors
for the year ended 30 September 2024


The directors present their report with the financial statements of the company for the year ended 30 September 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30 September 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

A J Allington
B J Davis
D Hogg
J M Renwick
M Stone

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The company's activities expose it to a number of financial risks including price risk, credit risk, liquidity, and cash flow risk.

Price risk
The group's principal activity is that of a warehouse operator and the company has leases on several different warehouses. The company has signed a number of long-term leases to ensure continuity of premises and to obtain certainty over the level of future rents. The directors also monitor the marketplace for alternative premises to ensure that they are paying a cost-effective level of rent. For these reasons the directors consider the company's exposure to price risk is at an acceptable level.

Credit risk
The company's principal financial assets are trade debtors and cash at bank. The company's primary credit risk comes from its trade debtors. All trade debtors are monitored on an ongoing basis by the directors and a provision for impairment is made when the recovery of balances is considered doubtful. All trade debtors are covered by a lien over customer inventories. Therefore, the directors do not consider the company's exposure to credit risk to be significant.

Liquidity and cash flow risk
In order to maintain liquidity and ensure that funds are available for ongoing operations and future development, the company uses a mixture of long-term and short-term bank and hire purchase finance. The cash flow performance of the company is monitored on a regular basis and the directors prepare forecasts to monitor longer term requirements and ensure that all obligations with financial liabilities will be met.

DISABLED PERSONS
The company's policy is to give full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training, career development and promotion to disabled persons wherever appropriate.

ENGAGEMENT WITH EMPLOYEES
The company's policy is to consult and discuss with employee matters likely to affect their interests.

Information of matters of concern to employees is given through information bulletins and reports which seek a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

The company has always operated a policy of Directors meeting regularly with their managers to discuss any staff issues. Any issues that relate to staff wellbeing are then discussed at Board level and a strategy is devised, this will then be communicated to employees via company announcements on the companies HR system and benefits platform.

STREAMLINED ENERGY AND CARBON REPORTING
The company recognises the role that the government Energy Savings Opportunity Scheme (ESOS) plays in reducing the country's carbon footprint. To this end, information is provided on a monthly basis on each sites carbon output and this is reviewed in the board meetings. The company also maintains ISO9001, 14001 and 50001 which cover all ESOS and SECR requirements.

The company produces annual key ratios using methodology and conversion rates on The Carbon Trust Website. These are shown below.

2024 2023
ELECTRICITY (own use)
Total kWh 7,969,970 8,208,980
Total kWh per Sq Ft 3.29 3.49
Total kgCO2e 1,650,373 1,587,453
Total tCO2e 1,650 1,587
Total kgCO2e per Sq Ft 0.68 0.68


London City Bond Limited (Registered number: 02246348)

Report of the Directors
for the year ended 30 September 2024

GAS
Total kWh 193,095 188,330
Total kWh per Sq Ft 0.08 0.08
Total kgCO2e 34,757 33,899
Total tCO2e 35 28
Total kgCO2e per Sq Ft 0.01 0.02

LPG (for transport)
kWh Eq 1,329,345 1,711,066
kWh per Sq Ft 0.55 0.73
kgCO2e 279,162 359,324
tCO2e 279 359
Total kgCO2e per Sq Ft 0.12 0.15

DIESEL (for transport)
kWh Eq 125,381 117,515
kWh per Sq Ft 0.05 0.05
kgCO2e 34,757 28,203
tCO2e 35 28
kgCO2e per Sq Ft 0.01 0.01


PETROL (for transport)
kWh Eq 0 836
kWh per Sq Ft 0 0.0004
kgCO2e 0 192
tCO2e 0 0.19
Total kgCO2e per Sq Ft 0 0.0001

TOTAL
Total kWh 9,617,792 10,226,727
Total kWh per Sq Ft 3.98 4.35
Total kgCO2e 1,999,049 2,009,072
Total tCO2e 1,999 2,009
Total kgCO2e per Sq Ft 0.83 0.86

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial
statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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.

