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 2021

for

City Offices Real Estate Limited

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Intangible assets

4

-

159,999

Tangible assets

5

131,967

184,041

131,967

344,040

CURRENT ASSETS

Debtors

6

1,107,616

900,179

Cash at bank and in hand

549,406

184,021

1,657,022

1,084,200

CREDITORS

Amounts falling due within one year

7

739,204

473,574

NET CURRENT ASSETS

917,818

610,626

TOTAL ASSETS LESS CURRENT LIABILITIES

1,049,785

954,666

PROVISIONS FOR LIABILITIES

8

23,994

33,758

NET ASSETS

1,025,791

920,908

CAPITAL AND RESERVES

Called up share capital

9

1,307

1,823

Capital redemption reserve

10

701

184

Retained earnings

10

1,023,783

918,901

SHAREHOLDERS' FUNDS

1,025,791

920,908

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 and authorised for issue on 16 November 2021 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.

Short leasehold

-

in accordance with the property

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.

Going concern

The directors are closely monitoring the impact of COVID-19 on the activities of the company and after making appropriate enquiries, they have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, having taken into account the impact of the pandemic on the business.

Based on the directors' assessment, the company continues to adopt the going concern basis in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2020 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 April 2020

and 31 March 2021

799,999

5,000,000

5,799,999

AMORTISATION

At 1 April 2020

640,000

5,000,000

5,640,000

Charge for year

159,999

-

159,999

At 31 March 2021

799,999

5,000,000

5,799,999

NET BOOK VALUE

At 31 March 2021

-

-

-

At 31 March 2020

159,999

-

159,999

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2020

6,886

180,004

44,342

231,232

Additions

-

5,236

2,806

8,042

At 31 March 2021

6,886

185,240

47,148

239,274

DEPRECIATION

At 1 April 2020

516

31,164

15,511

47,191

Charge for year

689

46,171

13,256

60,116

At 31 March 2021

1,205

77,335

28,767

107,307

NET BOOK VALUE

At 31 March 2021

5,681

107,905

18,381

131,967

At 31 March 2020

6,370

148,840

28,831

184,041

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

983,448

338,994

Accrued income

-

498,598

Prepayments

124,168

62,587

1,107,616

900,179

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

29,884

22,167

Tax

267,573

96,728

Social security and other taxes

37,845

37,635

VAT

180,147

112,668

Other creditors

207,997

198,376

Accruals and deferred income

15,758

6,000

739,204

473,574

Included in Other creditors are redeemable preferred shares which have an aggregate nominal value of £183 (2020: £183).

8.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

23,994

33,758

Deferred

tax

£

Balance at 1 April 2020

33,758

Provided during year

(9,764

)

Balance at 31 March 2021

23,994

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

583

Ordinary A

£1

583

816

716

Ordinary B

£1

716

999

5

Ordinary C

£1

5

6

2

Ordinary D

£1

2

2

1

Ordinary E

£1

1

-

1,307

1,823

Allotted and issued:

Number:

Class:

Nominal

2021

2020

value:

£

£

1

Ordinary E

£1

1

-

The following shares were issued during the year for cash at par :

1 Ordinary E share of £1

On 15 May 2020, 233 Ordinary A shares with an aggregate nominal value of £233, 283 Ordinary B shares with an aggregate nominal value of £283 and 1 Ordinary C share with an aggregate nominal value of £1 were purchased by the company and subsequently cancelled. The ordinary shares were acquired for a consideration of £1.

The new Ordinary E Share was issued in line with the shareholders' agreement.

10.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 April 2020

918,901

184

919,085

Profit for the year

967,512

967,512

Dividends

(862,629

)

(862,629

)

Purchase of own shares

(1

)

517

516

At 31 March 2021

1,023,783

701

1,024,484

11.	CAPITAL COMMITMENTS

2021

2020

£

£

Contracted but not provided for in the

financial statements

160,592

160,592

12.	RELATED PARTY DISCLOSURES

Included in Debtors is a balance of £790,294 (2020: £783,455) 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 2,962,308 (2020: £2,093,258).

During the year the company paid Dividends of £862,629 (2020: £480,000) to the Shareholders.

13.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.