City & Suburb Properties Limited 31/03/2018 iXBRL

City & Suburb Properties Limited 31/03/2018 iXBRL

CITY & SUBURB PROPERTIES LIMITED - Company Information

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Company registration number: 03471495
City & Suburb Properties Limited
Unaudited filleted financial statements
31 March 2018
City & Suburb Properties Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
City & Suburb Properties Limited
Directors and other information
Directors Mr Mark Smith
Mrs Sarah Coles
Secretary Sarah Coles
Company number 03471495
Registered office No 3 Hampstead West
224 Iverson Road
London
NW6 2HX
Accountants Redford & Co Limited
Chartered Accountants
First Floor
64 Baker Street
London
W1U 7GB
City & Suburb Properties Limited
Statement of financial position
31 March 2018
31/03/18 30/11/16
Note £ £ £ £
Fixed assets
Tangible assets 4 3,945,501 3,920,501
Investments 5 180 180
_______ _______
3,945,681 3,920,681
Current assets
Debtors 6 2,415,578 2,354,662
Cash at bank and in hand 3,771 19,203
_______ _______
2,419,349 2,373,865
Creditors: amounts falling due
within one year 7 ( 96,938) ( 76,260)
_______ _______
Net current assets 2,322,411 2,297,605
_______ _______
Total assets less current liabilities 6,268,092 6,218,286
Creditors: amounts falling due
after more than one year 8 ( 1,953,475) ( 1,958,008)
Provisions for liabilities ( 340,677) ( 372,307)
_______ _______
Net assets 3,973,940 3,887,971
_______ _______
Capital and reserves
Called up share capital 100 100
Revaluation reserve 1,509,681 1,509,681
Profit and loss account 2,464,159 2,378,190
_______ _______
Shareholders funds 3,973,940 3,887,971
_______ _______
For the period ending 31 March 2018 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 period 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.
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 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.
These financial statements were approved by the board of directors and authorised for issue on 28 November 2018 , and are signed on behalf of the board by:
Mr Mark Smith
Director
Company registration number: 03471495
City & Suburb Properties Limited
Notes to the financial statements
Period ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is No 3 Hampstead West, 224 Iverson Road, London, NW6 2HX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 December 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Tangible assets
Freehold property Total
£ £
Cost or valuation
At 1 December 2016 3,920,501 3,920,501
Revaluation 25,000 25,000
_______ _______
At 31 March 2018 3,945,501 3,945,501
_______ _______
Depreciation
At 1 December 2016 and 31 March 2018 - -
_______ _______
Carrying amount
At 31 March 2018 3,945,501 3,945,501
_______ _______
At 30 November 2016 3,920,501 3,920,501
_______ _______
Investment property
In accordance to FRS102, the investment properties must be restated at Fair Value as at the transition date. M Smith does not hold any professional property surveying qualification but relies on his vast business expertise to value the property.
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 December 2016 and 31 March 2018 180 180
_______ _______
Impairment
At 1 December 2016 and 31 March 2018 - -
_______ _______
Carrying amount
At 31 March 2018 180 180
_______ _______
At 30 November 2016 180 180
_______ _______
6. Debtors
31/03/18 30/11/16
£ £
Trade debtors 18,810 12,524
Amounts owed by group undertakings 2,395,240 2,339,862
Other debtors 1,528 2,276
_______ _______
2,415,578 2,354,662
_______ _______
7. Creditors: amounts falling due within one year
31/03/18 30/11/16
£ £
Bank loans and overdrafts 40,095 35,801
Trade creditors 10,726 5,581
Corporation tax 6,994 2,485
Social security and other taxes 2,823 -
Other creditors 36,300 32,393
_______ _______
96,938 76,260
_______ _______
8. Creditors: amounts falling due after more than one year
31/03/18 30/11/16
£ £
Other creditors 1,953,475 1,958,008
_______ _______
9. Controlling party
The company is jointly-controlled by the directors, by virtue of their equal shareholding.
10. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 December 2015.
Reconciliation of equity
At 1 December 2015 At 30 November 2016
Previously stated Effect of transition FRS 102 (restated) Previously stated Effect of transition FRS 102 (restated)
£ £ £ £ £ £
Fixed assets 3,013,173 - 3,013,173 3,013,173 907,508 3,920,681
Current assets 2,396,777 - 2,396,777 2,373,865 - 2,373,865
Creditors amounts falling due within 1 year ( 110,290) - ( 110,290) ( 76,260) - ( 76,260)
_______ _______ _______ _______ _______ _______
Net current assets 2,286,487 - 2,286,487 2,297,605 - 2,297,605
_______ _______ _______ _______ _______ _______
Total assets less current liabilities 5,299,660 - 5,299,660 5,310,778 907,508 6,218,286
Creditors amounts falling due after more than 1 year ( 1,956,831) - ( 1,956,831) ( 1,958,008) - ( 1,958,008)
Provisions for liabilities - - - - ( 372,307) ( 372,307)
_______ _______ _______ _______ _______ _______
Net assets 3,342,829 - 3,342,829 3,352,770 535,201 3,887,971
_______ _______ _______ _______ _______ _______
Equity 3,342,829 - 3,342,829 3,352,770 535,201 3,887,971
_______ _______ _______ _______ _______ _______
Reconciliation of profit or loss for the period
At 30 November 2016
Previously stated Effect of transition FRS 102 (restated)
£ £ £
Turnover 165,959 - 165,959
Other operating income ( 110,600) - ( 110,600)
_______ _______ _______
Operating profit 55,359 - 55,359
Interest payable and similar expenses ( 42,932) - ( 42,932)
Tax on Profit ( 2,485) 59,901 57,416
_______ _______ _______
Profit after taxation 9,942 59,901 69,843
_______ _______ _______
Profit for the financial period 9,942 59,901 69,843
_______ _______ _______