London City Bond Limited (Registered number: 02246348)

Report of the Directors
for the year ended 30 September 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





A J Allington - Director


5 June 2025

Report of the Independent Auditors to the Members of
London City Bond Limited


Opinion
We have audited the financial statements of London City Bond Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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.

Report of the Independent Auditors to the Members of
London City Bond Limited


Auditors' 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 a Report of the Auditors 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:

We have performed our own assessment of the susceptibility of the financial statements to material misstatement, including how fraud might occur, and concentrated our audit work in these areas in order to detect any material misstatements which may exist.

We have performed substantive testing of all material year end balances, and also performed substantive testing of a sample of other transactions during the year and of other year end balances.

We have performed preliminary analytical procedures to identify any unusual or unexpected relationships that may indicate an increased risk of material misstatement as a result of fraud.

We have performed substantive testing on a sample of journal entries made in the period in order to address the risk of fraud due to management override of controls.

We had a planning meeting with directors and management prior to performing the audit, to establish the laws and regulations which are significant to the company, and to obtain an understanding of the entity's policies and procedures to ensure compliance with these laws and regulations, including documentation of any instances of non-compliance.

We identified that HMRC bonded warehouse regulations have a fundamental effect on the operations of the entity.

We received HMRC Excise Warehousing Authorised Warehousekeeper Registration Certificates for all sites operated during the period.

We have made enquiries of management of any known instances of non-compliance or suspected non-compliance with laws and regulations, and requested copies of all correspondence with HMRC during and after the period.

We had a planning meeting with directors and management prior to performing the audit, to obtain an understanding of the entity's policies and procedures on fraud risk, including knowledge of any actual, suspected or alleged fraud, as well as considering management assessment of the susceptibility of the financial statements to fraud.

We performed walk-through tests of sales. purchases, payroll, VAT and bank systems to ensure that systems operated as documented.

The engagement team was selected to ensure that they collectively had the appropriate competences and capabilities to identify and recognise non-compliance with laws and regulations. We have 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.

We have tested amounts recorded as owed to and receivable from other group companies and agreed these amounts to the corresponding accounting records of those other group companies.

Our audit did not identify any matters relating to the detection of irregularities including fraud.

However, because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
London City Bond Limited


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 a Report of the Auditors 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.




James Liptrott (Senior Statutory Auditor)
for and on behalf of TC Group
Statutory Auditor
8 Hopper Way
Diss
Norfolk
IP22 4GT

5 June 2025

London City Bond Limited (Registered number: 02246348)

Income Statement
for the year ended 30 September 2024

2024 2023
Notes £    £    £   

TURNOVER 3 74,165,032 72,433,105

Cost of sales 37,306,518 38,374,188
GROSS PROFIT 36,858,514 34,058,917

Administrative expenses 35,983,253 32,915,240
OPERATING PROFIT 5 875,261 1,143,677

Income from shares in group undertakings 49,900 -
Interest receivable and similar income 1,504 3,841
51,404 3,841
926,665 1,147,518
Amounts written off investments 6 60,450 -
866,215 1,147,518

Interest payable and similar expenses 7 695,316 411,610
PROFIT BEFORE TAXATION 170,899 735,908

Tax on profit 8 (225,000 ) 500,000
PROFIT FOR THE FINANCIAL YEAR 395,899 235,908

London City Bond Limited (Registered number: 02246348)

Other Comprehensive Income
for the year ended 30 September 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 395,899 235,908


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 395,899 235,908

London City Bond Limited (Registered number: 02246348)

Statement of Financial Position
30 September 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 9 15,272,592 13,867,675
Investments 10 106 60,556
15,272,698 13,928,231

CURRENT ASSETS
Stocks 11 72,350 105,557
Debtors 12 20,485,243 18,248,486
Cash at bank 3,240,751 2,600,669
23,798,344 20,954,712
CREDITORS
Amounts falling due within one year 13 (26,445,157 ) (22,244,826 )
NET CURRENT LIABILITIES (2,646,813 ) (1,290,114 )
TOTAL ASSETS LESS CURRENT LIABILITIES 12,625,885 12,638,117

CREDITORS
Amounts falling due after more than one year 14 (6,220,082 ) (6,403,213 )

