Company Registration No. SC642307 (Scotland)
CITY RENTALS GROUP LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
PAGES FOR FILING WITH REGISTRAR
CITY RENTALS GROUP LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CITY RENTALS GROUP LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2021
30 September 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
3
216,090
Current assets
Debtors
4
1,278
2
Cash at bank and in hand
26,951
28,229
2
Creditors: amounts falling due within one year
5
(252,861)
Net current (liabilities)/assets
(224,632)
2
Net (liabilities)/assets
(8,542)
2
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(8,544)
Total equity
(8,542)
2
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 30 September 2021 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant 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.
The financial statements were approved by the board of directors and authorised for issue on 20 May 2022 and are signed on its behalf by:
Mr N Findlay
Director
Company Registration No. SC642307
CITY RENTALS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 2 -
1
Accounting policies
Company information
City Rentals Group Ltd is a private company limited by shares incorporated in Scotland. The principal place of business is 28 Guthrie Court, Gleneagles Village, Auchterarder, PH3 1SD and the registered office is 22 Stafford Street, Edinburgh, EH3 7BD.
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. There were no material departures from that standard.
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 and in accordance with the principal accounting policies set out below.
1.2
Going concern
As at 30 September 2021 the company's liabilities exceed its assets by £8,542. Included within other creditors is £251,222 owed to a connected company, who will not seek repayment of this loan at this time and therefore the financial statements have been prepared on a going concern basis.
true
1.3
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.
Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents
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.
1.5
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 measured at transaction price
. Financial assets classified as receivable within one year are not amortised.
CITY RENTALS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 3 -
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.
Basic financial liabilities
Basic financial liabilities, including
creditors and
bank loans
are classified as debt,
and recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
Investment property
2021
£
Fair value
At 1 October 2020
Additions
216,090
At 30 September 2021
216,090
Investment property comprises residential accommodation. The fair value of the investment property has been arrived at by the director. The valuation was made on an open market value basis by reference to the market value of similar properties.
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
1,278
2
CITY RENTALS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
4
Debtors
(Continued)
- 4 -
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
36
Other creditors
252,825
252,861