Company registration number 08512396 (England and Wales)
APL GILLOWS LIMITED
(FORMERLY CITYBLOCK (GILLOWS) LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
APL GILLOWS LIMITED
(FORMERLY CITYBLOCK (GILLOWS) LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
APL GILLOWS LIMITED
(FORMERLY CITYBLOCK (GILLOWS) LIMITED)
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
2
2
Current assets
Debtors
4
8,757,907
9,191,049
Cash at bank and in hand
55,253
94,345
8,813,160
9,285,394
Creditors: amounts falling due within one year
5
(10,791,163)
(10,706,185)
Net current liabilities
(1,978,003)
(1,420,791)
Net liabilities
(1,978,001)
(1,420,789)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(1,978,101)
(1,420,889)
Total equity
(1,978,001)
(1,420,789)
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 11 July 2025 and are signed on its behalf by:
Mr D J C Renton
Director
Company registration number 08512396 (England and Wales)
APL GILLOWS LIMITED
(FORMERLY CITYBLOCK (GILLOWS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information
APL Gillows Limited is a private company limited by shares incorporated in England and Wales. The registered office is All Souls College, High Street, Oxford, OX1 4AL.
APL Gillows Limited is intrinsically linked to APL Gillows Lettings Limited. The two companies combine to represent the true trading and financing activity of the CityBlock student accommodation held within APL Gillows Lettings Limited.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The directors have considered the company’s position for the foreseeable future and have a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis. In reaching this conclusion, the directors have reviewed the company’s budget, cash flow forecasts, and access to funding. No material uncertainties have been identified that would cast significant doubt on the company’s ability to continue as a going concern. To support the long-term sustainability of the business, there was a restructure of the company’s financial and operational arrangements in May 2025. This has included the injection of cash, the conversion of debt to equity, and the appointment of a new operator to manage the core business activities. The directors are confident that these measures have strengthened the company’s financial position and operational capacity and have positioned it to continue trading for the foreseeable future.true
1.3
Fixed asset investments
Interests in subsidiaries 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.
1.4
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
APL GILLOWS LIMITED
(FORMERLY CITYBLOCK (GILLOWS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
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.
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, and loans from fellow group companies, 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.
1.7
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 profit and loss account 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.
APL GILLOWS LIMITED
(FORMERLY CITYBLOCK (GILLOWS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.
2
Employees
The average monthly number of persons (excluding directors who are not remunerated) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2
2
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
8,497,123
8,962,603
Other debtors
101
101
Prepayments and accrued income
936
1,343
8,498,160
8,964,047
Deferred tax asset
259,747
227,002
8,757,907
9,191,049
APL GILLOWS LIMITED
(FORMERLY CITYBLOCK (GILLOWS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
6,300,000
6,300,000
Other borrowings
4,251,930
4,251,930
Trade creditors
183
3,105
Taxation and social security
1,004
695
Other creditors
549
549
Accruals and deferred income
237,497
149,906
10,791,163
10,706,185
The bank loan of £6,300,000 (2023: £6,300,000) is secured by a fixed and floating charge over all assets of the company and a cross company guarantee from APL Gillows Lettings Limited (formerly CityBlock Lettings (Gillows) Limited).
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of £1 each
50
50
50
50
Ordinary 'B' shares of £1 each
50
50
50
50
100
100
100
100
Each class of share rank pari passu in all respects save that the directors may at any time declare a dividend on one class of share and another class.
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Jenny McCabe FCA
Statutory Auditor:
MHA
8
Events after the reporting date
After the balance sheet date of and prior to the approval of these financial statements, the company and its group underwent a significant restructuring which resulted in a change of ownership from a joint venture to a wholly owned subsidiary. As part of this process, debt totaling £2,700,000 was converted into share capital, which has reduced the liabilities reported at the balance sheet date. In addition, a further cash injection was received. This restructuring is a non-adjusting event as it arose after the reporting period. Management has reviewed the impact on going concern and concluded that these events support the company’s continued viability.
APL GILLOWS LIMITED
(FORMERLY CITYBLOCK (GILLOWS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
9
Non-audit services provided by auditor
In common with many businesses of our size and nature we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.