PROVISIONS FOR LIABILITIES 18 (1,250,000 ) (1,475,000 )
NET ASSETS 5,155,803 4,759,904

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 5,155,703 4,759,804
SHAREHOLDERS' FUNDS 5,155,803 4,759,904

The financial statements were approved by the Board of Directors and authorised for issue on 5 June 2025 and were signed on its behalf by:





A J Allington - Director


London City Bond Limited (Registered number: 02246348)

Statement of Changes in Equity
for the year ended 30 September 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 100 4,523,896 4,523,996

Changes in equity
Total comprehensive income - 235,908 235,908
Balance at 30 September 2023 100 4,759,804 4,759,904

Changes in equity
Total comprehensive income - 395,899 395,899
Balance at 30 September 2024 100 5,155,703 5,155,803

London City Bond Limited (Registered number: 02246348)

Statement of Cash Flows
for the year ended 30 September 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (100,806 ) 2,886,050
Interest paid (372,812 ) (122,877 )
Interest element of hire purchase payments paid (322,504 ) (288,733 )
Taxation refund 21,296 -
Early repayment interest 1,178 -
Net cash from operating activities (773,648 ) 2,474,440

Cash flows from investing activities
Purchase of tangible fixed assets (692,818 ) (1,516,677 )
Sale of tangible fixed assets 16,969 41,467
Interest received 326 3,841
Net cash from investing activities (675,523 ) (1,471,369 )

Cash flows from financing activities
New loans in year 4,086,781 477,027
Capital repayments in year (1,997,528 ) (1,711,486 )
Net cash from financing activities 2,089,253 (1,234,459 )

Increase/(decrease) in cash and cash equivalents 640,082 (231,388 )
Cash and cash equivalents at beginning of year 2 2,600,669 2,832,057

Cash and cash equivalents at end of year 2 3,240,751 2,600,669

London City Bond Limited (Registered number: 02246348)

Notes to the Statement of Cash Flows
for the year ended 30 September 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 170,899 735,908
Depreciation charges 1,354,731 1,233,134
Profit on disposal of fixed assets (16,969 ) (41,467 )
Finance income not received cash 49,900 -
Amounts written off investments 60,450 -
Finance costs 695,316 411,610
Finance income (51,404 ) (3,841 )
2,262,923 2,335,344
Decrease/(increase) in stocks 33,207 (10,025 )
(Increase)/decrease in trade and other debtors (2,258,053 ) 274,745
(Decrease)/increase in trade and other creditors (138,883 ) 285,986
Cash generated from operations (100,806 ) 2,886,050

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 3,240,751 2,600,669
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 2,600,669 2,832,057


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.10.23 Cash flow changes At 30.9.24
£    £    £    £   
Net cash
Cash at bank 2,600,669 640,082 3,240,751
2,600,669 640,082 3,240,751
Debt
Finance leases (3,408,451 ) 1,997,528 (2,066,830 ) (3,477,753 )
Debts falling due
within 1 year (6,340,064 ) (4,086,781 ) - (10,426,845 )
(9,748,515 ) (2,089,253 ) (2,066,830 ) (13,904,598 )
Total (7,147,846 ) (1,449,171 ) (2,066,830 ) (10,663,847 )

London City Bond Limited (Registered number: 02246348)

Notes to the Statement of Cash Flows
for the year ended 30 September 2024


4. MAJOR NON-CASH TRANSACTIONS

During the year the company entered into hire purchase arrangements in respect of fixed assets with a total capital value of £2,066,830 (30/9/2023 - £1,857,541).

London City Bond Limited (Registered number: 02246348)

Notes to the Financial Statements
for the year ended 30 September 2024


1. STATUTORY INFORMATION

London City Bond Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis, on the basis that the directors consider that the company will have sufficient cash flow and available resources to continue to operate for at least 12 months from the approval date of these financial statements.

