Edinburgh City Homes Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC113402 (Scotland)

Edinburgh City Homes Limited

Unaudited Financial Statements

for the Year Ended 30 April 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J Crooks

REGISTERED OFFICE:

9 Ainslie Place

Edinburgh

EH3 6AT

REGISTERED NUMBER:

SC113402 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

Bank of Scotland

PO Box 1000

BX2 1LB

SOLICITORS:

Mowat Hall Dick

45 Queen Charlotte Street

Leith

Edinburgh

EH6 7HT

FIXED ASSETS

Investments

4

805,306

979,231

Investment property

5

6,065,052

6,002,800

6,870,358

6,982,031

CURRENT ASSETS

Debtors

6

-

1,161

Cash at bank

481,454

234,341

481,454

235,502

CREDITORS

Amounts falling due within one year

7

232,247

182,394

NET CURRENT ASSETS

249,207

53,108

TOTAL ASSETS LESS CURRENT LIABILITIES

7,119,565

7,035,139

CREDITORS

Amounts falling due after more than one year

8

897,240

921,165

NET ASSETS

6,222,325

6,113,974

CAPITAL AND RESERVES

Called up share capital

39,800

39,800

Capital redemption reserve

10

93,000

93,000

Fair value reserve

10

2,119,530

2,361,413

Retained earnings

10

3,969,995

3,619,761

SHAREHOLDERS' FUNDS

6,222,325

6,113,974

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 on 31 January 2020 and were signed by:

J Crooks - Director

1.	STATUTORY INFORMATION

Edinburgh City Homes Limited is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover and revenue recognition

Turnover represents amounts receivable during the year for rent of properties held by the

company.

Rent is recognised in accordance with the lease agreement.

Investment property

Investment properties are shown at their fair value. Any surplus or deficit arising from changes in

fair value are recognised in the profit and loss account for the year. A reduction in value due to

fluctuations in property market conditions is not considered to be permanent.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the

property is sold and at the year end is included in the fair value reserve with the relevant change in

fair value.

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.

Fixed assets investments

Unlisted fixed asset investments are stated at cost less any provision for impairment.

Listed fixed asset investment are stated at market value. Any revaluation gains or losses are

recognised in the fair value reserve.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are initially recognised at transaction value and

subsequently measured at their settlement value.

All loans with related parties are repayable on demand.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	FIXED ASSET INVESTMENTS

Listed

Unlisted

investments

investments

Totals

£

£

£

COST OR VALUATION

At 1 May 2018

953,131

26,100

979,231

Additions

305,749

-

305,749

Disposals

(97,628

)

-

(97,628

)

Revaluations

(382,046

)

-

(382,046

)

At 30 April 2019

779,206

26,100

805,306

NET BOOK VALUE

At 30 April 2019

779,206

26,100

805,306

At 30 April 2018

953,131

26,100

979,231

The cost and market value of the investments listed on the London Stock Exchange as at 30 April

2019 were £1,401,692.95 (2018: £1,185,767) and £779,206 (2018: £953,131) respectively.

The historic cost of unlisted investments as at 30 April 2019 were £35,137 (2018: £35,137).

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2018

6,002,800

Disposals

(114,400

)

Revaluations

176,652

At 30 April 2019

6,065,052

NET BOOK VALUE

At 30 April 2019

6,065,052

At 30 April 2018

6,002,800

If investment properties had not been revalued they would have been included at the following

historical cost:

2019

2018

£

£

Cost

3,323,036

3,408,752

Investment properties were valued on an open basis on 30 April 2019 by the director.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Director's current account

-

1,161

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

24,261

23,609

Corporation tax

46,865

44,146

Amounts due to related parties

149,853

111,230

Director's current account

5,446

-

Accruals and deferred income

5,822

3,409

232,247

182,394

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans - more than 1 year

25,162

24,486

Bank loans - 2-5 years

81,230

79,051

Bank loans more 5 yr by instal

219,701

246,481

Bank loans more 5 yrs non-inst

571,147

571,147

897,240

921,165

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

571,147

571,147

Repayable by instalments

Bank loans more 5 yr by instal

219,701

246,481

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

921,501

944,774

There are five bank loans with Lloyds TSB. The first loan is secured on the following four properties:

2nd floor flat, 22 Calton Hill; top floor flat, 9 Montgomery Street; top floor flat, 1 West Park Place

and 4/14 Tron Square. The second loan is secured on 2nd floor flat, 161 Rose Street. The third is

secured over Ground Floor Flat, 12 Regent Terrace. The fourth is secured over 6 Anne House, 11

Bells Wynd. The fifth is secured over 7 Anne House, 11 Bells Wynd. There is also a bond and

floating charge over all assets.

10.

RESERVES

Capital

Fair

Retained

redemption

value

earnings

reserve

reserve

Totals

£

£

£

£

At 1 May 2018

3,619,761

93,000

2,361,413

6,074,174

Profit for the year

108,351

108,351

Revaluation of fixed assets

(176,652

)

-

176,652

-

Release of reserves on disposal of fixed assets

28,684

-

(28,684

)

-

Revaluation of investments

392,539

-

(392,539

)

-

Release of reserves on disposal of investments

(2,688

)

-

2,688

-

At 30 April 2019

3,969,995

93,000

2,119,530

6,182,525

The fair value reserve represents the net revaluation surplus on listed investments and investment

properties that is not readily distributable as realised earnings.

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2019 and

30 April 2018:

2019

2018

£

£

J Crooks

Balance outstanding at start of year

1,161

(5,043

)

Amounts advanced

-

6,204

Amounts repaid

(6,606

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(5,445

)

1,161