Company registration number 11458603 (England and Wales)
APL GILLOWS LETTINGS LIMITED
(FORMERLY CITYBLOCK LETTINGS (GILLOWS) LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
APL GILLOWS LETTINGS LIMITED
(FORMERLY CITYBLOCK LETTINGS (GILLOWS) LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
APL GILLOWS LETTINGS LIMITED
(FORMERLY CITYBLOCK LETTINGS (GILLOWS) LIMITED)
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
952
Investment property
4
12,810,000
12,625,000
12,810,952
12,625,000
Current assets
Debtors
5
236,002
98,630
Cash at bank and in hand
633,915
708,191
869,917
806,821
Creditors: amounts falling due within one year
6
(9,553,456)
(9,918,108)
Net current liabilities
(8,683,539)
(9,111,287)
Total assets less current liabilities
4,127,413
3,513,713
Provisions for liabilities
(735,778)
(689,290)
Net assets
3,391,635
2,824,423
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
3,391,633
2,824,421
Total equity
3,391,635
2,824,423
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 11458603 (England and Wales)
APL GILLOWS LETTINGS LIMITED
(FORMERLY CITYBLOCK LETTINGS (GILLOWS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information
APL Gillows Lettings 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 Lettings Limited is intrinsically linked to APL Gillows 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, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
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
Turnover
Turnover represents rental income from student accommodation which is recognised on a straight line basis over the term of the student lease agreement.
1.4
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:
Fixtures and fittings
33% straight line
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.
APL GILLOWS LETTINGS LIMITED
(FORMERLY CITYBLOCK LETTINGS (GILLOWS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
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).
Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset 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.
1.7
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.
1.8
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.
APL GILLOWS LETTINGS LIMITED
(FORMERLY CITYBLOCK LETTINGS (GILLOWS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors 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.
1.9
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.
1.10
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.
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. 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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
APL GILLOWS LETTINGS LIMITED
(FORMERLY CITYBLOCK LETTINGS (GILLOWS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
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
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 September 2023
1,289
Additions
1,151
At 31 August 2024
2,440
Depreciation and impairment
At 1 September 2023
1,289
Depreciation charged in the year
199
At 31 August 2024
1,488
Carrying amount
At 31 August 2024
952
At 31 August 2023
4
Investment property
2024
£
Fair value
At 1 September 2023
12,625,000
Revaluations
185,000
At 31 August 2024
12,810,000
Investment property comprises of the property at North Road, Lancaster. The fair value of the investment property has been arrived at on the basis of a valuation carried out at February 2024 by Jones Lang LaSalle, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors do not believe there to be a material change in the valuation of the property since it's last valuation.
APL GILLOWS LETTINGS LIMITED
(FORMERLY CITYBLOCK LETTINGS (GILLOWS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
202,321
52,291
Amounts owed by group undertakings
31
9,950
Other debtors
287
Prepayments and accrued income
33,650
36,102
236,002
98,630
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
67,174
57,793
Amounts owed to group undertakings
8,531,299
8,978,857
Taxation and social security
1,276
Other creditors
953,707
881,458
9,553,456
9,918,108
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
8
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
9
Financial commitments, guarantees and contingent liabilities
The assets of the company are offered as security as part of a cross party guarantee with the company's immediate parent company, APL Gillows Limited (formerly CityBlock (Gillows) Limited).
APL GILLOWS LETTINGS LIMITED
(FORMERLY CITYBLOCK LETTINGS (GILLOWS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
10
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. 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.
11
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.