Preparation of consolidated financial statements
The financial statements contain information about London City Bond Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
The following significant judgements have been made in the process of applying the accounting policies set out below:

Dilapidations - The directors have reviewed their responsibilities under the company's property leases and whilst the majority of leases contain dilapidations clauses the directors have made a judgement that at 30 September 2024 the liability for any such costs would be immaterial and therefore have made no provision in this respect (30/9/23 - no provision). This judgement is based upon the fact that typically when signing a property lease there is substantial initial capital expenditure on the property, following by ongoing maintenance and repair work such that the properties are always kept in at least as good a state as repair as at the start of the lease.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Initial handling fees are charged by the company on taking customers' goods into storage. A proportion of these handling fees relate to services provided over the lifetime of the storage. The method of revenue recognition adopted is to identify the key services provided over the storage period, and the proportion of income generated at each stage.

Tangible fixed assets
Tangible fixed assets are stated at historic cost less accumulated depreciation and any accumulated impairment losses. Historic cost includes all expenditure directly attributable in getting the asset to its current location and condition necessary to be capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off the cost, less estimated residual value, of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Leasehold improvements - over the lease term
Plant and machinery - at varying rates on cost
Fixtures and fittings - at varying rates on cost
Motor vehicles - 25% and 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any impairment.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated at purchase price, plus all import duties, taxes, and transport costs directly attributable to the stock.

Financial instruments
Short term debtors are measured at transaction price, less any impairment.
Short term creditors are measured at the transaction price.


London City Bond Limited (Registered number: 02246348)

Notes to the Financial Statements - continued
for the year ended 30 September 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital
element of the future payments is treated as a liability.

Lease incentives are allocated to the income statement over the lease term on a straight line basis.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Employee share ownership trust
Company shares held by an Employment Share Ownership Trust (ESOT) are held for the future benefit of employees. The consideration paid for the shares is deducted from equity until the shares vest unconditionally with the employees. The administrative costs relating to the ESOT are charged to the income statement.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sales of services 73,809,691 72,256,645
Sales of goods 355,341 176,460
74,165,032 72,433,105

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 18,128,487 18,706,377
Social security costs 1,708,016 1,822,481
Other pension costs 316,885 303,547
20,153,388 20,832,405

London City Bond Limited (Registered number: 02246348)

Notes to the Financial Statements - continued
for the year ended 30 September 2024


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Administration 149 138
Warehousing and distribution 464 497
613 635

2024 2023
£    £   
Directors' remuneration 517,094 636,984
Directors' pension contributions to money purchase schemes 16,999 15,401

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 193,513 233,487
Pension contributions to money purchase schemes 13,036 12,099

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 846,242 725,572
Depreciation - assets on hire purchase contracts 508,489 507,562
Profit on disposal of fixed assets (16,969 ) (41,467 )
Auditors' remuneration 51,000 58,426
Non-audit fees paid to auditor in respect of taxation compliance services 3,000 3,000
Non-audit fees paid to auditor in respect of other services 1,720 1,200
Operating lease rentals 14,780,144 11,568,621
Stock charged as an expense 287,383 163,039

6. AMOUNTS WRITTEN OFF INVESTMENTS

In the period, the investment in 100% subsidiary Vinotheque Ltd was impaired in line with its expected fair value, £60,450 was charged to the profit and loss as a result of the hive up of the subsidiary.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Receivables financing 372,812 122,877
Hire purchase 322,504 288,733
695,316 411,610

London City Bond Limited (Registered number: 02246348)

Notes to the Financial Statements - continued
for the year ended 30 September 2024


8. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2024 2023
£    £   
Deferred tax:
Accelerated capital allowances (225,000 ) 500,000
Tax on profit (225,000 ) 500,000

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 170,899 735,908
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%) 42,725 183,977

Effects of:
Expenses not deductible for tax purposes 7,055 1,409
Income not taxable for tax purposes (12,475 ) -
Capital allowances in excess of depreciation (215,156 ) (110,499 )
Utilisation of tax losses (295 ) (74,887 )
(Decrease) / Increase in deferred tax provision (225,000 ) 500,000
Increase in unused tax losses 178,146 -
Total tax (credit)/charge (225,000 ) 500,000

At the end of the reporting period the deferred tax lability relating to accelerated capital allowances is £2,350,000 and the deferred tax asset relating to unused tax losses is £1,100,000.

