REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
CARDIFF CITY APARTMENTS LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 MARCH 2020 |
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
CARDIFF CITY APARTMENTS LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 MARCH 2020 |
|
|
|
|
|
CARDIFF CITY APARTMENTS LIMITED (REGISTERED NUMBER: 06381685) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
CARDIFF CITY APARTMENTS LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2020 |
|
|
|
|
|
|
|
DIRECTOR: |
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
CARDIFF CITY APARTMENTS LIMITED (REGISTERED NUMBER: 06381685) |
|
BALANCE SHEET |
31 MARCH 2020 |
|
2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
Investments | 5 |
|
|
Investment property | 6 |
|
|
|
|
|
CURRENT ASSETS |
Debtors | 7 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 8 |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | 12 | ( |
) |
|
NET ASSETS |
|
|
CARDIFF CITY APARTMENTS LIMITED (REGISTERED NUMBER: 06381685) |
|
BALANCE SHEET - continued |
31 MARCH 2020 |
|
2020 | 2019 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 13 |
|
|
Retained earnings | 14 |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The director acknowledges his 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. |
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the director and authorised for issue on
|
|
|
|
|
|
|
|
CARDIFF CITY APARTMENTS LIMITED (REGISTERED NUMBER: 06381685) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
|
1. | STATUTORY INFORMATION |
|
Cardiff City Apartments Limited is a
|
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Significant judgements and estimates |
In the application of the company's accounting policies, which are described in note 1, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
|
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
|
Investment properties - The fair value of investment properties involved the use of professional valuation techniques, which are reviewed annually by management. Where factors that could impact the fair value are identified, appropriate adjustments are made through the income statement. |
CARDIFF CITY APARTMENTS LIMITED (REGISTERED NUMBER: 06381685) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
|
2. | ACCOUNTING POLICIES - continued |
|
Going concern |
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of the assumption depends upon the continuing support of its' director with which the company has an interest free loan of £1,315,528 and its bankers with whom it also has loans and mortgages of £3,167,533. In the opinion of the director it is appropriate for the financial statements to be prepared on a going concern basis. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce balance sheet values of assets to the recoverable amounts and to provide for further liabilities that may arise, and to reclassify fixed asset and long term liabilities as current assets and liabilities. |
|
The Directors continue to have a reasonable expectation that the company has adequate resources to continue in operation for the next twelve months and that the going concern basis of accounting remains appropriate. The Directors have taken prompt action to protect the company's cashflow including reducing costs. Whilst the impact of the COVID-19 pandemic cannot be accurately predicted and it is not possible to assess all possible future implications for the company, based on the analysis and scenarios assessed, the company believes that it has a secure financial position that will enable it to trade through the current disruption of the business. |
|
Turnover |
Turnover is measured at fair value of the consideration received or receivable less value added tax and discounts. The policies adopted for the recognition of turnover are as follow: |
|
Rendering of services: |
|
Turnover is recognised at the fair value of rent received or receivable in the normal course of business. Turnover generated from rentals is recognised in the period which it relates. |
|
Tangible fixed assets |
|
Fixtures and fittings | - |
|
|
Tangible fixed assets are held for the companies own use and are stated at cost less accumulated depreciation and accumulated impairment losses. |
|
Investment property |
Investment properties are held to generate rental income and capital appreciation. Investment properties are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Investment properties are subsequently remeasured at fair value. An assessment of investment property fair value is performed annually. Any changes in fair value are recognised in the income statement. |
|
Deferred tax is recognised on any fair value changes at the rate that would apply to the sale of the investment property, unless the property has a limited useful life and is held as part of a business model to consume all of the economic benefits associated with it. |
|
CARDIFF CITY APARTMENTS LIMITED (REGISTERED NUMBER: 06381685) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
|
2. | ACCOUNTING POLICIES - continued |
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. |
CARDIFF CITY APARTMENTS LIMITED (REGISTERED NUMBER: 06381685) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
|
2. | ACCOUNTING POLICIES - continued |
|
Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliable estimated. |
|
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
|
Cash and cash equivalents |
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
|
Financial instruments |
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments". |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets are 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 trade and other debtors, loans to related companies 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
|
Basic financial liabilities |
Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
|
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
|
Associated company |
