Company registration number: 1782005
COMPANY INFORMATION
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
Page 1
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
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 8 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
City & Provincial Properties Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is 4th Floor, 95 Gresham Street, London, EC2V 7AB. The principal place of business is 5 Marylebone Mews, London, W1G 8PX.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
Revenue represents income receivable from property sales, property performance and rental agreements, net of VAT.
Property acquisitions and disposals are recognised upon exchange of contracts or where any substantial conditions exist then when those conditions have been complied with.
Property performance income is recognised when the performance of projects has been realised.
Rental income is recognised in line with rental agreements, with income received in advance of its related rental period being deferred where necessary.
Property acquisitions and disposals are recognised upon exchange of contracts or where any substantial conditions exist then when those conditions have been complied with.
Property performance income is recognised when the performance of projects has been realised.
Rental income is recognised in line with rental agreements, with income received in advance of its related rental period being deferred where necessary.
Development properties held as inventory have been valued at the lower of cost (or deemed cost) and estimated selling price less costs to sell.
Interest costs incurred in funding the development of the properties have not been capitalised and have therefore been expended.
Incidental costs incurred on acquisition of properties such as stamp duty and legal fees have been capitalised.
Interest costs incurred in funding the development of the properties have not been capitalised and have therefore been expended.
Incidental costs incurred on acquisition of properties such as stamp duty and legal fees have been capitalised.
Management charges are recognised in the Statement of Income and Retained Earnings in the period in which the services are provided.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.
The liability recognised in the Statement of Financial Position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled.
The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').
The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.
The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:
a) the increase in net pension benefit liability arising from employee service during the period; and
b) the cost of plan introductions, benefit changes, curtailments and settlements.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Page 5
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Page 6
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
During the year ended 31 December 2024, it was identified that a motor vehicle should have been accounted for under hire purchase agreement in 2022. This has increased the tangible assets by £20,927, increased the prior year loss by £6,947 and has increased the brought forward retained earnings by £20,927.
Page 7
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
As at year end, included within debtors due in less than one year were balances of £518,867 (2023: £428,867) owing from a director. The loan is non-interest bearing.
Page 8