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Company No: 08291511 (England)

CITA SMART SOLUTION LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

CITA SMART SOLUTION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023

Contents

CITA SMART SOLUTION LIMITED

BALANCE SHEET

AS AT 30 NOVEMBER 2023
CITA SMART SOLUTION LIMITED

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 76,284 0
Tangible assets 4 153,632 159,328
229,916 159,328
Current assets
Stocks 5 105,091 61,250
Debtors 6 33,915 67,260
Cash at bank and in hand 7 811 1,042
139,817 129,552
Creditors: amounts falling due within one year 8 ( 550,135) ( 439,115)
Net current liabilities (410,318) (309,563)
Total assets less current liabilities (180,402) (150,235)
Net liabilities ( 180,402) ( 150,235)
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account ( 180,502 ) ( 150,335 )
Total shareholder's deficit ( 180,402) ( 150,235)

For the financial year ending 30 November 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 financial statements of Cita Smart Solution Limited (registered number: 08291511) were approved and authorised for issue by the Director on 23 August 2024. They were signed on its behalf by:

Amal Mir
Director
CITA SMART SOLUTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
CITA SMART SOLUTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cita Smart Solution Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England. The address of the Company's registered office is 65 Compton Street, London, EC1V 0BN, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 5 % reducing balance
Plant and machinery etc. 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 3

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 December 2022 0 0
Additions 78,997 78,997
At 30 November 2023 78,997 78,997
Accumulated amortisation
At 01 December 2022 0 0
Charge for the financial year 2,713 2,713
At 30 November 2023 2,713 2,713
Net book value
At 30 November 2023 76,284 76,284
At 30 November 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 December 2022 153,642 11,994 165,636
Additions 0 3,400 3,400
At 30 November 2023 153,642 15,394 169,036
Accumulated depreciation
At 01 December 2022 2,635 3,673 6,308
Charge for the financial year 7,550 1,546 9,096
At 30 November 2023 10,185 5,219 15,404
Net book value
At 30 November 2023 143,457 10,175 153,632
At 30 November 2022 151,007 8,321 159,328

5. Stocks

2023 2022
£ £
Stocks 105,091 61,250

6. Debtors

2023 2022
£ £
Trade debtors 3,021 25,027
Amounts owed by Group undertakings (note 10) 917 0
Amounts owed by related parties (note 10) 28,991 28,074
Corporation tax 986 0
Other debtors 0 14,159
33,915 67,260

7. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 811 1,042

8. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 86,092 9,258
Amounts owed to connected companies (note 10) 102,965 117,665
Amounts owed to related parties (note 10) 358,868 310,081
Other taxation and social security 511 512
Other creditors 1,699 1,599
550,135 439,115

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Class 1 ordinary shares of £ 1.00 each 100 100

10. Related party transactions

Transactions with group companies

Amounts owed by Group undertakings

2023 2022
£ £
Amounts Owed by Group Companies 917 0

Transactions with related parties or connected persons

Amounts owed to connected companies

2023 2022
£ £
Amounts owed to connected company 102,965 117,665

Amounts owed by related parties

2023 2022
£ £
Amounts Owed by Related Parties 28,991 28,074

Amounts owed to related parties

2023 2022
£ £
Amounts owed to related parties 358,868 310,081