The company has adopted the cost model in recognising and remeasuring investments in associates. Investments in associates are recognised at cost less any accumulated impairment losses. |
|
Dividends or other distributions received from the associated company are recognised in the income statement during the period which it relates too. |
CARDIFF CITY APARTMENTS LIMITED (REGISTERED NUMBER: 06381685) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 April 2019 |
and 31 March 2020 |
|
DEPRECIATION |
At 1 April 2019 |
|
Charge for year |
|
At 31 March 2020 |
|
NET BOOK VALUE |
At 31 March 2020 |
|
At 31 March 2019 |
|
|
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 April 2019 |
and 31 March 2020 |
|
NET BOOK VALUE |
At 31 March 2020 |
|
At 31 March 2019 |
|
|
The fixed asset investment relates to a 40% shareholding in Cardiff Cathedral Investments Limited, a company in which the director holds an interest. Cardiff Cathedral Investments Limited is a property development company with an issued share capital of 1,000 ordinary £1 shares. |
CARDIFF CITY APARTMENTS LIMITED (REGISTERED NUMBER: 06381685) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
|
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2019 |
|
Additions |
|
At 31 March 2020 |
|
NET BOOK VALUE |
At 31 March 2020 |
|
At 31 March 2019 |
|
|
Investment properties are initially recognised at cost which is deemed to be its fair value. The value of all properties are reviewed on an annual basis and are subsequently remeasured by the Director with reference to a rental yield calculation to determine its fair value. |
|
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
There is no formal agreement between the company and its related party balances to repay their loans in more than one year. All the loans are repayable by demand and are shown at cost. The amounts shown in the accounts are at their carrying values. |
|
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts (see note 10) |
|
|
Trade creditors |
|
|
Tax |
|
|
Directors' current accounts | 1,315,528 | 1,025,757 |
Accrued expenses |
|
|
|
|
CARDIFF CITY APARTMENTS LIMITED (REGISTERED NUMBER: 06381685) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
|
9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans (see note 10) |
|
|
|
10. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2020 | 2019 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
Bank loans |
|
|
|
|
|
Amounts falling due between two and five years: |
Bank loans |
|
|
|
11. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2020 | 2019 |
£ | £ |
Bank loans |
|
|
|
The mortgage and bank loans have been secured by fixed and floating charges held over the investment properties as noted on the balance sheet and contains a negative pledge. The directors consider that the carrying amounts of the mortgages and bank loan are approximate to their fair values. |
|
12. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax | 4,743 | - |
CARDIFF CITY APARTMENTS LIMITED (REGISTERED NUMBER: 06381685) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
|
12. | PROVISIONS FOR LIABILITIES - continued |
|
Deferred |
tax |
£ |
Accelerated capital allowances | 4,743 |
Balance at 31 March 2020 |
|
|
13. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
|
Ordinary | £1 | 1 | 1 |
|
14. | RESERVES |
Retained |
earnings |
£ |
|
At 1 April 2019 |
|
Profit for the year |
|
At 31 March 2020 |
|
|
15. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to a director subsisted during the years ended 31 March 2020 and 31 March 2019: |
|
2020 | 2019 |
£ | £ |
|
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
|
|
Amounts repaid | ( |
) |
|
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
CARDIFF CITY APARTMENTS LIMITED (REGISTERED NUMBER: 06381685) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
|
16. | RELATED PARTY DISCLOSURES |
|
Included in outsourced labour costs is £6,876 (2019 - NIL) of costs for work carried out on the property portfolio of the company by JNR Property Development Limited |
|
As at 31 March 2020 an amount of £486,131 was owed from the company Cardiff Cathedral Investments Limited (2019 - £462,532) a company under common control. |
|
As at 31 March 2020 an amount of £70,000 was owed from the company Cardiff Bay Estates Construction Limited (2019 - NIL) a company under common control. |
|
As at 31 March 2020 an amount of £52,000 was owed from the company Cardiff Bay Estates Limited (2019 - £5,000) a company under common control. |
|
As at 31 March 2020 an amount of £8,000 was owed to the company JNR Property Development Limited (2019 - £30,282 owed from) a company under common control. |
|
As at 31 March 2020 an amount of £770 was owed to the company JNR Property Management Limited (2019 - NIL) a company under common control. |
|
As at 31 March 2020 an amount of £8,893 was owed to the company JNR Developers Limited (2019 - NIL) a company under common control. |
|
As at 31 March 2020 an amount of NIL was owed from the company Cardiff City Developments Limited (2019 - £150,000) a company under common control. |
|
All amounts due to and from the company are interest free and considered repayable on demand. |
|
Included in outsourced labour costs is £13,279 (2019 - £6,876) of costs for work carried out on the property portfolio of the company by JNR Property Development Limited and £1,900 (2019 - NIL) from JNR Property Management Limited. |
|
Included in property management fees is £53,377 (2019 - £30,063) of commission and agency fees for managing the property portfolio of the company from JNR Property Management Limited. |
|
17. | POST BALANCE SHEET EVENTS |
|
Within note 2 the director has considered the ongoing impact of Covid-19 on the operations of the entity and the entities ability to continue as a going concern. The director is confident that the entity has adequate resources to continue in operational existence for the foreseeable future. |
|
The director considers this a non-adjusting post balance sheet event. |
|
18. | ULTIMATE CONTROLLING PARTY |
|
The controlling party is M Chegounchei. |