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Registration number: 02775249

CITI Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

image-name
 

CITI Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

CITI Limited

Company Information

Director

Mrs K Sanders

Registered office

Suite 26 Shenley Pavilions
Chalkdell Drive
Shenley Wood
Milton Keynes
Buckinghamshire
MK5 6LB

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St. John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
CITI Limited
for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of CITI Limited for the year ended 30 June 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of CITI Limited, as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of CITI Limited and state those matters that we have agreed to state to the Board of Directors of CITI Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CITI Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that CITI Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of CITI Limited. You consider that CITI Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of CITI Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Michael J Emery & Co Limited
Chartered Accountants
22 St. John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

15 February 2024

 

CITI Limited

(Registration number: 02775249)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

297

938

Current assets

 

Stocks

6

3,000

3,000

Debtors

7

134,601

141,044

Cash at bank and in hand

 

3,157

19,944

 

140,758

163,988

Creditors: Amounts falling due within one year

8

(239,922)

(280,377)

Net current liabilities

 

(99,164)

(116,389)

Total assets less current liabilities

 

(98,867)

(115,451)

Creditors: Amounts falling due after more than one year

8

(39,558)

(44,443)

Net liabilities

 

(138,425)

(159,894)

Capital and reserves

 

Called up share capital

775,500

775,500

Retained earnings

(913,925)

(935,394)

Shareholders' deficit

 

(138,425)

(159,894)

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 15 February 2024
 

 

CITI Limited

(Registration number: 02775249)
Balance Sheet as at 30 June 2023

.........................................
Mrs K Sanders
Director

 

CITI Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 26 Shenley Pavilions
Chalkdell Drive
Shenley Wood
Milton Keynes
Buckinghamshire
MK5 6LB

These financial statements were authorised for issue by the director on 15 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rate at the balance sheet date. All exchange differences are included in the profit and loss account.

 

CITI Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment and furniture

25% on cost

Computer equipment

25% on cost and at varying rates on cost

Intangible assets

Separately acquired trademarks, patents and licences are held at historical cost, less accumulated amortisation and any accumulated impairment losses.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

CITI Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, including the director, was 7 (2022 - 8).

 

CITI Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 July 2022

12,500

12,500

At 30 June 2023

12,500

12,500

Amortisation

At 1 July 2022

12,500

12,500

At 30 June 2023

12,500

12,500

Carrying amount

At 30 June 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

530,274

530,274

At 30 June 2023

530,274

530,274

Depreciation

At 1 July 2022

529,336

529,336

Charge for the year

641

641

At 30 June 2023

529,977

529,977

Carrying amount

At 30 June 2023

297

297

At 30 June 2022

938

938

 

CITI Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Stocks

2023
£

2022
£

Inventory

3,000

3,000

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

77,861

78,068

Amounts owed by related parties

11

25,114

35,560

Other debtors

 

11,938

6,576

Prepayments

 

19,688

20,840

 

134,601

141,044

Trade debtors are subject to a 'with recourse' factoring arrangement. Amounts due to/from the factor are presented within other creditors and/or other debtors.

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

9,608

4,724

Trade creditors

 

79,823

70,930

Other creditors

 

-

39,374

PAYE and NIC creditor

 

15,951

59,133

VAT Control account

 

14,036

29,653

Accruals

 

14,233

3,586

Intercompany creditors

 

104,096

69,463

Income in advance

 

2,175

3,514

 

239,922

280,377

Due after one year

 

Loans and borrowings

9

39,558

44,443

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

39,558

44,443

 

CITI Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

39,558

44,443

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,608

4,724

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £18,058 (2022 - £37,758).

11

Related party transactions

Summary of transactions with parent

Suryaveda Consulting Limited is the ultimate parent company of CITI Limited.
 
During the year Suryaveda Consulting Limited provided interest free loans of £2,000 (2022: £17,000) to CITI Limited.

At the balance sheet date £56,583 (2022: £59,583) was owing from CITI Limited.

 

Summary of transactions with other related parties

CITI PPM Experts Limited is a company under common control.

At the balance sheet date £25,114 (2022: £35,560) was receivable from CITI PPM Experts Limited.

CITI Virtual Learning Limited is a company under common control.

During the year, management charges were invoiced to CITI Virtual Learning Limited of £254,759 (2022: £177,621). At the balance sheet date £47,512 (2022: £9,879) was owed to CITI Virtual Learning Limited.