Company Registration No. 06156491 (England and Wales)
CARLTON CITY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR 31 MAY 2021
CARLTON CITY LIMITED
CONTENTS
Page
Statement of financial position
3
Notes to the financial statements
4 - 6
CARLTON CITY LIMITED
DIRECTORS' REPORT
FOR THE YEAR 31 MAY 2021
- 1 -
The directors present their annual report and financial statements for the year 31 May 2021.
Principal activities
The principal activity of the company continued to be that of property investment.
Directors
The directors who held office during the year 31 May 2021 and up to the date of signature of the financial statements were as follows:
A J Davies
M Gray
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
A J Davies
Director
24 February 2022
CARLTON CITY LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF CARLTON CITY LIMITED
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Carlton City Limited for the year 31 May 2021 set out on pages to 6 from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Carlton City Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Carlton City Limited and state those matters that we have agreed to state to the Board of Directors of Carlton City Limited, as a body, in this report in accordance with the requirements of the
Institute of Chartered Accountants of Scotland
as detailed at https://www.icas.com/FrameworkforthePreparationofAccounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Carlton City Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Carlton City Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss
of Carlton City Limited. You consider that Carlton City Limited is exempt from the statutory audit
requirement for
the year 31 May 2021.
We have not been instructed to carry out an audit or a review of the financial statements of Carlton City Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
M&S Accountancy and Taxation Ltd
Chartered Tax Advisers And Accountants
Unit 26
Dunfermline Business Centre
Dunfermline
Fife
KY11 3BZ
24 February 2022
CARLTON CITY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2021
31 May 2021
- 3 -
2021
2020
Notes
£
£
£
£
Current assets
Trade and other receivables
4
487,687
531,510
Cash and cash equivalents
99
430,216
487,786
961,726
Current liabilities
5
(4,850,376)
(5,322,383)
Net current liabilities
(4,362,590)
(4,360,657)
Equity
Called up share capital
100
100
Retained earnings
(4,362,690)
(4,360,757)
Total equity
(4,362,590)
(4,360,657)
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year 31 May 2021 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 31 May 2021
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 24 February 2022 and are signed on its behalf by:
A J Davies
Director
Company Registration No. 06156491
CARLTON CITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR 31 MAY 2021
- 4 -
1
Accounting policies
Company information
Carlton City Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
27 Old Gloucester Street, London, WC1N 3AX.
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
Revenue
Revenue represents sales and rental income receivable from the sale and letting of investment properties.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Property, plant and equipment
Property, plant and equipment
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:
Computer equipment
25% on cost
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
.
1.4
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.
CARLTON CITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR 31 MAY 2021
1
Accounting policies
(Continued)
- 5 -
1.5
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
income statement
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
income statement
, 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
Employees
The average monthly number of persons (including directors) employed by the company during the year 31 May 2021 was:
2021
2020
Number
Number
Total
2
2
3
Property, plant and equipment
Total
£
Cost
At 1 June 2020 and 31 May 2021
1,450
Depreciation and impairment
At 1 June 2020 and 31 May 2021
1,450
Carrying amount
At 31 May 2021
At 31 May 2020
CARLTON CITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR 31 MAY 2021
- 6 -
4
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Other receivables
487,686
530,266
Prepayments and accrued income
1
1,244
487,687
531,510
5
Current liabilities
2021
2020
£
£
Trade payables
303
Other payables
4,768,486
5,241,156
Accruals and deferred income
81,587
81,227
4,850,376
5,322,383
6
Financial commitments, guarantees and contingent liabilities
At 31 May 2021 the company was party to a cross guarantee between itself, Carlton Development Group Limited and Carlton Country Limited in favour of Santander Building Society. The potential liability under the guarantee at 31 May 2021 was £2,629,633 (2020 - £2,279,633). This was secured by property owned by each respective company.
The loans are secured by way of a bond and floating charge and a standard security over the property included in stock.
7
Parent company
The company is controlled by Carlton Holding Group Limited, whose registered office address is Unit 26, Dunfermline Business Centre, Izatt Avenue, Dunfermline, Fife, KY11 3BZ.