The expected net reversal of deferred tax assets and deferred tax liabilities expected to occur in the next 12 months is a £15,000 reduction in the deferred tax provision. This estimate is based on there being minimal fixed asset additions and disposals in the year to 30 September 2025.

9. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and Motor
improvements machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 October 2023 9,309,246 1,930,664 11,654,630 964,573 23,859,113
Additions 1,458,110 47,388 1,158,666 95,484 2,759,648
Disposals - - - (71,181 ) (71,181 )
Reclassification/transfer 353,521 - (360,021 ) 6,500 -
At 30 September 2024 11,120,877 1,978,052 12,453,275 995,376 26,547,580
DEPRECIATION
At 1 October 2023 3,089,285 1,682,945 4,610,469 608,739 9,991,438
Charge for year 505,921 49,551 652,709 146,550 1,354,731
Eliminated on disposal - - - (71,181 ) (71,181 )
At 30 September 2024 3,595,206 1,732,496 5,263,178 684,108 11,274,988
NET BOOK VALUE
At 30 September 2024 7,525,671 245,556 7,190,097 311,268 15,272,592
At 30 September 2023 6,219,961 247,719 7,044,161 355,834 13,867,675

London City Bond Limited (Registered number: 02246348)

Notes to the Financial Statements - continued
for the year ended 30 September 2024


9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
Leasehold and Motor
improvements fittings vehicles Totals
£    £    £    £   
COST
At 1 October 2023 2,267,835 4,263,816 603,514 7,135,165
Additions 520,844 1,104,681 61,494 1,687,019
Transfer to ownership 91,341 (465,549 ) (61,010 ) (435,218 )
At 30 September 2024 2,880,020 4,902,948 603,998 8,386,966
DEPRECIATION
At 1 October 2023 257,191 447,411 255,773 960,375
Charge for year 145,935 234,828 127,726 508,489
Transfer to ownership 6,089 (157,295 ) (71,922 ) (223,128 )
At 30 September 2024 409,215 524,944 311,577 1,245,736
NET BOOK VALUE
At 30 September 2024 2,470,805 4,378,004 292,421 7,141,230
At 30 September 2023 2,010,644 3,816,405 347,741 6,174,790

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 October 2023 60,556
Impairments (60,450 )
At 30 September 2024 106
NET BOOK VALUE
At 30 September 2024 106
At 30 September 2023 60,556

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Vinotheque Limited
Registered office: Olympus, 91-101 River Road, Barking, Essex, IG11 0EG
Nature of business: Warehousing services
%
Class of shares: holding
£1 Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 100 50,000

During the year the share premium account was converted into a realised reserve under Section 641 of the Companies Act 2006. A dividend was then distributed to London City Bond Limited leaving a balance sheet total of £100 as at 30 September 2024. The company is now dormant.

London City Bond Limited (Registered number: 02246348)

Notes to the Financial Statements - continued
for the year ended 30 September 2024


10. FIXED ASSET INVESTMENTS - continued

Draftrule Limited
Registered office: Yare House, 62-64 Thorpe Road, Norwich, Norfolk, NR1 1RY
Nature of business: Dormant
%
Class of shares: holding
£1 Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 2 2

Draftrule Limited was incorporated on 9 October 1997 and appointed trustee of the London City Bond Limited Employee Share Ownership Trust in November 1997. Under the terms of the trust, Draftrule Limited as trustee may from time to time acquire shares in London City Bond Limited and benefits may be conferred upon selected employees of London City Bond Limited at the discretion of the trustee.

On 24 November 1997 Draftrule Limited, in its capacity as trustee of the London City Bond Limited Employee Share Ownership Trust, purchased 10 ordinary shares of £1 each in London City Bond Limited at a cost of £562,800.

