Company Registration No. 04949495 (England and Wales)
CITYSITES (BIRMINGHAM) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
CITYSITES (BIRMINGHAM) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 9
CITYSITES (BIRMINGHAM) LTD
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
344
459
Investment properties
5
690,000
690,000
Investments
6
200
200
690,544
690,659
Current assets
Debtors
7
6,027
5,274
Cash at bank and in hand
27,998
9,992
34,025
15,266
Creditors: amounts falling due within one year
8
(88,708)
(73,576)
Net current liabilities
(54,683)
(58,310)
Total assets less current liabilities
635,861
632,349
Creditors: amounts falling due after more than one year
9
(417,888)
(459,505)
Net assets
217,973
172,844
Capital and reserves
Called up share capital
11
2
2
Fair value reserve
(65,130)
(65,130)
Profit and loss reserves
283,101
237,972
Total equity
217,973
172,844
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
CITYSITES (BIRMINGHAM) LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2018
31 March 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 October 2018 and are signed on its behalf by:
Mr N W Topping
Ms J A Topping
Director
Director
Company Registration No. 04949495
CITYSITES (BIRMINGHAM) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
Share capital
Fair value reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2016
2
(116,130)
236,254
120,126
Year ended 31 March 2017:
Profit and total comprehensive income for the year
-
-
52,718
52,718
Transfers
-
51,000
(51,000)
-
Balance at 31 March 2017
2
(65,130)
237,972
172,844
Year ended 31 March 2018:
Profit and total comprehensive income for the year
-
-
45,129
45,129
Balance at 31 March 2018
2
(65,130)
283,101
217,973
CITYSITES (BIRMINGHAM) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 4 -
1
Accounting policies
Company information
Citysites (Birmingham) Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Old Bank Chambers, 582-586 Kingsbury Road, Erdington, Birmingham, B24 9ND.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents rents receivable
.
Revenue from the
rental of the property
is recognised
by reference to the date the service is provided, which also includes service charges
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% on net book value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
CITYSITES (BIRMINGHAM) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 5 -
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
CITYSITES (BIRMINGHAM) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Exceptional costs/(income)
2018
2017
£
£
Compensation received
(32,000)
-
CITYSITES (BIRMINGHAM) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2).
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2017 and 31 March 2018
3,707
Depreciation and impairment
At 1 April 2017
3,248
Depreciation charged in the year
115
At 31 March 2018
3,363
Carrying amount
At 31 March 2018
344
At 31 March 2017
459
5
Investment property
2018
£
Fair value
At 1 April 2017 and 31 March 2018
690,000
The directors have considered the fair value of the company's investment property based on their knowledge of the market and their professional qualification, (RICS). On this basis they have determined the fair value to be £690,000.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2018
2017
£
£
Cost
755,130
755,130
Accumulated depreciation
-
-
Carrying amount
755,130
755,130
CITYSITES (BIRMINGHAM) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 8 -
6
Fixed asset investments
2018
2017
£
£
Investments
200
200
7
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
6,027
5,274
8
Creditors: amounts falling due within one year
2018
2017
Notes
£
£
Bank loans and overdrafts
10
33,000
12,000
Trade creditors
36
6,445
Corporation tax
4,336
14,415
Other taxation and social security
2,775
-
Directors loans
23,500
22,000
Other creditors
200
2,632
Accruals and deferred income
24,861
16,084
88,708
73,576
9
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
370,708
399,609
Other creditors
2,505
-
Directors' loans
44,675
59,896
417,888
459,505
Creditors which fall due after five years are as follows:
2018
2017
£
£
Payable by instalments
223,000
273,000
CITYSITES (BIRMINGHAM) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 9 -
10
Loans and overdrafts
2018
2017
£
£
Bank loans
403,708
411,609
Payable within one year
33,000
12,000
Payable after one year
370,708
399,609
The company's bank loan is secured against its investment property with an additional personal guarantee provided by the directors
11
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary Shares of £1 each
2
2
2
2
2018-03-31
2017-04-01
false
CCH Software
CCH Accounts Production 2018.220
No description of principal activity
25 October 2018
Mr N W Topping
Ms J A Topping
Ms J A Topping
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