Company registration number 15220577 (England and Wales)
CITYHEART HOMES (RGV) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
CITYHEART HOMES (RGV) LIMITED
COMPANY INFORMATION
Director
Mr Jonathan Wrigley
(Appointed 29 April 2025)
Company number
15220577
Registered office
Parkers Court
Shipgate Street
Chester
Cheshire
CH1 1RT
Auditor
DJH Audit Limited
The Glades, Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
CITYHEART HOMES (RGV) LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 19
CITYHEART HOMES (RGV) LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 1 -

The Director presents the strategic report for the period ended 31 December 2024.

Business Review

The C ompany carried out its principle activities for the year with the costs of the properties being developed being reflected in the balance sheet either as work in progress for property that will eventually be sold or classified as assets under construction when once completed the properties will be held in the balance sheet as investment assets . As reported in the profit and loss account, the profit for the first period was £23,772.

Principal risks and uncertainties

The D irector monitors the key risks facing the Company along with the controls for managing these risks.

The principal risks and uncertainties are as follows :

Economic downturn leading to a reduced level of activity in the property market. This is regularly assessed and overhead base adjusted accordingly.

On behalf of the board

Mr Jonathan Wrigley
Director
30 September 2025
CITYHEART HOMES (RGV) LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -

The Director presents his annual report and financial statements for the period ended 31 December 2024.

Principal activities

The principal activity of the C ompany continued to be that of property development.

Results and dividends

The results for the period are set out on page 7.

No ordinary dividends were paid. The Director does note recommend payment of a final dividend.

Director

The director's who held office during the period and up to the date of signature of the financial statements was as follows:

Mr Jonathan Wrigley
(Appointed 29 April 2025)
Mr Wasim Choudhury
(Appointed 11 March 2024 and resigned 28 August 2024)
Mr Warren Taylor
(Appointed 18 October 2023 and resigned 29 April 2025)
Energy and carbon report

As the C ompany has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr Jonathan Wrigley
Director
30 September 2025
CITYHEART HOMES (RGV) LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 3 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CITYHEART HOMES (RGV) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CITYHEART HOMES (RGV) LIMITED
- 4 -
Opinion

We have audited the financial statements of Cityheart Homes (RGV) Limited (the 'company') for the period ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the period then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the director's r eport for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

CITYHEART HOMES (RGV) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CITYHEART HOMES (RGV) LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of director's remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Enquiries of management and those charged with governance were held in order to identify any laws and regulations that could be expected to have a material impact on the financial statements. Throughout the audit, the team were updated with the outcomes of these enquiries including consideration as to where and how fraud may occur in the company.

The audit procedures undertaken to address any potential risk in relation to irregularities (which include fraud and non-compliance with laws and regulations) included: enquiries of management and those charged with governance on how the company complies with relevant laws, regulations and any cases actual or potential litigation or claims; examination of appropriate legal correspondence; testing of journal entries for appropriateness; and analytical procedures on account balances to identify variances against expectation which may show indications of fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

CITYHEART HOMES (RGV) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CITYHEART HOMES (RGV) LIMITED (CONTINUED)
- 6 -
Michael Forshaw, Senior Statutory Auditor
For and on behalf of DJH Audit Limited, Statutory Auditor
Chartered Accountants
The Glades, Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
30 September 2025
CITYHEART HOMES (RGV) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 7 -
Period
ended
31 December
2024
Notes
£
Turnover
3
-
Administrative expenses
(5,959)
Other operating income
27,996
Operating profit
22,037
Interest receivable and similar income
6
1,735
Profit before taxation
23,772
Tax on profit
7
-
0
Profit for the financial period
23,772

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CITYHEART HOMES (RGV) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 8 -
Period
ended
31 December
2024
£
Profit for the period
23,772
Other comprehensive income
-
Total comprehensive income for the period
23,772
CITYHEART HOMES (RGV) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
Notes
£
£
Fixed assets
Tangible assets
8
15,001,704
Current assets
Stocks
9
2,149,382
Debtors
10
416,183
Cash at bank and in hand
933,834
3,499,399
Creditors: amounts falling due within one year
11
(8,128,426)
Net current liabilities
(4,629,027)
Total assets less current liabilities
10,372,677
Creditors: amounts falling due after more than one year
12
(6,860,340)
Net assets
3,512,337
Capital and reserves
Called up share capital
14
1
Other reserves
3,488,564
Profit and loss reserves
23,772
Total equity
3,512,337
The financial statements were approved by the board of directors and authorised for issue on 30 September 2025 and are signed on its behalf by:
Mr Jonathan Wrigley
Director
Company registration number 15220577 (England and Wales)
CITYHEART HOMES (RGV) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 10 -
Share capital
Capital contribution reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Period ended 31 December 2024:
Profit and total comprehensive income
-
-
23,772
23,772
Issue of share capital
14
1
-
-
1
Capital contribution arising on initial recognition of loan
-
3,488,564
-
0
3,488,564
Balance at 31 December 2024
1
3,488,564
23,772
3,512,337
CITYHEART HOMES (RGV) LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 11 -
2024
Notes
£
£
Cash flows from operating activities
Cash generated from operations
17
5,985,182
Interest paid
(273,709)
Net cash inflow from operating activities
5,711,473
Investing activities
Purchase of tangible fixed assets
(15,001,704)
Interest received
1,735
Net cash used in investing activities
(14,999,969)
Financing activities
Proceeds from issue of shares
1
Drawdown of borrowings
10,222,329
Net cash generated from financing activities
10,222,330
Net increase in cash and cash equivalents
933,834
Cash and cash equivalents at beginning of period
-
0
Cash and cash equivalents at end of period
933,834
CITYHEART HOMES (RGV) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

Cityheart Homes (RGV) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Parkers Court, Shipgate Street, Chester, Cheshire, CH1 1RT.

