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

CITY TRUST PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC175668

City Trust Properties Limited

Filleted Unaudited Financial Statements

31 August 2020

City Trust Properties Limited

Financial Statements

Year ended 31 August 2020

Contents	Page

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

City Trust Properties Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of City Trust Properties Limited

Year ended 31 August 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of City Trust Properties Limited for the year ended 31 August 2020, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of City Trust Properties Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of City Trust Properties Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than City Trust Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that City Trust Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of City Trust Properties Limited. You consider that City Trust Properties Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of City Trust Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

GILLILAND & COMPANY Chartered Accountants

216 West George Street Glasgow G2 2PQ

27 May 2021

City Trust Properties Limited

Statement of Financial Position

31 August 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		8,409,911	7,767,389

Current assets

Debtors	6	10,733	7,455
Cash at bank and in hand		195,822	259,481
		---------	---------
		206,555	266,936

Creditors: amounts falling due within one year	7	509,929		393,612
		---------		---------
Net current liabilities			303,374	126,676
			------------	------------
Total assets less current liabilities			8,106,537	7,640,713

Creditors: amounts falling due after more than one year	8		1,685,930	1,829,167

Provisions

Taxation including deferred tax	746,335	624,373
	------------	------------
Net assets	5,674,272	5,187,173
	------------	------------

Capital and reserves

Called up share capital	100,000	100,000
Non distributable reserve	5,275,902	4,632,902
Profit and loss account	298,370	454,271
	------------	------------
Members funds	5,674,272	5,187,173
	------------	------------

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 comprehensive income has not been delivered.

For the year ending 31 August 2020 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 Trust Properties Limited

Statement of Financial Position (continued)

31 August 2020

These financial statements were approved by the board of directors and authorised for issue on 27 May 2021 , and are signed on behalf of the board by:

J S Foxwell

Director

Company registration number: SC175668

City Trust Properties Limited

Notes to the Financial Statements

Year ended 31 August 2020

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ.

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.

Revenue recognition

Turnover represents gross rents received and receivable and fees received during the year. Gross rents received and receivable from properties are included in the Profit and Loss Account on the basis that credit is taken when these rents fall due for payment.

Income tax

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they were included in the company's accounts. Provision is made for deferred taxation arising from timing differences other than those which are expected with reasonable probability to continue in the foreseeable future. Deferred tax is not provided on timing differences arising from revaluation of fixed assets where there is no commitment to sell the asset. Deferred tax assets and liabilities are not discounted.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Fixtures & Fittings	-	20% reducing balance
Equipment	-	20% reducing balance

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2019: 6 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost or valuation
At 1 September 2019	7,765,000	49,467	5,425	7,819,892
Revaluations	643,000	–	–	643,000
	------------	--------	-------	------------
At 31 August 2020	8,408,000	49,467	5,425	8,462,892
	------------	--------	-------	------------
Depreciation
At 1 September 2019	–	47,422	5,081	52,503
Charge for the year	–	409	69	478
	------------	--------	-------	------------
At 31 August 2020	–	47,831	5,150	52,981
	------------	--------	-------	------------
Carrying amount
At 31 August 2020	8,408,000	1,636	275	8,409,911
	------------	--------	-------	------------
At 31 August 2019	7,765,000	2,045	344	7,767,389
	------------	--------	-------	------------

The investment properties were valued at £8,408,000 (2019: £7,765,000) by the Directors after reviewing an independent valuation report prepared for the company's funders. The valuation is on an open market basis which assumes that the properties would be disposed of on an individual basis. The directors recognise that if the properties were sold as a portfolio then the purchaser may negotiate a discount and sell the portfolio for less, however this is not the intentions of the directors. If they had not been revalued they would have been stated at cost of £2,578,065 (2019: £2,578,065).

6. Debtors

	2020	2019
	£	£
Other debtors	10,733	7,455
	--------	-------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	63,553	54,200
Corporation tax	31,007	15,858
Social security and other taxes	728	727
Other creditors	414,641	322,827
	---------	---------
	509,929	393,612
	---------	---------

The company's bankers hold standard security and a bond and floating charge over the properties owned by the Company.

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

	2020	2019
	£	£
Bank loans and overdrafts	1,685,930	1,829,167
	------------	------------

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2020	2019
	£	£
Included in provisions	746,335	624,373
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2020	2019
	£	£
Accelerated capital allowances	144	352
Fair value adjustment of financial assets	746,191	624,021
	---------	---------
	746,335	624,373
	---------	---------

10. Directors' advances, credits and guarantees

As at 31st August 2020 the company owed £62,503 to Mrs H S Foxwell (2019: £57,965). As at 31st August 2020 the company owed £107,369 to Mr J S Foxwell , director. (2019:£80,717). As at 31st August 2020 the company owed £77,154 to Mr S Foxwell, director. (2019:£51,494.15).

11. Ultimate control

The company is not under the ultimate control of any one individual.