REGISTERED NUMBER: SC156859 (Scotland)

CITY & PACIFIC LIMITED

Unaudited Financial Statements

for the Year Ended 30 June 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A Glasgow

Mr C B Armstrong

Mrs L A Glasgow

SECRETARY:

Mrs L A Glasgow

REGISTERED OFFICE:

1 Gosford Road

Longniddry

East Lothian

EH32 0LF

REGISTERED NUMBER:

SC156859 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

Bank of Scotland

38 St Andrew Square

Edinburgh

EH2 2YR

SOLICITORS:

Burness Paull LLP

50 Lothian Road

Edinburgh

EH3 9WJ

FIXED ASSETS

Tangible assets

4

-

39

Investment property

5

11,930,000

11,795,000

11,930,000

11,795,039

CURRENT ASSETS

Debtors

6

60,797

69,961

Cash at bank

175,542

198,808

236,339

268,769

CREDITORS

Amounts falling due within one year

7

442,758

440,954

NET CURRENT LIABILITIES

(206,419

)

(172,185

)

TOTAL ASSETS LESS CURRENT LIABILITIES

11,723,581

11,622,854

CREDITORS

Amounts falling due after more than one year

8

(5,206,418

)

(5,603,711

)

PROVISIONS FOR LIABILITIES

-

(10

)

NET ASSETS

6,517,163

6,019,133

CAPITAL AND RESERVES

Called up share capital

230

230

Fair value reserve

10

445,410

310,410

Retained earnings

10

6,071,523

5,708,493

SHAREHOLDERS' FUNDS

6,517,163

6,019,133

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2025 and were signed on its behalf by:

Mr A Glasgow - Director

1.	STATUTORY INFORMATION

CITY & PACIFIC LIMITED is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the businesses accounting policies, the directors are 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.

Turnover and revenue recognition

Turnover represents net invoiced rental income, excluding value added tax.

Rent is recognised in accordance with the lease agreement.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

Investment property

Investment properties are shown at their fair value. Any surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market conditions is not considered to be permanent.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve with the relevant change in fair value.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions

Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2024

and 30 June 2025

1,057

DEPRECIATION

At 1 July 2024

1,018

Charge for year

39

At 30 June 2025

1,057

NET BOOK VALUE

At 30 June 2025

-

At 30 June 2024

39

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2024

11,795,000

Revaluations

135,000

At 30 June 2025

11,930,000

NET BOOK VALUE

At 30 June 2025

11,930,000

At 30 June 2024

11,795,000

Fair value at 30 June 2025 is represented by:

£

Valuation in 2003

251,287

Valuation in 2007

649,572

Valuation in 2011

(509,622

)

Valuation in 2014

354,508

Valuation in 2017

769,760

Valuation in 2018

(558,000

)

Valuation in 2020

(434,215

)

Valuation in 2021

(42,500

)

Valuation in 2022

(170,380

)

Valuation in 2025

135,000

Cost

11,484,590

11,930,000

If investment properties had not been revalued they would have been included at the following historical cost:

2025

2024

£

£

Cost

11,484,590

11,484,590

The investment properties were valued on an open market basis on 25 November 2025 by Ryden LLP at 30 June 2025 .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

60,797

69,961

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

142,415

132,851

Trade creditors

18,547

18,514

Taxation and social security

156,411

142,542

Other creditors

125,385

147,047

442,758

440,954

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

991,418

1,138,711

Other creditors

4,215,000

4,465,000

5,206,418

5,603,711

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years by instalment

125,213

199,686

Other creditors includes loans from the directors which are unsecured, and have no fixed repayment terms but the lenders have confirmed their intention for this to be a long-term loan. Interest is charged on a quarterly basis at a rate of 2% per annum.

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

1,133,833

1,271,562

The first loan is to be repaid in monthly instalments over 180 months with an interest rate of base plus 3.15% per annum. Bank of Scotland holds a fixed charge over one of the properties owed by the company and a floating charge over the company. The final payment is payable in August 2030.

The second loan is to be repaid in monthly instalments over 120 months with an interest rate of base plus 4.83% per annum. Bank of Scotland holds a fixed charge over two of the properties owed by the company. The final payment is payable in June 2027.

10.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 July 2024

5,708,493

310,410

6,018,903

Profit for the year

498,030

498,030

Revaluation

(135,000

)

135,000

-

At 30 June 2025

6,071,523

445,410

6,516,933

The fair value reserve represents the net revaluation surplus on investment properties that is not readily distributable as realised earnings.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2025 and 30 June 2024:

2025

2024

£

£

Mrs L A Glasgow

Balance outstanding at start of year

2,237

-

Amounts advanced

-

2,239

Amounts repaid

(2,237

)

(2

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

2,237

Mr A Glasgow

Balance outstanding at start of year

2,324

-

Amounts advanced

-

2,324

Amounts repaid

(2,324

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

2,324

The directors' loans were repaid in full in July 2024.