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Registered number: 06338824 CITY NORTH ISLINGTON HOLDINGS LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
CITY NORTH ISLINGTON HOLDINGS LIMITED CONTENTS
| Page
Company information | 1
Balance sheet | 2 - 3
Notes to the financial statements | 4 - 9
CITY NORTH ISLINGTON HOLDINGS LIMITED COMPANY INFORMATION
Directors | J A Morris CBE (Chairman)
| A B Morris
| G E Morris
| P B Morris OBE
| P D Morris
Registered number | 06338824
Registered office | 16 Great Queen Street
| Covent Garden
| London
| WC2B 5AH
Accountants | Blick Rothenberg Limited
| Chartered Accountants
| 16 Great Queen Street
| Covent Garden
| London
| WC2B 5AH
Page 1
|  | REGISTERED NUMBER:06338824
CITY NORTH ISLINGTON HOLDINGS LIMITED BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 4 |  | 159,595 |  | 159,595
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 2,788 |  | - |
Cash at bank and in hand |  | 98,566 |  | 40,000 |
|  | 101,354 |  | 40,000 |
Creditors: amounts falling due within one year | 6 | (98,022) |  | (5,700) |
Net current assets |  |  | 3,332 |  | 34,300
Total assets less current liabilities |  |  | 162,927 |  | 193,895
Net assets |  |  | 162,927 |  | 193,895
Capital and reserves |  |  |  |  |
Called up share capital | 7 |  | 159,595 |  | 159,595
Share premium account | 7 |  | 10,000 |  | 10,000
Profit and loss account |  |  | (6,668) |  | 24,300
Total equity |  |  | 162,927 |  | 193,895
Page 2
|  | REGISTERED NUMBER:06338824
CITY NORTH ISLINGTON HOLDINGS LIMITED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 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 profit and loss account 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:
J A Morris CBE (Chairman) | P B Morris OBE
Director | Director
Date: 27 November 2025 | Date: 27 November 2025
The notes on pages 4 to 9 form part of these financial statements. Page 3
CITY NORTH ISLINGTON HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
City North Islington Holdings Limited is a private company limited by shares and registered in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH. The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 2.Accounting policies
| 2.1 | Basis of preparation of 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. 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 | Going concern
The accounts have been prepared on a going concern basis, the Directors have made an assessment of the company's ability to continue for at least 12 months from the date that these financial statements were approved and consider that the company has sufficient resources to continue as a going concern.
| 2.3 | Joint ventures
Investments in Joint Ventures are held at cost less impairment.
| 2.4 | Financial instruments
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 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. The company’s policies for its major classes of financial assets and financial liabilities are set out below. Page 4
CITY NORTH ISLINGTON HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
|  | Financial instruments (continued)
Financial assets Basic financial assets, including intercompany working capital balances are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Financial liabilities Basic financial liabilities, including other creditors 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 payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Impairment of financial assets Financial assets 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 profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the 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. 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. Page 5
CITY NORTH ISLINGTON HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
|  | Financial instruments (continued)
Derecognition of financial assets and financial liabilities Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet 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.
| 2.5 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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. Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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 balance sheet date. Page 6
CITY NORTH ISLINGTON HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 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 | Share capital
Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
3. | Employees
| The company has no employees other than the directors, who did not receive any remuneration (2024 - £Nil).
4. | Fixed asset investments
|  | Investment in joint ventures
|  | £
| Cost or valuation |
| At 1 April 2024 | 159,595
| At 31 March 2025 | 159,595
| Net book value |
| At 31 March 2025 | 159,595
| At 31 March 2024 | 159,595
| The company holds 26,100,000 Ordinary 'A' Shares with a nominal value of £261,000 in City North (Telford Homes) Limited which represents a 50% (2024 - 50%) shareholding. In the 12 month period to 31 March 2025, and in the prior period to 31 March 2024, City North (Telford Homes) Limited did not trade. The aggregate amount of capital and reserves of the undertakings as at 31 March 2025 was £47,600,000 (2024- £47,600,000). The company did not make a profit or loss in the period.
Page 7
CITY NORTH ISLINGTON HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 2,788 | -
| Amounts owed by group undertakings are interest free and repayable on demand.
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax | - | 5,700
| Other creditors | 88,800 | -
| Accruals and deferred income | 9,222 | -
|  | 98,022 | 5,700
7. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 67,600 (2024 -67,600) Ordinary A shares of £1.00 each | 67,600 | 67,600
|  | 88,688 (2024 -88,688) Ordinary B shares of £1.00 each | 88,688 | 88,688
|  | 3,307 (2024 -3,307) Ordinary C shares of £1.00 each | 3,307 | 3,307
|  |  | 159,595 | 159,595
8. | Reserves
Share premium account The share premium account includes the premium on issue of equity shares, net of any issue costs.
9. | Related party transactions
| At the year end, included within amounts owed by group undertakings is an amount of £2,788 due to a company under common control. Included in other creditors is an amount of £88,800 (2024: nil) owed to the directors and shareholders from the company. The loan is unsecured, interest free and repayable on demand.
Page 8
CITY NORTH ISLINGTON HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | Controlling party
There is no one individual controlling party.
Page 9