Registered number
05674706
CITYEDGE ACCOUNTANTS LIMITED
Filleted Accounts
31 December 2021
CITYEDGE ACCOUNTANTS LIMITED
Registered number: 05674706
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 9,465 10,312
Current assets
Debtors 4 23,797 5,601
Cash at bank and in hand 2,243 15,108
26,040 20,709
Creditors: amounts falling due within one year 5 (3,199) (1,210)
Net current assets 22,841 19,499
Total assets less current liabilities 32,306 29,811
Creditors: amounts falling due after more than one year 6 (12,278) (13,000)
Net assets 20,028 16,811
Capital and reserves
Called up share capital 20,000 20,000
Profit and loss account 28 (3,189)
Shareholders' funds 20,028 16,811
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Khurram Razaq
Director
Approved by the board on 15 March 2022
CITYEDGE ACCOUNTANTS LIMITED
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% Reducing Balance
Fixtures, fittings, tools and equipment 18% Reducing Balance / 8% Reducing Balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2021 5,493 16,500 21,993
At 31 December 2021 5,493 16,500 21,993
Depreciation
At 1 January 2021 4,386 7,295 11,681
Charge for the year 111 736 847
At 31 December 2021 4,497 8,031 12,528
Net book value
At 31 December 2021 996 8,469 9,465
At 31 December 2020 1,107 9,205 10,312
4 Debtors 2021 2020
£ £
Other debtors 23,797 5,601
5 Creditors: amounts falling due within one year 2021 2020
£ £
Taxation and social security costs 3,199 1,210
6 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 12,278 13,000
7 Controlling party
The ultimate controlling party was Mr. Khurram Razaq, who was director and held 90% shares in the company.
8 Other information
CITYEDGE ACCOUNTANTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
43A High Street
Barkingside
Essex
IG6 2AD
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