City Properties Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03434615

CITY PROPERTIES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2025

CITY PROPERTIES LIMITED

BALANCE SHEET

31 March 2025

	2025		2024
Note	£	£	£

FIXED ASSETS

Tangible assets	6	24,399,138	24,402,184
Investments	7	4	4
		---------------	---------------
		24,399,142	24,402,188

CURRENT ASSETS

Debtors	8	12,167,023	12,368,610
Cash at bank and in hand		955,434	1,306,124
		---------------	---------------
		13,122,457	13,674,734

CREDITORS: amounts falling due within one year	9	( 1,866,820)		( 2,308,322)
		---------------		---------------
NET CURRENT ASSETS			11,255,637	11,366,412
			---------------	---------------
TOTAL ASSETS LESS CURRENT LIABILITIES			35,654,779	35,768,600

CREDITORS: amounts falling due after more than one year	10		( 1,017,365)	( 1,120,863)

PROVISIONS

Taxation including deferred tax	11	( 3,699,000)	( 3,699,000)
		---------------	---------------
NET ASSETS		30,938,414	30,948,737
		---------------	---------------

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	30,938,314	30,948,637
	---------------	---------------
SHAREHOLDERS FUNDS	30,938,414	30,948,737
	---------------	---------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

CITY PROPERTIES LIMITED

BALANCE SHEET (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 11 June 2026 , and are signed on behalf of the board by:

„„„„„„„„„„„

MR BENJAMIN OESTREICHER Director

„„„„„„„„„„

MR JACOB OESTREICHER Director

„„„„„„„„„„

MR DAVID OESTREICHER Director

„„„„„„„„„„

MRS SARAH OESTREICHER Director

(On behalf of Nobleman Estates Ltd)

Company registration number: 03434615

CITY PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The directors do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents rents and charges receivable in respect of the company's investment property.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investment property

Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition - Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and - No depreciation is provided in respect of investment properties applying the fair value model. Investment property fair value is determined by the directors based on their understanding of property market conditions and the specific property concerned, using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant & Machinery	-	25% reducing balance

Leases having an unexpired term of less than twenty years are amortised evenly over the remaining period of the lease. Low value items of furniture and fittings are written off in the year in which they are acquired.

Acquisitions and disposal of properties

Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All other financial assets are assessed individually for impairment. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 4 (2024: 4 ).

5. RESULTS AND DIVIDENDS

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2025	2024
	£	£
Dividends on equity shares relating to P Shares	336,631	350,681
	----------	----------

6. TANGIBLE ASSETS

	Freehold properties	Plant and machinery	Total
	£	£	£
Fair value
At 1 April 2024 and 31 March 2025	24,390,000	53,119	24,443,119
	---------------	---------	---------------
Depreciation
At 1 April 2024	–	40,935	40,935
Charge for the year	–	3,046	3,046
	---------------	---------	---------------
At 31 March 2025	–	43,981	43,981
	---------------	---------	---------------
Carrying amount
At 31 March 2025	24,390,000	9,138	24,399,138
	---------------	---------	---------------
At 31 March 2024	24,390,000	12,184	24,402,184
	---------------	---------	---------------

In accordance with the Company's stated accounting policy (see note 3) no depreciation has been provided in respect of freehold and long-leasehold properties which are held for investment purposes. The historical cost of the investment properties is £6,295,391 (2024: £6,295,391). The Company's investment properties were valued by the directors as 31 March 2025 and these valuations were based on (i) professional valuations carried out in Feb 2021 and March 2014 (Feb 2021 and March 2014 - Valuation reports), by an independent qualified valuers, Lambert Smith Hampton and Cushman & Wakefield LLP, Chartered Surveyors, in accordance with RICS Professional Standards Valuation Manual and (ii) valuations performed by the directors based on their expertise in the real estate market. The v aluation report has been prepared in accordance with the RICS Professional Standards Valuation Manual. As at 11 June 2026, the date that these financial statements were authorised for issue, the directors are of the opinion that the fair value of the Company's investment properties had remained resilient, as the overall rental income has not decreased and the level of vacancies and rate of default have not increased. Any subsequent changes in the fair value of the Company's investments are not reflected in the financial statements as at 31 March 2025. In the event of a realisation of the company's investment properties at an amount equal to the valuation recorded in the Financial Statements, a liability to corporation tax on chargeable gains would arise which is estimated at £3,699,000 (2024: £3,699,000) and for which a provision has been made in the Financial Statements in accordance with FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'

7. INVESTMENTS

	Other investments other than loans
	£
Cost
At 1 April 2024 and 31 March 2025	4
	----
Impairment
At 1 April 2024 and 31 March 2025	–
	----

Carrying amount
At 31 March 2025	4
	----
At 31 March 2024	4
	----

The company owns 100% of the issued share capital of the companies listed below.

