CITY & PACIFIC LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC156859 (Scotland)

CITY & PACIFIC LIMITED

Unaudited Financial Statements

for the Year Ended 30 June 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs C M Armstrong

Mr A Glasgow

Mr C B Armstrong

Mrs L A Glasgow

SECRETARY:

Mrs L A Glasgow

REGISTERED OFFICE:

1 Gosford Road

Longniddry

East Lothian

EH32 0LF

REGISTERED NUMBER:

SC156859 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

Bank of Scotland

38 St Andrew Square

Edinburgh

EH2 2YR

SOLICITORS:

Burness Paull LLP

50 Lothian Road

Festival Square

Edinburgh

EH3 9WJ

FIXED ASSETS

Tangible assets

4

832

-

Investment property

5

11,850,000

12,000,000

11,850,832

12,000,000

CURRENT ASSETS

Debtors

6

9,838

42,899

Cash at bank and in hand

210,968

168,310

220,806

211,209

CREDITORS

Amounts falling due within one year

7

362,407

396,636

NET CURRENT LIABILITIES

(141,601

)

(185,427

)

TOTAL ASSETS LESS CURRENT LIABILITIES

11,709,231

11,814,573

CREDITORS

Amounts falling due after more than one year

8

(6,651,447

)

(6,776,852

)

PROVISIONS FOR LIABILITIES

(158

)

-

NET ASSETS

5,057,626

5,037,721

CAPITAL AND RESERVES

Called up share capital

230

230

Fair value reserve

10

530,790

680,790

Retained earnings

4,526,606

4,356,701

SHAREHOLDERS' FUNDS

5,057,626

5,037,721

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 20 January 2022 and were signed on its behalf by:

Mr A Glasgow - Director

1.	STATUTORY INFORMATION

CITY & PACIFIC 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 net invoiced rental income, excluding value added tax.

Rent is recognised in accordance with the lease agreement.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

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 fluctuation in the 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.

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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The financial statements have been prepared on the going concern basis. The directors' going concern assessment includes the expected impact of COVID-19 to the company for a period of at least 12 months from the date of signing of these financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2020

1,315

Additions

1,058

At 30 June 2021

2,373

DEPRECIATION

At 1 July 2020

1,315

Charge for year

226

At 30 June 2021

1,541

NET BOOK VALUE

At 30 June 2021

832

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2020

12,000,000

Revaluations

(150,000

)

At 30 June 2021

11,850,000

NET BOOK VALUE

At 30 June 2021

11,850,000

At 30 June 2020

12,000,000

Fair value at 30 June 2021 is represented by:

£

Valuation in 1999

261,286

Valuation in 2000

(20,000

)

Valuation in 2003

295,000

Valuation in 2007

945,572

Valuation in 2011

(755,622

)

Valuation in 2014

269,508

Valuation in 2017

744,760

Valuation in 2019

(625,500

)

Valuation in 2020

(434,214

)

Valuation in 2021

(150,000

)

Cost

11,319,210

11,850,000

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

2021

2020

£

£

Cost

10,909,390

10,909,390

The investment properties were valued on an open market basis on 30 June 2021 by The directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

9,838

42,899

Other debtors includes lease incentive of rent free periods offered to tenants, which will subsequently be released over the full period of the lease.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

162,741

174,993

Trade creditors

-

13,591

Taxation and social security

71,795

100,403

Other creditors

127,871

107,649

362,407

396,636

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

2,366,447

2,491,852

Other creditors

4,285,000

4,285,000

6,651,447

6,776,852

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years by instalment

1,693,228

1,753,287

Other creditors includes loans from the directors which are unsecured, and have no set repayment terms. Interest is charged on a quarterly basis at a rate of 4% per annum.

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

2,529,188

2,666,845

One bank loan is to be repaid in monthly instalments over 180 months with an interest rate of base plus 3.41% per annum. Bank of Scotland holds a fixed charge over one of the properties owed by the company and a floating charge over the company.

The second loan is to be repaid in monthly instalments over 180 months with an interest rate of base plus 3.15% per annum. Bank of Scotland holds a fixed charge over one of the properties owed by the company and a floating charge over the company.

The third loan is to be repaid in monthly instalments over 120 months with an interest rate of base plus 4.83% per annum. Bank of Scotland holds a fixed charge over two of the properties owed by the company.

The fourth loan is to be repaid in monthly instalments over 180 months with an interest rate of base plus 3.41% per annum. Bank of Scotland holds a fixed charge over one of the properties owed by the company.

The fifth loan is to be repaid in monthly instalments over 180 months with an interest rate of base plus 3.95% per annum.

10.

RESERVES

Fair

value

reserve

£

At 1 July 2020

680,790

Revaluation

(150,000

)

At 30 June 2021

530,790

The fair value reserve represents the net revaluation surplus on investment properties that is not readily distributable as realised earnings.