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Registered number: 04270026
CITY & DOCKLANDS MANAGEMENT LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2024
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CITY & DOCKLANDS MANAGEMENT LIMITED
REGISTERED NUMBER: 04270026
BALANCE SHEET
AS AT 30 JUNE 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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CITY & DOCKLANDS MANAGEMENT LIMITED
REGISTERED NUMBER: 04270026
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 13 form part of these financial statements.
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CITY & DOCKLANDS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
City & Docklands Management Limited (the "Company") is a private company limited by share capital, incorporated under the UK Companies Act 1985 and domiciled in England. The address of the Company's registered office is Regina House, 124 Finchley Road, London, NW3 5JS.
2.Accounting policies
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Summary of significant accounting policies
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.
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Basis of preparation of financial statements
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The financial statements of the Company have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and the UK Companies Act 2006.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.
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Functional and presentational currency
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Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company and the currency in which the financial statements are presented (the "presentational currency") is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.
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Foreign currency translation
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Foreign currencies are translated into the functional (and presentational) currency using the exchange rates prevailing at the date of the respective transaction or valuation where items are re-measured.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
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CITY & DOCKLANDS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
At both the balance sheet date and the date these financial statements were approved by the directors, the Company held net liabilities and is dependent on the continued financial support of specific fellow group undertakings and other connected entities of which the director, Gary Sacks, is either a director and/or a member of key management personnel of. The continuation of certain fellow group undertakings as going concerns are also dependent on the continuation of the Company as a going concern.
The directors have received appropriate confirmation from those relevant entities of their ongoing intention for the Company to continue to be provided with appropriate financial support where considered necessary such that the Company would be able to meet any third party debts as they should fall due and for no demand towards repayment of any amounts owed by the Company to be made until such time as the Company can repay them.
In preparing these financial statements the directors are of the opinion that:
∙the Company shall remain financially dependent on specific fellow group undertakings and connected entities until such time the Company is able to generate sufficient income and in turn cash to meet its debts as they should fall due; and
∙the group in which the Company is an undertaking of, as a whole, is adequately solvent and liquid such that the Company shall have adequate financial resources available at its disposal to meet both its normal operational cashflow requirements and any exceptional cashflow requirements that may arise should an event outside of the directors' control transpire.
The directors accept that although there does exist an inherent material uncertainty that may cast doubt about the ability of the Company to continue as a going concern given those matters summarised above; the directors consider the uncertainty to be sufficiently insignificant such that the application of going concern basis in preparing the Company's financial statements remains appropriate and in turn have prepared the Company's financial statements under said basis.
Turnover comprises revenue recognised by the Company in respect of property management and marketing consultancy services supplied during the reporting period exclusive of Value Added Tax and recognised upon fees being invoiced.
The Company makes direct contributions towards defined contribution pension plans on behalf of its employees; the assets of which are held separately from the Company in independently administered funds.
A defined contribution plan is a pension plan under which fixed contributions are payable into a separate entity. Once the contributions have been paid there are no further payment obligations. Contributions payable by the Company are recognised as an expense in profit or loss during the reporting period in which they fall due. Amounts not paid are shown as part of other creditors in the balance sheet.
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CITY & DOCKLANDS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Government grants are recognised in profit or loss in the same period in which the related costs covered by the grant are incurred to the extent there is reasonable certainty that the grant will be received.
Exceptional items are items that are unusual because of their size, nature or incidence and which the director considers should be disclosed separately to enable a full understanding of the Company's results.
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Interest income and expenditure
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Interest is recognised in profit or loss in accordance with the terms of the underlying transaction using the effective interest method.
Taxation comprises of income and/or corporate taxation ("current taxation") and deferred taxation recognised solely in profit or loss.
Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date where taxable income is generated by the Company through its business operations.
Deferred taxation is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements. Deferred taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date expected to apply when the related deferred tax asset/liability is realised/settled.
Deferred tax assets are recognised only to the extent that it is sufficiently probable that future taxable profits will be available against which the temporary differences can be utilised.
Tangible fixed assets are recognised under the cost model and stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended upon acquisition.
Depreciation is provided on a 25% reducing basis against all assets.
Depreciation of a tangible fixed asset commences once the asset is available for use.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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CITY & DOCKLANDS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Fixed asset investments comprise of the following:
∙Unlisted company shares which are initially recognised at their transaction cost and subsequently measured at cost less provision for impairment at the balance sheet date; and
∙An investment fund portfolio managed by a third party fund manager on behalf of the Company; with investments initially recognised at their transaction cost and subsequently measured at fair value (i.e. market value) through profit or loss.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised in the balance sheet upon becoming party to the contractual provisions of the instrument. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the Company’s obligations are discharged, cancelled or expired.
The measurement of specific financial assets, financial liabilities and equity is as outlined below:
Debtors and creditors
Debtors, excluding deferred taxation (see note 2.11), and creditors deemed to be short term in nature are initially measured at transaction price (i.e fair value) and subsequently held, at transaction price less provision for impairment of assets.
Debtors, excluding deferred taxation, deemed not to be short term in nature comprise of other loans issued at a rate in excess of market rate or issued at an interest-free rate but repayable within twelve months of demand being made. In either case, balances are not discounted and are reviewed for impairment, with provisions made where applicable, at the balance sheet date.
The Company held no creditors deemed not to be short term in nature.
Cash and cash equivalents
Cash balances are reported by the Company as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and subject to an insignificant risk of changes in value. Cash balances are held at floating interest rates linked to UK bank rates.
