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 2023

City & Urban (Canterbury) Limited

Financial Statements

Year ended 31 December 2023

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

City & Urban (Canterbury) Limited

Statement of Financial Position

31 December 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	5		6,230,000	5,030,000

Current assets

Debtors	6	30,706	25,283
Cash at bank and in hand		23,195	64,304
		--------	--------
		53,901	89,587

Creditors: amounts falling due within one year	7	120,622		2,596,515
		---------		------------
Net current liabilities			66,721	2,506,928
			------------	------------
Total assets less current liabilities			6,163,279	2,523,072

Creditors: amounts falling due after more than one year	8		2,923,383	554,100

Provisions

Taxation including deferred tax	639,516	258,032
	------------	------------
Net assets	2,600,380	1,710,940
	------------	------------

Capital and reserves

Called up share capital	2	2
Other reserves	2,294,204	1,475,688
Profit and loss account	306,174	235,250
	------------	------------
Shareholders funds	2,600,380	1,710,940
	------------	------------

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 December 2023 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 2023

These financial statements were approved by the board of directors and authorised for issue on 7 May 2024 , and are signed on behalf of the board by:

Mr I C Sloggett

Director

Company registration number: 07892006

City & Urban (Canterbury) Limited

Notes to the Financial Statements

Year ended 31 December 2023

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.

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.

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 (2022: 3 ).

5. Tangible assets

	Investment Property	Equipment	Total
	£	£	£
Cost or valuation
At 1 January 2023	5,030,000	7,358	5,037,358
Revaluations	1,200,000	–	1,200,000
	------------	-------	------------
At 31 December 2023	6,230,000	7,358	6,237,358
	------------	-------	------------
Depreciation
At 1 January 2023 and 31 December 2023	–	7,358	7,358
	------------	-------	------------
Carrying amount
At 31 December 2023	6,230,000	–	6,230,000
	------------	-------	------------
At 31 December 2022	5,030,000	–	5,030,000
	------------	-------	------------

Included in the above is investment property with a valuation of £6,230,000. Which has a historical cost of £3,554,313. Investment property was revalued to market value in 2023 based on professional valuations provided by Strutt & Parker.

6. Debtors

	2023	2022
	£	£
Other debtors	30,706	25,283
	--------	--------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	–	2,459,674
Trade creditors	4,106	1,547
Accruals and deferred income	31,210	27,264
Corporation tax	19,464	22,066
Other creditors	65,842	85,964
	---------	------------
	120,622	2,596,515
	---------	------------

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

	2023	2022
	£	£
Bank loans and overdrafts	2,860,000	–
Other creditors	63,383	554,100
	------------	---------
	2,923,383	554,100
	------------	---------

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

9. Related party transactions

At the year end the company owed a director £61,671 (2022: £81,671). At the year end the company owed family members £NIL (2022: £460,046).