City & Urban (Canterbury) Limited Filleted accounts for Companies House (small and micro)

CITY & URBAN (CANTERBURY) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07892006

City & Urban (Canterbury) Limited

Filleted Unaudited Financial Statements

31 December 2019

City & Urban (Canterbury) Limited

Financial Statements

Year ended 31 December 2019

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

City & Urban (Canterbury) Limited

Statement of Financial Position

31 December 2019

	2019		2018
			(restated)
Note	£	£	£

Fixed assets

Tangible assets	5		4,735,539	4,714,896

Current assets

Debtors	6	24,150	21,053
Cash at bank and in hand		42,530	101,407
		--------	---------
		66,680	122,460

Creditors: amounts falling due within one year	7	203,764		251,170
		---------		---------
Net current liabilities			137,084	128,710
			------------	------------
Total assets less current liabilities			4,598,455	4,586,186

Creditors: amounts falling due after more than one year	8		3,195,882	3,280,881

Provisions

Taxation including deferred tax	202,085	202,085
	------------	------------
Net assets	1,200,488	1,103,220
	------------	------------

Capital and reserves

Called up share capital	2	2
Profit and loss account	1,200,486	1,103,218
	------------	------------
Shareholders funds	1,200,488	1,103,220
	------------	------------

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 statement of income and retained earnings has not been delivered.

For the year ending 31 December 2019 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 & Urban (Canterbury) Limited

Statement of Financial Position (continued)

31 December 2019

These financial statements were approved by the board of directors and authorised for issue on 12 March 2020 , and are signed on behalf of the board by:

Mr G R Sloggett

Director

Company registration number: 07892006

City & Urban (Canterbury) Limited

Notes to the Financial Statements

Year ended 31 December 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

The turnover shown in the profit and loss account represents amounts due from tenants during the year.

Income tax

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.

Tangible assets

All fixed assets are initially recorded at historical cost.

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:

	Equipment	-	25% straight line

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2018: 3).

5. Tangible assets

	Investment Property	Equipment	Total
	£	£	£
Cost
At 1 January 2019 (as restated)	4,714,896	7,358	4,722,254
Additions	20,643	–	20,643
	------------	-------	------------
At 31 December 2019	4,735,539	7,358	4,742,897
	------------	-------	------------
Depreciation
At 1 January 2019 and 31 December 2019	–	7,358	7,358
	------------	-------	------------
Carrying amount
At 31 December 2019	4,735,539	–	4,735,539
	------------	-------	------------
At 31 December 2018	4,714,896	–	4,714,896
	------------	-------	------------

Included in the above is investment property with a valuation of £4,735,539. Which has a historical cost of £3,483,307. Investment property was revalued to market value in 2018 based on professional valuations provided by Strutt & Parker.

6. Debtors

	2019	2018
		(restated)
	£	£
Other debtors	24,150	21,053
	--------	--------

7. Creditors: amounts falling due within one year

	2019	2018
		(restated)
	£	£
Bank loans and overdrafts	34,609	34,010
Trade creditors	2,644	11,027
Accruals and deferred income	1,750	21,798
Corporation tax	22,816	19,321
Other creditors	141,945	165,014
	---------	---------
	203,764	251,170
	---------	---------

Bank loans and overdrafts are secured by the company by way of fixed and floating charges over the company's assets.

8. Creditors: amounts falling due after more than one year

	2019	2018
		(restated)
	£	£
Bank loans and overdrafts	2,536,216	2,570,826
Other creditors	659,666	710,055
	------------	------------
	3,195,882	3,280,881
	------------	------------

Bank loans and overdrafts are secured by the company by way of fixed and floating charges over the company's assets.

9. Prior period errors

In the prior period financial statements the company's fixed assets were overstated by £65,491 as a result of incorrectly treating some land separately from a revaluation. Therefore profit for the period was overstated by £65,491.

10. Related party transactions

At the year end the company owed a director £137,671 (2018: £161,671). At the year end the company owed family members £466,438 (2018: £469,377).