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Registration number: 09882931

CDY Property Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

CDY Property Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

CDY Property Ltd

Company Information

Directors

Mr Christopher David Young

Registered office

Unit 2 Venture Business Park
Witty Street
Hull
East Yorkshire
HU3 4TT

Solicitors

Gosschalks Solicitors
Queens Gardens
Dock Street
Hull
East Yorkshire
HU1 3DZ

Accountants

Flexibility Professional Services (UK) Ltd Cherry Tree Court
36 Ferensway
Hull
East Yorkshire
HU2 8NH

 

CDY Property Ltd

(Registration number: 09882931)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1,141,800

1,141,800

Current assets

 

Stocks

5

-

440,000

Debtors

6

58,655

115,775

Cash at bank and in hand

 

36,026

3,552

 

94,681

559,327

Creditors: Amounts falling due within one year

7

(336,740)

(911,333)

Net current liabilities

 

(242,059)

(352,006)

Total assets less current liabilities

 

899,741

789,794

Creditors: Amounts falling due after more than one year

7

(202,000)

(284,892)

Provisions for liabilities

(75,165)

(75,165)

Net assets

 

622,576

429,737

Capital and reserves

 

Called up share capital

8

100

100

Non-distributable reserve

233,656

233,656

Retained earnings

388,820

195,981

Shareholders' funds

 

622,576

429,737

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 March 2025 and signed on its behalf by:
 

 

CDY Property Ltd

(Registration number: 09882931)
Balance Sheet as at 31 December 2024

.........................................
Mr Christopher David Young
Director

 

CDY Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 2 Venture Business Park
Witty Street
Hull
East Yorkshire
HU3 4TT
United Kingdom

These financial statements were authorised for issue by the Board on 24 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

CDY Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Investment property

0% revaluation

Investment property

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRS102, as follows:

No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

CDY Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

CDY Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

4

Investment properties

2024
£

At 1 January

1,141,800

At 31 December

1,141,800

There has been no valuation of investment property by an independent valuer.

5

Stocks

2024
£

2023
£

Other inventories

-

440,000

 

CDY Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

11

-

12,500

Other debtors

 

58,655

103,275

   

58,655

115,775

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

-

3,355

Trade creditors

 

-

423,000

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

-

226,155

Taxation and social security

 

2,817

2,440

Accruals and deferred income

 

870

870

Other creditors

 

333,053

255,513

 

336,740

911,333

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

202,000

284,892

 

CDY Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary £1 of £1 each

100

100

100

100

       

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

206,116

206,116

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

202,000

284,892

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

3,355

11

Related party transactions

Summary of transactions with parent

CDY Holdings Ltd. Loan capital provided by parent group company.
Unsecured loan provided without repayment terms.

Summary of transactions with associates

 

CDY Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

CDY Ceilings & Partitions Ltd
SRY Developments (Hull) Ltd
Loan capital provided by associated group company.
Unsecured loan provided without repayment terms.

Income and receivables from related parties

2024

2023

Associates
£

Receipt of services

423,000

Amounts receivable from related party

423,000

 

CDY Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Loans to related parties

2024

Associates
£

Total
£

At start of period

12,500

12,500

Impairment

(12,500)

(12,500)

At end of period

-

-

2023

Associates
£

Total
£

At start of period

12,500

12,500

At end of period

12,500

12,500

Loans from related parties

2024

Parent
£

Associates
£

Key management
£

Total
£

At start of period

198,415

27,740

203,690

429,845

Advanced

-

218

270,400

270,618

Repaid

-

(26,000)

(141,037)

(167,037)

Impairment

(198,415)

(1,958)

-

(200,373)

At end of period

-

-

333,053

333,053

2023

Parent
£

Associates
£

Key management
£

Total
£

At start of period

197,815

83,072

184,440

465,327

Advanced

600

2,740

19,250

22,590

Repaid

-

(58,072)

-

(58,072)

At end of period

198,415

27,740

203,690

429,845

Terms of loans from related parties

Unsecured loans made from parent during the course of the accounting period to assist it with cash flow requirements. This loan has been released in the period by CDY Holdings Ltd.
 Unsecured loans made from associate during the course of the accounting period to assist it with cash flow requirements. There are no formal terms associated with these loans but it is anticipated they will be repaid within one year.
 Unsecured loan capital provided with 0% interest and no repayment terms.
 

 

CDY Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

12

Parent and ultimate parent undertaking

The company's immediate parent is Young & Family Ltd, incorporated in England and Wales.