CITY & PACIFIC LIMITED - Accounts to registrar (filleted) - small 23.2.5
CITY & PACIFIC LIMITED - Accounts to registrar (filleted) - small 23.2.5
REGISTERED NUMBER: |
CITY & PACIFIC LIMITED |
Unaudited Financial Statements |
for the Year Ended 30 June 2023 |
CITY & PACIFIC LIMITED (Registered number: SC156859) |
Contents of the Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Report of the Accountants | 9 |
CITY & PACIFIC LIMITED |
Company Information |
for the Year Ended 30 June 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
9 Ainslie Place |
Edinburgh |
Midlothian |
EH3 6AT |
BANKERS: |
38 St Andrew Square |
Edinburgh |
EH2 2YR |
SOLICITORS: |
50 Lothian Road |
Festival Square |
Edinburgh |
EH3 9WJ |
CITY & PACIFIC LIMITED (Registered number: SC156859) |
Balance Sheet |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CITY & PACIFIC LIMITED (Registered number: SC156859) |
Balance Sheet - continued |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
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. |
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 |
CITY & PACIFIC LIMITED (Registered number: SC156859) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
CITY & PACIFIC LIMITED is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery etc | - |
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. |
CITY & PACIFIC LIMITED (Registered number: SC156859) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
CITY & PACIFIC LIMITED (Registered number: SC156859) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2022 |
Disposals | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Fair value at 30 June 2023 is represented by: |
£ |
Valuation in 2003 | 536,286 |
Valuation in 2007 | 945,572 |
Valuation in 2011 | (755,622 | ) |
Valuation in 2014 | 269,508 |
Valuation in 2017 | 744,760 |
Valuation in 2018 | (625,500 | ) |
Valuation in 2020 | (434,214 | ) |
Valuation in 2021 | (150,000 | ) |
Valuation in 2022 | (170,380 | ) |
Valuation in 2023 | (50,000 | ) |
Cost | 11,484,590 |
11,795,000 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 11,484,590 | 11,934,590 |
The investment properties were valued on an open market basis on 5 September 2022 by Ryden LLP . |
The investment properties are shown at the directors' estimated valuation of open market value as |
at 30 June 2023. The directors are not professional valuers. |
CITY & PACIFIC LIMITED (Registered number: SC156859) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than 5 years by instalment |
411,353 |
1,350,106 |
Other creditors includes loans from the directors which are unsecured, and have no fixed repayment terms but the lenders have confirmed their intention for this to be a long-term loan. Interest is charged on a quarterly basis at a rate of 2% per annum. |
CITY & PACIFIC LIMITED (Registered number: SC156859) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
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.This loan was settled in the year. |
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.This loan was settled and the charge held over it was satisfied in December 2022. |
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 |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 July 2022 | 4,881,229 | 329,373 | 5,210,602 |
Profit for the year | 484,662 | 484,662 |
Released on disposal | 50,000 | (50,000 | ) | - |
Transfer | (31,037 | ) | 31,037 | - |
At 30 June 2023 | 5,384,854 | 310,410 | 5,695,264 |
The fair value reserve represents the net revaluation surplus on investment properties that is not readily distributable as realised earnings. |
CITY & PACIFIC LIMITED |
Report of the Accountants to the Directors of |
CITY & PACIFIC LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 30 June 2023 set out on page nil and you consider that the company is exempt from an audit. |
In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
9 Ainslie Place |
Edinburgh |
Midlothian |
EH3 6AT |