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Registered number: 00969998 CAPITAL & CITY HOLDINGS LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
CAPITAL & CITY HOLDINGS LIMITED CONTENTS
| Page
Company information | 1
Balance sheet | 2 - 3
Statement of changes in equity | 4
Notes to the financial statements | 5 - 13
CAPITAL & CITY HOLDINGS LIMITED COMPANY INFORMATION
Directors | A R Hay
| D O Hay
| L R Hay
Registered number | 00969998
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:00969998
CAPITAL & CITY HOLDINGS LIMITED BALANCE SHEET AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 57,637 |  | -
Investment property | 6 |  | 45,000,000 |  | 45,000,000
|  |  | 45,057,637 |  | 45,000,000
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 291,732 |  | 756,012 |
Cash at bank and in hand |  | 4,174,144 |  | 3,416,352 |
|  | 4,465,876 |  | 4,172,364 |
Creditors: amounts falling due within one year | 8 | (697,398) |  | (804,285) |
Net current assets |  |  | 3,768,478 |  | 3,368,079
Total assets less current liabilities |  |  | 48,826,115 |  | 48,368,079
Creditors: amounts falling due after more than one year | 9 |  | (83,984) |  | (371,399)
Provisions for liabilities |  |  |  |  |
Deferred tax | 10 |  | (5,623,207) |  | (5,620,399)
Net assets |  |  | 43,118,924 |  | 42,376,281
Page 2
|  | REGISTERED NUMBER:00969998
CAPITAL & CITY HOLDINGS LIMITED BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 52,263 |  | 52,263
Revaluation reserve |  |  | 28,982,257 |  | 29,106,095
Capital redemption reserve |  |  | 842,855 |  | 842,855
Profit and loss account |  |  | 13,241,549 |  | 12,375,068
Total equity |  |  | 43,118,924 |  | 42,376,281
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:
A R Hay
Director
Date: 6 February 2026
The notes on pages 5 to 13 form part of these financial statements. Page 3
CAPITAL & CITY HOLDINGS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Called up share capital | Capital redemption reserve | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 October 2023 | 52,263 | 842,855 | 29,293,544 | 12,105,511 | 42,294,173
Profit for the financial year | - | - | - | 1,082,108 | 1,082,108
Dividends: Equity capital | - | - | - | (1,000,000) | (1,000,000)
Investment property revaluation, net of deferred tax | - | - | (187,449) | 187,449 | -
At 1 October 2024 | 52,263 | 842,855 | 29,106,095 | 12,375,068 | 42,376,281
Profit for the financial year | - | - | - | 742,643 | 742,643
Investment property revaluation, net of deferred tax | - | - | (123,838) | 123,838 | -
At 30 September 2025 | 52,263 | 842,855 | 28,982,257 | 13,241,549 | 43,118,924
| The notes on pages 5 to 13 form part of these financial statements.
Page 4
CAPITAL & CITY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. | General information
Capital & City Holdings Limited is a private company limited by shares incorporated 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 Financial Reporting Standard 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 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 (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
| 2.3 | Revenue
Revenue represents rent receivable in the year, net of value added tax. Revenue is recognised on a straight line basis over the lease term. The cost of any incentive given to enter into a lease is recognised on a straight line basis over the lease term.
| 2.4 | Investment property
Investment property is carried at fair value determined annually by external valuers 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 profit or loss.
| 2.5 | 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 5
CAPITAL & CITY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
|  | Financial instruments (continued)
Financial assets Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing 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 trade and other creditors and loans from fellow group companies 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 6
CAPITAL & CITY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 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 which 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.
| 2.6 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.7 | Share capital
Ordinary shares are classified as equity.
| 2.8 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.9 | Finance costs
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.
| 2.10 | Operating leases: the company as lessor
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term. Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished. Page 7
CAPITAL & CITY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.11 | Operating leases: the company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.12 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss. 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 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.13 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Office equipment | - | 15% | reducing balance
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. Page 8
CAPITAL & CITY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.14 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.15 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the company's accounting policies, which are described in note 2, the key judgement made by director is: Valuation of Investment property Investment property is valued annually by the directors, one of whom is chartered surveyor, using a yield methodology. This uses market rental values capitalised at a market capitalisation rate but there is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself. Any change in the assumptions underlying the estimate could have a material impact on the value.
4. | Employees
| The company has no employees other than the directors who did not receive any remuneration (2024: £nil).
Page 9
CAPITAL & CITY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
5. | Tangible fixed assets
|  | Office equipment
|  | £
| Cost or valuation |
| Additions | 61,479
| At 30 September 2025 | 61,479
| Depreciation |
| Charge for the year | 3,842
| At 30 September 2025 | 3,842
| Net book value |
| At 30 September 2025 | 57,637
| At 30 September 2024 | -
Page 10
CAPITAL & CITY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
6. | Investment property
|  | Long term leasehold investment property
|  | £
| Valuation |
| At 1 October 2024 | 45,000,000
| Additions at cost | 165,117
| Deficit on revaluation | (165,117)
| At 30 September 2025 | 45,000,000
| The investment property was revalued on an open market basis for existing use on 30 September 2025 by the directors, one of whom is a Chartered Surveyor. The valuation is based on the direct comparable method which provides an indication of rental value by comparing the property with other similar properties for which rental price information is available. The comparables were adjusted to reflect differences in age, size, condition, location and any other relevant factors. The investment property is held for use under operating leases. If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Historic cost | 11,249,611 | 11,023,015
| The directors are considering selling the company's investment property.
Page 11
CAPITAL & CITY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 132,383 | 399,632
| Other debtors | 1,439 | 9,770
| Prepayments and accrued income | 157,910 | 346,610
|  | 291,732 | 756,012
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 8,903 | 108,861
| Amounts owed to group undertakings | 10,146 | 85,956
| Corporation tax | 149,137 | 234,235
| Other taxation and social security | 59,776 | 40,923
| Other creditors | 62,552 | -
| Accruals and deferred income | 406,884 | 334,310
|  | 697,398 | 804,285
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other creditors | 83,984 | 371,399
10. | Deferred tax liability
|  | 2025
|  | £
| At beginning of year | 5,620,399
| Credited to profit or loss | (2,808)
| At end of year | 5,623,207
Page 12
CAPITAL & CITY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 10.Deferred tax liability (continued)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 785,965 | 749,509
| Revaluation on investment property | 4,837,242 | 4,870,890
|  | 5,623,207 | 5,620,399
11. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 52,263 (2024 - 52,263) Ordinary shares of £1.00 each | 52,263 | 52,263
12. | Commitments under operating leases
| At 30 September 2025 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 400,000 | 400,000
| Later than 1 year and not later than 5 years | 875,000 | 1,275,000
|  | 1,275,000 | 1,675,000
13. | Related party transactions
The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are wholly owned part of the group.
14. | Parent undertaking
The smallest group for which consolidated financial statements are drawn up and of which the company is a member is that headed by Capital and City Limited, the registered office of which is 16 Great Queen Street, London, WC2B 5AH.
Page 13