City Mortgage and Finance Company Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 00348710 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

CITY MORTGAGE AND FINANCE COMPANY LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Dr B M Shaffer

SECRETARY:

Dr B M Shaffer

REGISTERED OFFICE:

16 Berghem Mews

Blythe Road

London

W14 0HN

REGISTERED NUMBER:

00348710 (England and Wales)

ACCOUNTANTS:

Acuity Professional Partnership LLP

Unit 2.02 High Weald House

Glovers End

Bexhill

East Sussex

TN39 5ES

FIXED ASSETS

Tangible assets

4

-

1

Investments

5

34,192

34,193

CURRENT ASSETS

Debtors

6

12,964,348

12,747,686

Cash at bank

15,409

8,001

12,979,757

12,755,687

CREDITORS

Amounts falling due within one year

7

137,381

134,760

NET CURRENT ASSETS

12,842,376

12,620,927

TOTAL ASSETS LESS CURRENT
LIABILITIES

12,876,568

12,655,120

CAPITAL AND RESERVES

Called up share capital

8

20,000

Retained earnings

12,856,568

12,635,120

SHAREHOLDERS' FUNDS

12,876,568

12,655,120

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 September 2025 and were signed by:

Dr B M Shaffer - Director

1.	STATUTORY INFORMATION

City Mortgage and Finance Company Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

2.1 BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements 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 Companies Act 2006, except with regards to investment properties (see note 2.5).

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2 Turnover

Turnover is recognised by the company in respect of rent and service charges receivable during the year.

2.3 Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. 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 by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment - 20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.4 Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.5 Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7 Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.8 Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In preparing the financial statements, management were not required to make any estimates or judgments materially affect reported income, expenses, assets, liabilities or disclosure or contingent assets and liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Office

Equipment

£

Cost

At 1 January 2024

and 31 December 2024

1,988

Depreciation

At 1 January 2024

1,987

Charge for year

1

At 31 December 2024

1,988

Net book value

At 31 December 2024

-

At 31 December 2023

1

5.	FIXED ASSET INVESTMENTS

Unlisted

Investments

£

Cost

At 1 January 2024

and 31 December 2024

34,192

Net book value

At 31 December 2024

34,192

At 31 December 2023

34,192

6.

DEBTORS

2024

2023

£

Amounts falling due within one year:

Other debtors

379,887

378,687

Amounts owed by group undertakings

8,331,609

8,116,147

8,711,496

8,494,834

Amounts falling due after more than one year:

Amounts owed by group undertakings

4,252,852

Aggregate amounts

12,964,348

12,747,686

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Social security and other taxes

3,440

6,880

Amounts owed to group undertakings

125,085

Directors' current accounts

5,160

-

Accrued expenses

3,696

2,795

137,381

134,760

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

14,491

Ordinary Shares A

1

14,491

5,509

Ordinary Shares B

1

5,509

20,000

Ordinary A shares may be converted to Ordinary B shares of £1 each by giving 14 days written notice.

The holders of A shares shall be entitled on a winding up (or other return of capital) to repayment of £361.05 per share, in priority to the holders of B shares. As regards any surplus, the A and the B shares rank pari passu in all respects.

B shares are entitled to receive a single special preferred dividend of £361.05 per share in priority to A shares & thereafter to receive such dividends and capital distributions as are equal to 10% of dividend and capital distributions declared or made in respect of each A shares.

9.	RELATED PARTY DISCLOSURES

Related party transactions

Parent company

2024 (£

)

2023 (£

)

Amounts owed by related party due over one year

4,252,852

Amounts owed by related party payable on demand

2,2,59,792

2,347,448

Accrued interest due from related party payable on demand

6,071,817

5,768,699

Interest charged to related party during the year

303,118

284,067

Fellow group companies

Amounts owed to related parties payable on demand

125,085

Property repair fees charged by related parties during the year

-

Entities with common directors or controlling parties

Amounts owed by related parties payable on demand

379,887

378,687

Interest charged to related parties during the year

26,160

18,641

10.	ULTIMATE CONTROLLING PARTY

The Company's ultimate parent company is Greenbelt Limited, which is incorporated in the United Kingdom and registered in England and Wales. B M Shaffer has a controlling interest in the parent company.