LCB Tilbury Limited
Registered office: Olympus, 91-101 River Road, Barking, Essex, IG11 0EG
Nature of business: Dormant
%
Class of shares: holding
£1 Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 135 135

LCB (Scotland) Limited
Registered office: c/o London City Bond Limited, 100 Penilee Road, Hillington,Glasgow, G52 4UU
Nature of business: Dormant
%
Class of shares: holding
£1 Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1 1

LCB Logistics Limited
Registered office: Olympus, 91-101 River Road, Barking, Essex, IG11 0EG
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1 1

LCB Distribution Limited
Registered office: Olympus, 91-101 River Road, Barking, Essex, IG11 0EG
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1 1

London City Bond Limited (Registered number: 02246348)

Notes to the Financial Statements - continued
for the year ended 30 September 2024


11. STOCKS
2024 2023
£    £   
Goods for resale 47,196 75,696
Consumables 25,154 29,861
72,350 105,557

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 11,039,944 10,280,015
Duty debtors 5,738,957 5,071,128
Duty paid in advance (1,871,587 ) (1,751,210 )
Other debtors 45,375 231,400
Prepayments and accrued income 5,532,554 4,417,153
20,485,243 18,248,486

Included in trade debtors are debts amounting to £11,039,844 (2023 - £10,280,015) which are subject to a receivables financing agreement.

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans (see note 15) 10,426,845 6,340,064
Hire purchase contracts (see note 16) 1,325,486 1,156,548
Trade creditors 6,004,997 5,678,449
Amounts owed to group undertakings 239 50,139
Social security and other taxes 379,702 408,942
VAT 777,308 839,950
Other creditors 140,507 140,743
Duty creditors 5,738,957 5,071,128
Accruals and deferred income 1,651,116 2,558,863
26,445,157 22,244,826

Duty creditors relate to duty due on goods removed from the bonded warehouse. These amounts are recharged to customers and are usually recovered within a few days.

The amounts recharged to customers for duty are disclosed within the Debtors note as Duty debtors. Amounts received from customers for duty are disclosed within the Debtors note as Duty paid in advance.

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 16) 2,152,267 2,251,903
Accruals and deferred income 4,067,815 4,151,310
6,220,082 6,403,213

Included in Accruals and deferred income falling due after more than one year are balances falling due after more than 5 years, other than by instalments, of £2,970,074 (2023 - £2,992,171).

London City Bond Limited (Registered number: 02246348)

Notes to the Financial Statements - continued
for the year ended 30 September 2024


15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Receivables financing 10,426,845 6,340,064

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 1,325,486 1,156,548
Between one and five years 2,152,267 2,251,903
3,477,753 3,408,451

Non-cancellable operating leases
2024 2023
£    £   
Within one year 14,507,180 11,843,191
Between one and five years 56,320,324 54,898,400
In more than five years 131,237,631 133,450,956
202,065,135 200,192,547

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 3,477,753 3,408,451
Receivables financing 10,426,845 6,350,694
13,904,598 9,759,145

Hire purchase contracts are secured on the assets concerned. The receivables financing creditor is secured by a charge over the assets in the company.

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 1,250,000 1,475,000

London City Bond Limited (Registered number: 02246348)

Notes to the Financial Statements - continued
for the year ended 30 September 2024


18. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 October 2023 1,475,000
Credit to Income Statement during year (225,000 )
Balance at 30 September 2024 1,250,000

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

Each share has equal voting rights and rights to participate in dividend payments and any other distribution, including distributions arising from a winding up of the company.

20. RESERVES
Retained
earnings
£   

At 1 October 2023 4,759,804
Profit for the year 395,899
At 30 September 2024 5,155,703

21. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 240,000 48,545

22. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Persons with significant control
2024 2023
£    £   
Rent paid to related parties 200,000 280,000
Amount due to related party 200,000 280,000

During the year, a total of key management personnel compensation of £ 588,699 (2023 - £ 722,666 ) was paid.

23. ULTIMATE CONTROLLING PARTY

The company is controlled by B A C Jones.

24. EMPLOYEE SHARE OWNERSHIP TRUST

Shareholders' funds were reduced in a prior year by £562,800 in respect of 10 shares in the company held by the Employee Share Ownership Trust. None of these shares held by the Trust had been vested in employees at 30 September 2024.