The draft results of the Subsidiary undertakings for the year ending 31 March 2025 are:-

	2025	2024
	£	£

Aggregate capital and reserves

Pinkspace Limited	(43,782)	(43,545)
Boeslin Limited	(1,423)	(8,081)
Dovid Investments Limited	(76,174)	(75,566)
Yetev Limited	(21,363)	(24,554)

Profit and (loss) for the period

Pinkspace Limited	(236)	(313)
Boeslin Limited	6,658	(281)
Dovid Investments Limited	(607)	(607)
Yetev Limited	(99)	134

Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and have not done so, therefore the accounts show information about the company, as individual entity.

8. DEBTORS

	2025	2024
	£	£
Trade debtors	881,420	1,019,781
Amounts owed by group undertakings	10,815,023	10,836,749
Other debtors	470,580	512,080
	---------------	---------------
	12,167,023	12,368,610
	---------------	---------------

9. CREDITORS: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	106,713	100,000
Trade creditors	483,489	552,489
Corporation tax	107,728	129,962
Social security and other taxes	114,246	153,217
Tenants Deposits held	876,924	831,695
Other creditors	177,720	540,959
	-------------	-------------
	1,866,820	2,308,322
	-------------	-------------

10. CREDITORS: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	1,017,365	1,120,863
	-------------	-------------

Mortgage Advance Term Loan repayable within five years:-

Interest only Terminating - 2026	996,109	996,109
Capital plus Interest Terminating - 2026	121,256	224,754
	-------------	-------------
	1,117,365	1,220,863

Less:

Current Instalments of Term Loans	(100,000)	(100,000)
	-------------	-------------
	1,017,365	1,120,863
	-------------	-------------

Amount Repayable

Within 2 to 5 years	1,120,863	1,221,056
	-------------	-------------

The Company entered into two loan facilities totalling £1.5m with Lloyds Bank in April 2021. The loan bears interest at the rate of 2.46% per annum above Base rate. The first loan facility with a Principal amount of £503,891 is repayable in 60 consecutive monthly instalments and the second loan facility with a Principal amount of £996,109 is repayable in full in April 2026.

11. PROVISIONS

	Deferred tax
	£
At 1 April 2024 and 31 March 2025	3,699,000
	-------------

12. RELATED PARTY TRANSACTIONS

(i) Included in the Financial Statements is an amount of £10,924 (2024:£7,120) payable as Rent to Consort Property Ltd, a Company of which Mr J Oestreicher is also a Director and in whose Share Capital he has an interest. (ii) Included in the Financial Statements are amounts totalling £1,741,727 (2024:£1,209,280) representing donations made to: Fountain of Chessed Limited, Harofeh Donations Limited, Moundfield Charites, Springfield Trust Limited and Goldheart Charity Limited whose trustees are the Directors and/or close family members of the Directors of this Company. (iii) Also included in the Financial Statements are amounts totalling £515,000 (2024: £515,720) payable as property consultancy fees to Riverside Associates Limited, Roseside Limited, Coastside Properties Limited, Heartwell Limited and Tomgen Limited whose directors are also directors of this Company. (iv) Other debtors include amounts due from the following Companies,of which certain of the directors are directors and/or close family members of the directors of this Company;- Amounts in excess of £50,000:-

	2025	2024
	£	£

City Properties Management Limited	88,087	88,087
Consort Property Limited	137,500	145,000
Consort Investments Limited	40,000	40,000
	----------	----------
	265,587	273,087
	----------	----------

The above loans are interest free and repayable on demand. (v) Trade debtors also include £51,765 (2024: £51,765) due from City Properties Management Limited in respect of monies held on behalf of the Company.