REGISTERED NUMBER: |
CITYCOM SOLUTIONS (UK) LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
REGISTERED NUMBER: |
CITYCOM SOLUTIONS (UK) LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
CITYCOM SOLUTIONS (UK) LIMITED (REGISTERED NUMBER: 08140718) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CITYCOM SOLUTIONS (UK) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
CITYCOM SOLUTIONS (UK) LIMITED (REGISTERED NUMBER: 08140718) |
BALANCE SHEET |
30 SEPTEMBER 2018 |
2018 | 2017 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
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. |
CITYCOM SOLUTIONS (UK) LIMITED (REGISTERED NUMBER: 08140718) |
BALANCE SHEET - continued |
30 SEPTEMBER 2018 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors on on its behalf by: |
CITYCOM SOLUTIONS (UK) LIMITED (REGISTERED NUMBER: 08140718) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
1. | STATUTORY INFORMATION |
Citycom Solutions (UK) Limited is a |
Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements for the year ended 30 September 2017 are the first financial statements |
that comply with Section 1A "Small Entities" of Financial Reporting Standard 102. The company |
transitioned from previously extant UK GAAP to FRS 102 as at 1 October 2015. An explanation of |
how transition to FRS 102 Section 1A "Small Entities" has affected the reported financial position |
and financial performance is given in the notes. |
Significant judgements and estimates |
The preparation of financial statements requires management to make judgements, estimates and |
assumptions about the carrying values of assets and liabilities that are not readily apparent from |
other sources. The estimates and underlying assumptions are based on historical experience and |
other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to |
accounting estimates are recognised in the period in which the estimate is revised if the revision |
affects only that period, or in the period of the revision and future periods if the revision affects both |
current and future periods. |
Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax and |
adjusted for accrued revenue calculated by reference to the fair value of services performed up to |
the balance sheet date but not invoiced. |
Taxation |
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the |
current or past reporting periods using tax rates that have been enacted or substantively enacted by |
the reporting date. |
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax |
losses and other deferred tax assets are recognised only to the extent that it is probable that they will |
be recovered against future taxable profits or against the reversal of deferred tax liabilities. |
Deferred tax relating to a non-depreciable asset that is measured using the revaluation model, or to |
investment properties measured at fair value, is measured using the tax rates and allowances that |
apply to the sale of the asset. |
Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the |
reporting date that are expected to apply to the reversal of the timing difference. |
CITYCOM SOLUTIONS (UK) LIMITED (REGISTERED NUMBER: 08140718) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
2. | ACCOUNTING POLICIES - continued |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling |
at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate |
of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving |
at the operating result. |
Debtors |
Trade and other debtors are measured at transaction price less any impairment unless the |
arrangement constitutes a financing transaction in which case the transaction is measured at the |
present value of the future receipts discounted at the prevailing market rate of interest . Loans are |
initially measured at fair value and are subsequently measured at amortised cost using the effective |
interest method less any impairment. |
Creditors |
Trade and other creditors are measured at their transaction price unless the arrangement constitutes |
a financing transaction in which case the transaction is measured at present value of future |
payments discounted at prevailing market rate of interest. Other financial liabilities are initially |
measured at fair value net of their transaction costs. They are subsequently measured at amortised |
cost using the effective interest method. |
Cash at bank |
Cash at bank in the balance sheet comprise cash at banks and in hand and short term deposits with |
an original maturity date of three months or less. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2017 - 5 ). |
4. | FIXED ASSET INVESTMENTS |
Citycom Solutions (UK) Limited assists businesses in monitoring and recording their corporate |
business communications together with managing the associated risk. A global approach to these |
services is provided and the two wholly owned subsidiaries in New York and Hong Kong being |
Citycom Solutions Inc and Citycom Solutions (Far East) Limited, act as marketing and fulfilment |
offices. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
Other debtors |
CITYCOM SOLUTIONS (UK) LIMITED (REGISTERED NUMBER: 08140718) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Other creditors |
8. | RELATED PARTY DISCLOSURES |
As at 30 September 2018 included in creditors are loans from one of the directors V. Ul - Haq and |
companies in which he is a director and shareholder totalling £639,741 (2017: £331,514). |
As at 30 September 2018 included in creditors:- amounts falling due in more one year are loans from |
a shareholder and former director Mr I.Summerfield totalling £358,002 (2017: £292,447). |
As at 30 September 2018 included in creditors: amounts falling due to in more than one year are |
loans from the director Mark Whiteman totalling £14,867 (2017: nil). |
Mr I Summerfield resign as a director on 14 December 2016. |