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Company registration number: 10812677
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FOR THE YEAR ENDED
31 DECEMBER 2024
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CITY & PROVINCIAL PROPERTIES FINANCE LIMITED
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CITY & PROVINCIAL PROPERTIES FINANCE LIMITED
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COMPANY INFORMATION
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CITY & PROVINCIAL PROPERTIES FINANCE LIMITED
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CONTENTS
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Statement of financial position
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Notes to the financial statements
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CITY & PROVINCIAL PROPERTIES FINANCE LIMITED
REGISTERED NUMBER:10812677
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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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 & PROVINCIAL PROPERTIES FINANCE LIMITED
REGISTERED NUMBER:10812677
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 income and retained earnings 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:
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Mr P Kempe
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The notes on pages 3 to 6 form part of these financial statements.
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CITY & PROVINCIAL PROPERTIES FINANCE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
City & Provincial Properties Finance Limited is a private company, limited by shares, registered in England and Wales, registration number 10812677. 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
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Basis of preparation of financial statements
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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 FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
The following principal accounting policies have been applied:
Revenue represents interest and loan arrangement fees, net of directly attributable costs. Interest is recognised on the accrual basis over the term of the loans using the effective interest rate method. Loan arrangement fees are recognised over the term of the facility.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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CITY & PROVINCIAL PROPERTIES FINANCE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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The average monthly number of employees, including directors, during the year was 0 (2023 - 0).
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Provision for doubtful debt
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CITY & PROVINCIAL PROPERTIES FINANCE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Bank loans due within one year of £10,748,974 (2023: £1,099,003) have been secured through a guarantee provided by Briggens Estate 1 Limited and City & Provincial Properties Investments Ltd, companies under common control. A guarantee has also been provided personally by some of the directors.
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Creditors: Amounts falling due after more than one year
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Bank loans due in more than one year of £Nil (2023: £17,825,000) have been secured through a guarantee provided by Briggens Estate 1 Limited, Hold Midco Ltd and Hold My Bricks Limited, companies under common control. A guarantee has also been provided personally by some of the directors.
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CITY & PROVINCIAL PROPERTIES FINANCE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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 2-5 years
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