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 2018

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

-

-

Investment property

5

12,166,054

11,820,000

12,166,054

11,820,000

CURRENT ASSETS

Debtors

6

143,645

62,588

Cash at bank and in hand

444,877

375,461

588,522

438,049

CREDITORS

Amounts falling due within one year

7

399,700

394,024

NET CURRENT ASSETS

188,822

44,025

TOTAL ASSETS LESS CURRENT LIABILITIES

12,354,876

11,864,025

CREDITORS

Amounts falling due after more than one year

8

(6,547,296

)

(6,205,042

)

PROVISIONS FOR LIABILITIES

(27,389

)

(34,991

)

NET ASSETS

5,780,191

5,623,992

CAPITAL AND RESERVES

Called up share capital

230

230

Fair value reserve

10

1,704,471

1,704,471

Retained earnings

10

4,075,490

3,919,291

SHAREHOLDERS' FUNDS

5,780,191

5,623,992

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 1 February 2019 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2017

and 30 June 2018

1,315

DEPRECIATION

At 1 July 2017

and 30 June 2018

1,315

NET BOOK VALUE

At 30 June 2018

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2017

11,820,000

Additions

346,054

At 30 June 2018

12,166,054

NET BOOK VALUE

At 30 June 2018

12,166,054

At 30 June 2017

11,820,000

Fair value at 30 June 2018 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

Cost

10,425,550

12,166,054

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

historical cost:

2018

2017

£

£

Cost

10,079,496

10,079,496

The investment properties were valued on an open market basis on 30 June 2017 by Rydens Chartered Surveyors

.

6.

DEBTORS

2018

2017

£

£

Amounts falling due within one year:

Other debtors

119,895

23,838

Amounts falling due after more than one year:

Other debtors

23,750

38,750

Aggregate amounts

143,645

62,588

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

2018

2017

£

£

Bank loans and overdrafts

153,644

125,227

Taxation and social security

35,740

82,066

Other creditors

210,316

186,731

399,700

394,024

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

2,487,296

2,145,042

Other creditors

4,060,000

4,060,000

6,547,296

6,205,042

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years by instalment

1,827,408

1,585,723

The loans from the directors 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:

2018

2017

£

£

Bank loans

2,640,940

2,270,269

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.

During the year, a fourth loan was taken out which 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.

10.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 July 2017

3,919,291

1,704,471

5,623,762

Profit for the year

156,199

156,199

At 30 June 2018

4,075,490

1,704,471

5,779,961

The fair value reserve represents the net revaluation surplus on investment properties that is not

readily distributable as realised earnings.