1.1
Reporting period

The financial statements represent a period from 18 October 2023 to 31 December 2024 on the basis that this is the first period of trading and from incorporation. Accordingly there are no comparatives for previous periods.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3
Going concern

A true t the time of approving the financial statements, t he director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Freehold land and assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

CITYHEART HOMES (RGV) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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.

CITYHEART HOMES (RGV) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

CITYHEART HOMES (RGV) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Revenue
2024
£
Turnover analysed by class of business
2024
£
Turnover analysed by geographical market
2024
£
Interest income
1,735
CITYHEART HOMES (RGV) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 16 -
4
Auditor's remuneration
2024
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the company
4,000
5
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
Number
Total
0
6
Interest receivable and similar income
2024
£
Interest income
Other interest income
1,735
7
Taxation

There is no charge to corporation tax for the period due to the availability of losses within the group

2024
£
Profit before taxation
23,772
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00%
5,943
Group relief
(5,943)
Taxation charge for the period
-
CITYHEART HOMES (RGV) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 17 -
8
Tangible fixed assets
Assets under construction
£
Cost
At 18 October 2023
-
0
Additions
15,001,704
At 31 December 2024
15,001,704
Depreciation and impairment
At 18 October 2023 and 31 December 2024
-
0
Carrying amount
At 31 December 2024
15,001,704
9
Stocks
2024
£
Work in progress
2,149,382
10
Debtors
2024
Amounts falling due within one year:
£
Amounts owed by group undertakings
1
Other debtors
416,182
416,183
11
Creditors: amounts falling due within one year
2024
£
Trade creditors
1,647,917
Amounts owed to group undertakings
6,474,559
Accruals and deferred income
5,950
8,128,426
CITYHEART HOMES (RGV) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 18 -
12
Creditors: amounts falling due after more than one year
2024
Notes
£
Other borrowings
13
6,733,765
Other creditors
126,575
6,860,340
13
Loans and overdrafts
2024
£
Loans from related parties
6,733,765
Payable after one year
6,733,765

The loan is from Lote Tree UK Investments Limited who ultimately own 49% of the voting capital. The loan is due to be repaid in full by 31st December 2028. No interest is being charged on the loan by Lote Tree UK Investments Limited and so in accordance with financial reporting standards the loan has been restated to its net present value .The internal rate of return used in the calculation is 11%.The difference of £ 3,488,564 has been reclassified in the balance sheet under other reserves.

14
Share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary of £1 each
1
1
15
Related party transactions

At 31st December 2024 the Company was owed £ 1 from related parties due to their common control. This has been disclosed in other debtors.

At 31st December 2024 the Company owed £ 1,077,414 to related companies under common control. This has been disclosed in trade creditors.

At 31st December 2024 the Company owed £ 6,474,559 to related companies under common control. This has been separately disclosed in creditors falling due within one year .

During the year the Company made purchases from related companies totalling £2,672,027.

During the year the company received a loan of £ 10,22 3,8 30 from Lote Tree UK Investments Limited, who ultimately own 49% of the voting share capital, The loan has been shown within creditors falling due after more one year. As no interest is being charged on the loan it has been restated to its net present value of £6,733,765.

16
Ultimate controlling party

The parent company of Cityheart Homes ( RGV ) Limited is Cityheart Homes Limited, a company incorporated in England and Wales. The registered office is 2 Hilliards Court , Chester Business Park , Chester.

CITYHEART HOMES (RGV) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
16
Ultimate controlling party
(Continued)
- 19 -

The following are t he parents of the largest and smallest groups in which this company's results are consolidated:

Largest group
Cityheart Limited
Smallest group
Cityheart Limited

The consolidated accounts for Cityheart Limited can be obtained from Parkers Court, Shipgate Street, Chester, CH1 1RT.

17
Cash generated from operations
2024
£
Profit after taxation
23,772
Adjustments for:
Investment income
(1,735)
Increase in provisions
273,709
Movements in working capital:
(Increase) in stock
(2,149,382)
(Increase) in debtors
(416,183)
Increase in creditors
8,255,001
Cash generated from operations
5,985,182
18
Analysis of changes in net debt
18 October 2023
Cash flows
Market value movements
31 December 2024
£
£
£
£
Cash at bank and in hand
-
933,834
-
933,834
Borrowings excluding overdrafts
-
(3,245,201)
(3,488,564)
(6,733,765)
-
(2,311,367)
(3,488,564)
(5,799,931)
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