| CITY SKY INVESTMENTS LTD |
| Registered number: |
08599512 |
| Balance Sheet |
| as at 31 July 2019 |
|
| Notes |
|
|
2019 |
|
|
2018 |
| £ |
£ |
| Fixed assets |
| Investment property |
2 |
|
|
600,000 |
|
|
600,000 |
|
| Current assets |
| Debtors |
3 |
|
150 |
|
|
2,417 |
| Cash at bank and in hand |
|
|
47,838 |
|
|
45,516 |
|
|
|
47,988 |
|
|
47,933 |
|
| Creditors: amounts falling due within one year |
4 |
|
(426) |
|
|
(6,965) |
|
| Net current assets |
|
|
|
47,562 |
|
|
40,968 |
|
| Total assets less current liabilities |
|
|
|
647,562 |
|
|
640,968 |
|
| Creditors: amounts falling due after more than one year |
5 |
|
|
(638,276) |
|
|
(638,276) |
|
| Provisions for liabilities |
|
|
|
(3,068) |
|
|
(3,068) |
|
|
| Net assets/(liabilities) |
|
|
|
6,218 |
|
|
(376) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
190 |
|
|
190 |
| Fair value reserve |
7 |
|
|
13,077 |
|
|
13,077 |
| Profit and loss account |
|
|
|
(7,049) |
|
|
(13,643) |
|
| Shareholders' funds |
|
|
|
6,218 |
|
|
(376) |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Theodoros Pitsillides |
| Director |
| Approved by the board on 29 April 2020 |
|
| CITY SKY INVESTMENTS LTD |
| Notes to the Accounts |
| for the year ended 31 July 2019 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover represents rents receivable during the year. |
|
|
Investment property |
|
Investments Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
|
|
Cash and cash equivalents |
|
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand and short term deposits with an original maturity date of one month. |
|
|
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 statement of financial position date. |
|
| 2 |
Investment property |
|
|
|
|
|
|
|
|
Total |
| £ |
|
Fair Value |
|
At 1 August 2018 |
600,000 |
|
At 31 July 2019 |
600,000 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2019 |
600,000 |
|
At 31 July 2018 |
600,000 |
|
|
|
|
|
|
|
|
|
|
Investment property was valued on an open market basis on 31 July 2018 by the director. |
|
|
Fair value at 31 July 2018 is represented by: |
| £ |
|
Valuation in 2017 |
16,145 |
|
Cost |
583,855 |
|
|
|
|
|
|
|
|
600,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
If investment property had not been revalued it would have been included at the historical cost: |
|
|
|
|
|
|
|
2019 |
|
2018 |
| £ |
£ |
|
Cost |
583,855 |
|
583,855 |
|
|
|
|
|
|
|
|
|
| 3 |
Debtors |
2019 |
|
2018 |
| £ |
£ |
|
|
Other debtors |
150 |
|
2,417 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Creditors: amounts falling due within one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Trade creditors |
120 |
|
5,469 |
|
Other creditors |
306 |
|
1,496 |
|
|
|
|
|
|
426 |
|
6,965 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due after one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Bank loans |
340,500 |
|
340,500 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
25,981 |
|
25,981 |
|
Other creditors |
271,795 |
|
271,795 |
|
|
|
|
|
|
638,276 |
|
638,276 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Loans |
2019 |
|
2018 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
340,500 |
|
340,500 |
|
|
|
|
|
|
|
|
|
|
The loan is secured by way of fixed and floating charge over the leasehold property held by the company and contains a negative pledge. |
|
|
| 7 |
Fair value reserve |
2019 |
|
2018 |
| £ |
£ |
|
|
At 1 August 2018 |
13,077 |
|
13,077 |
|
|
At 31 July 2019 |
13,077 |
|
13,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 8 |
Related party disclosures |
|
|
Included in other creditors is the amount of £25,981 (2018: £25,981) due to the director of the company. The amount is interest free and repayable on demand. |
|
| 9 |
Other information |
|
|
CITY SKY INVESTMENTS LTD is a private company limited by shares and incorporated in England. Its registered office is: |
|
1 Kings Avenue |
|
London |
|
United Kingdom |
|
N21 3NA |
