City Offices Real Estate Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09910407 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

City Offices Real Estate Limited

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Intangible assets

4

319,999

679,999

Tangible assets

5

3,108

3,472

323,107

683,471

CURRENT ASSETS

Debtors

6

1,103,697

4,401,904

Cash at bank and in hand

1,137,295

388,710

2,240,992

4,790,614

CREDITORS

Amounts falling due within one year

7

1,473,223

3,813,606

NET CURRENT ASSETS

767,769

977,008

TOTAL ASSETS LESS CURRENT LIABILITIES

1,090,876

1,660,479

CAPITAL AND RESERVES

Called up share capital

8

1,823

1,823

Capital redemption reserve

184

184

Retained earnings

1,088,869

1,658,472

SHAREHOLDERS' FUNDS

1,090,876

1,660,479

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 on 12 December 2019 and were signed on its behalf by:

D Ainsworth - Director

1.	STATUTORY INFORMATION

City Offices Real Estate Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address are as below:

Registered number:

09910407

Registered office:

8 Frederick's Place

London

London

EC2R 8AB

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Contracts are being amortised evenly over their estimated useful life of three years.

The Contracts were fully amortised during the year ended 31 March 2019.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Computer equipment

-

33% on cost

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2018 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 April 2018

and 31 March 2019

799,999

5,000,000

5,799,999

AMORTISATION

At 1 April 2018

320,000

4,800,000

5,120,000

Charge for year

160,000

200,000

360,000

At 31 March 2019

480,000

5,000,000

5,480,000

NET BOOK VALUE

At 31 March 2019

319,999

-

319,999

At 31 March 2018

479,999

200,000

679,999

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2018

-

6,032

6,032

Additions

1,961

265

2,226

At 31 March 2019

1,961

6,297

8,258

DEPRECIATION

At 1 April 2018

-

2,560

2,560

Charge for year

490

2,100

2,590

At 31 March 2019

490

4,660

5,150

NET BOOK VALUE

At 31 March 2019

1,471

1,637

3,108

At 31 March 2018

-

3,472

3,472

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

54,782

4,260,636

Other debtors

821,534

48,713

Accrued income

145,000

13,750

Prepayments

82,381

78,805

1,103,697

4,401,904

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

97,757

39,336

Tax

790,863

470,669

Social security and other taxes

29,237

28,019

VAT

531,902

734,761

Other creditors

14,464

19,754

Directors' current accounts

-

2,521,067

Accruals and deferred income

9,000

-

1,473,223

3,813,606

Included in Other creditors are redeemable preferred shares which have an aggregate nominal value of £183

(2018: £183).

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

816

Ordinary A

£1

816

816

999

Ordinary B

£1

999

999

6

Ordinary C

£1

6

6

2

Ordinary D

£1

2

2

1,823

1,823

9.	RELATED PARTY DISCLOSURES

Included in Debtors is a balance of £773,728 (2018:nil) due from City Office Real Estate London Limited, a

company under common control.

During the year the company charged City Office Real Estate London Limited fees for support and administrative

services at arms length of £1,650,810 (2018: nil).

During the year the company paid Dividends of £3,708,802 (2018: £130,000) to the Shareholders.

10.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.