Company registration number: 10782974
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 12 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 Investments Limited is a private company, limited by shares, registered in England and Wales, registration number 10782974. 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:
At the year-end the company had net current liabilities of £51,547,525 (2023 - £42,469,410). Within creditors are two loans due to related party entities amounting to £53,397,363 in total (2023 - £44,726,911). These entities are not expected to seek settlement in full or part until such time that the company is in a position to make repayments without any detrimental impact on working capital or the going concern status.
In addition, the directors have identified adequate sources of funding to meet the anticipated working capital requirements and capital investment plans of the company for the foreseeable future.
The directors, in forming their opinion, have given due consideration to the outlook for (and potential impact of) high inflation, rising interest rates and general economic conditions. Notwithstanding the challenging macro environment the directors are confident in their strategy for the business, relationships with key stakeholders and the continued support of the providers of finance.
On this basis the directors consider that the company will continue to meet its liabilities as they fall due and the accounts have been prepared on the going concern basis accordingly.
In addition, the directors have identified adequate sources of funding to meet the anticipated working capital requirements and capital investment plans of the company for the foreseeable future.
The directors, in forming their opinion, have given due consideration to the outlook for (and potential impact of) high inflation, rising interest rates and general economic conditions. Notwithstanding the challenging macro environment the directors are confident in their strategy for the business, relationships with key stakeholders and the continued support of the providers of finance.
On this basis the directors consider that the company will continue to meet its liabilities as they fall due and the accounts have been prepared on the going concern basis accordingly.
Turnover represents income receivable from property rentals and services provided during the period, excluding VAT.
Rental income is recognised on a straight line basis over the term of the rental agreements, with income received in advance of its related rental period being deferred where necessary.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Investment property (including assets in the course of construction) are carried at fair value determined annually by directors, taking account of external assessments when required and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of financial position 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Page 9
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 10
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The company is a guarantor under the terms of a bank loan agreement between the lender and a company related by virtue of shareholders in common. The amount guaranteed by the company is £16,300,000. The directors do not expect to be called upon in respect of the guarantee provided.
The company had an ongoing commitment at the year end to undertake a second and final phase of an ongoing investment property contruction contract. As at 31 December 2024, the capital commitment was £1.38m.
The capital commitment of £1.38m is expected to be recovered in full through grant income.
The capital commitment of £1.38m is expected to be recovered in full through grant income.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The audit report was signed on 25 September 2025 by Robin Hopkins FCA (Senior statutory auditor) on behalf of Menzies LLP .
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