Equity
Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value (i.e. transaction price). Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from the share premium account.
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CITY & DOCKLANDS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company's accounting policies, the director is required to apply judgment and make estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other available sources based on historical experience and other factors that are considered to be relevant. Consequently, actual results may differ from that originally estimated.
In the opinion of the director, the following judgments, estimates and/or assumptions made in applying the principal accounting policies, outlined in note 2 of these financial statements, towards the preparation of these financial statements may be considered as having a significant risk of causing a material adjustment to the carrying amount of assets and/or liabilities carried forward as at the balance sheet date where by which the actual future outcome observed may differ from that originally determined and reported.
Impairment of debtors
When assessing the recoverable value of debtors, the director considers a variety of factors including the ageing profile of the debt, historical experience and the quality of communications to date with the debtor.
Recognition of deferred tax assets
The recognition of deferred tax assets is based upon whether it is more likely than not that sufficient and suitable taxable profits will be available in the future against which the reversal of temporary differences can be deducted. To determine the future taxable profits, reference is made to the latest available profit forecasts. Where the temporary differences are related to losses, relevant tax law is considered to determine the availability of the losses to offset against the future taxable profits.
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The average monthly number of employees, including directors, during the year was 23 (2023 - 22).
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CITY & DOCKLANDS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Charge for the year on owned assets
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Tangible fixed assets reported above comprise of motor vehicles, office equipment and fixtures and fittings.
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CITY & DOCKLANDS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Investments in subsidiary companies
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Other fixed asset investments
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Investments in subsidiary companies and unlisted investments are reported at cost lest provision for impairment.
Other fixed asset investments are reported at fair value through profit and loss.
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Falling due within one year
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Amounts owed by joint ventures and associated undertakings
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Prepayments and accrued income
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At the balance sheet date, the provision for impairment against debtors was £22,600,770 (2023: £22,426,455).
Amounts included in debtors totalling £10,604,290 (2023: £9,732,116) are secured against certain assets held by the respective debtors and subordinated with respect to specific loan facilities issued to the debtors by independent third parties.
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CITY & DOCKLANDS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to joint ventures
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest free (except for balances totalling £90,000 (2023: £90,000) and £997,316 (2023: £975,311) which are interest bearing at 10% per annum and the official rate of interest per annum enacted by HMRC respectively) and repayable on demand with no fixed date of repayment.
Amounts owed to joint ventures are secured against those debtor balances secured against certain assets held by the respective debtors and subordinated with respect to specific loan facilities issued to the debtors by independent third parties (see note 7).
Other loans are repayable either upon demand by the lender or voluntarily upon the Company holding cash reserves in excess of its working capital requirements; the date of which is currently indeterminable. For this reason said loans are reported as falling due within one year.
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Creditors: Amounts falling due after more than one year
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CITY & DOCKLANDS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Excluding investment fund portfolios (see notes 2.13 and 6), the Company held no financial instruments that would require specific disclosure under sections 1.12, 11 or 12 of Financial Reporting Standard 102 and paragraph 36 of Schedule 1 to the Companies Act 2006.
The Company is party to a cross guarantee in which a fixed charge with negative pledge over all present and future assets of the Company has been granted in respect of any and all amounts owed towards loan finance arrangements entered into by connected undertakings of the Company.
The pension cost charge represents contributions made by the Company towards defined contribution pension plans on behalf of its employees and amounted to £17,255 (2023: £19,301).
Employee and employer contributions payable of £4,764 were outstanding at the balance sheet date (2023: £4,094).
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CITY & DOCKLANDS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Commitments under operating leases
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At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The Company has taken advantage of exemptions provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions undertaken or balances carried forward as at the balance sheet date between the Company and its fellow wholly-owned group undertakings.
At the balance sheet date the following balances in respect of loan accounts were due from/(to) entities under common control. Amounts due are unsecured, repayable on demand and interest free (except where indicated along with the interest receivable/(payable) recognised in the year).
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City and Docklands London Limited
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Garu Investments Limited ^
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Mitre Yard Properties (2020) Limited "
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North Kensington Gate Limited *
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Wandle Properties Limited
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^ - Basic interest at 10% per annum - 2024: £50,328 (2023: £30,173)
" - Fixed annual rate of £250,000 per annum and additional loan at 10% per annum - 2024: £86,018 (2023: £14,500)
* - Basic interest at 10% above UK base rate per annum - 2024: £304,367 (2023: £222,419)
During the reporting period, the Company made charitable donations totalling £9,892 (2023: £35,234) to UK registered charities of which the director of the Company, Gary Sacks, is a trustee.
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CITY & DOCKLANDS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The immediate parent undertaking is Landeck Services Limited, a company incorporated under the BVI Business Companies Act, which holds a 100% interest in the issued share capital of the Company.
Landeck Services Limited is the parent undertaking of the smallest group to consolidate these financial statements. The registered office of Landeck Services Limited is located at Craigmuir Chambers, Road Town, Tortola, British Virgin Islands.
The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
∙The existence of a material uncertainty which may cast significant doubt about the Company’s ability to continue as a going concern and note 2.5 of the financial statements which explained the directors' basis in light of this uncertainty for continuing to adopt the going concern basis in preparing the Company's financial statements.
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The audit report was signed on 5 September 2025 by Richard Paul (senior statutory auditor) on behalf of Nyman Libson Paul LLP.
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