Company Registration No. 00726576 (England and Wales)
City Securities Limited
Unaudited financial statements
for the year ended 30 September 2024
Pages for filing with the registrar
City Securities Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
City Securities Limited
Statement of financial position
As at 30 September 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,044
2,727
Investments
5
1,052,186
1,052,186
1,054,230
1,054,913
Current assets
Debtors
6
8,889,971
9,109,525
Creditors: amounts falling due within one year
7
(3,891,744)
(4,247,443)
Net current assets
4,998,227
4,862,082
Net assets
6,052,457
5,916,995
Capital and reserves
Called up share capital
37,500
37,500
Share premium account
221,800
221,800
Capital redemption reserve
287,500
287,500
Profit and loss reserves
5,505,657
5,370,195
Total equity
6,052,457
5,916,995

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 17 June 2025 and are signed on its behalf by:
2025-06-17
Marian Mosselson
Director
Company Registration No. 00726576
City Securities Limited
Notes to the financial statements
For the year ended 30 September 2024
2
1
Accounting policies
Company information

City Securities Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

City Securities Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
3
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
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.

1.6
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 statement of financial position 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, 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.

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.

City Securities Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
4
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 paymen ts 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. A m ounts 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.

1.7
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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

City Securities Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
5
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
City Securities Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
6
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023 and 30 September 2024
24,520
Depreciation and impairment
At 1 October 2023
21,794
Depreciation charged in the year
682
At 30 September 2024
22,476
Carrying amount
At 30 September 2024
2,044
At 30 September 2023
2,727
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,052,186
1,052,186
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
6,794,083
6,913,368
Amounts owed by related parties
2,095,888
2,195,888
Other debtors
-
269
8,889,971
9,109,525
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,113
3,137
Amounts owed to group undertakings and undertakings in which the company has a participating interest
3,850,203
4,068,053
Corporation tax
11,431
6,502
Other taxation and social security
17,597
10,000
Other creditors
9,400
159,751
3,891,744
4,247,443
City Securities Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
7
8
Related party transactions

At period end 30 September 2024 in relation to Factory Outlets Limited, City Securities Limited was owed £1,754,112 (30 September 2023: £1,754,112).

At period end 30 September 2024, in relation to The Classic Channel, City Securities Limited was owed £1,500,000 (30 September 2023: £1,500,000).

At period end 30 September 2024 in relation to Bargains Limited, City Securities Limited was owed £21,600 (30 September 2023: £3,350).

At period end 30 September 2024, in relation to Fisher Key Properties Inc, City Securities Limited was owed £26,667. (30 September 2023: £26,667).

At period end 30 September 2024, in relation to Car Park Management Limited, City Securities Limited owed £203. (30 September 2023: nil).

9
Ultimate controlling party

The ultimate beneficial owner is Marian Mosselson.

2024-09-30 2023-10-01 false 19 June 2025 CCH Software CCH Accounts Production 2024.210 No description of principal activity Marian Mosselson Mark Mosselson Deborah Millman Jacqueline Ardizzone Alexandra Chan false false 00726576 2023-10-01 2024-09-30 00726576 2024-09-30 00726576 2023-09-30 00726576 core:OtherPropertyPlantEquipment 2024-09-30 00726576 core:OtherPropertyPlantEquipment 2023-09-30 00726576 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 00726576 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 00726576 core:CurrentFinancialInstruments 2024-09-30 00726576 core:CurrentFinancialInstruments 2023-09-30 00726576 core:ShareCapital 2024-09-30 00726576 core:ShareCapital 2023-09-30 00726576 core:SharePremium 2024-09-30 00726576 core:SharePremium 2023-09-30 00726576 core:CapitalRedemptionReserve 2024-09-30 00726576 core:CapitalRedemptionReserve 2023-09-30 00726576 core:RetainedEarningsAccumulatedLosses 2024-09-30 00726576 core:RetainedEarningsAccumulatedLosses 2023-09-30 00726576 bus:Director1 2023-10-01 2024-09-30 00726576 core:MotorVehicles 2023-10-01 2024-09-30 00726576 2022-10-01 2023-09-30 00726576 core:OtherPropertyPlantEquipment 2023-09-30 00726576 core:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 00726576 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 00726576 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 00726576 bus:FRS102 2023-10-01 2024-09-30 00726576 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 00726576 bus:Director2 2023-10-01 2024-09-30 00726576 bus:Director3 2023-10-01 2024-09-30 00726576 bus:Director4 2023-10-01 2024-09-30 00726576 bus:CompanySecretary1 2023-10-01 2024-09-30 00726576 bus:FullAccounts 2023-10-01 2024-09-30 xbrli:pure xbrli:shares iso4217:GBP