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COMPANY REGISTRATION NUMBER: 09891485
CITY CONCEPTS LTD
Filleted Unaudited Financial Statements
30 November 2021
CITY CONCEPTS LTD
Statement of Financial Position
30 November 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
6
37,459
55,103
Current assets
Debtors
7
270,623
444,982
Cash at bank and in hand
224,947
177,453
---------
---------
495,570
622,435
Creditors: amounts falling due within one year
8
356,004
483,055
---------
---------
Net current assets
139,566
139,380
---------
---------
Total assets less current liabilities
177,025
194,483
Creditors: amounts falling due after more than one year
9
97,369
102,507
---------
---------
Net assets
79,656
91,976
---------
---------
Capital and reserves
Called up share capital
1,216
1,216
Profit and loss account
78,440
90,760
--------
--------
Shareholders funds
79,656
91,976
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CITY CONCEPTS LTD
Statement of Financial Position (continued)
30 November 2021
These financial statements were approved by the board of directors and authorised for issue on 20 July 2022 , and are signed on behalf of the board by:
Mr P Dackombe
Director
Company registration number: 09891485
CITY CONCEPTS LTD
Notes to the Financial Statements
Year ended 30 November 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Basepoint Business Centre, Little High Street, Shoreham by Sea, West Sussex, BN43 5EG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at 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 to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
20% straight line
Computer Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2020: 5 ).
5. Dividends
2021
2020
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
383,542
215,175
---------
---------
6. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 December 2020
88,000
8,670
96,670
Additions
1,790
1,790
--------
--------
--------
At 30 November 2021
88,000
10,460
98,460
--------
--------
--------
Depreciation
At 1 December 2020
35,200
6,367
41,567
Charge for the year
17,600
1,834
19,434
--------
--------
--------
At 30 November 2021
52,800
8,201
61,001
--------
--------
--------
Carrying amount
At 30 November 2021
35,200
2,259
37,459
--------
--------
--------
At 30 November 2020
52,800
2,303
55,103
--------
--------
--------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 30 November 2021
35,200
--------
At 30 November 2020
52,800
--------
7. Debtors
2021
2020
£
£
Trade debtors
198,920
444,982
Other debtors
71,703
---------
---------
270,623
444,982
---------
---------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
305,424
420,739
Corporation tax
45,626
40,876
Social security and other taxes
6,379
Other creditors
4,954
15,061
---------
---------
356,004
483,055
---------
---------
9. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
46,173
50,000
Other creditors
51,196
52,507
--------
---------
97,369
102,507
--------
---------
10. Related party transactions
The company was under the control of Mr P Dackombe , Mrs A Dackombe, Mr JM Greig and Mrs L Greig throughout the current and previous year. Mr P Dackombe , Mrs A Dackombe, Ms L Greig and Mr JM Greig are directors and shareholders. Mr P Dackombe and Mrs A Dackcombe are the majority shareholders. At the financial statement date, the company owed Mr P Dackombe £1,(2020: £293); Mrs A Dackombe £0,(2020:£126), and Mr JM Greig £1,(2020: £222). In the period dividends were paid to the directors in their capacity as shareholders. At the financial statement date a loan of £10,560, (2020 £10,560) was owing to a limited company that the directors are associated with.