Year Ended
Registration number:
City Science Corporation Limited
Balance Sheet
31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital contribution reserve |
- |
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Capital redemption reserve |
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- |
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Profit and loss account |
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( |
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Total equity |
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These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Company Registration Number: 09801932
City Science Corporation Limited
Notes to the Financial Statements
Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including section 1A, and prepared in accordance with the Companies Act 2006. There are no material departures from FRS102.
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. The financial statements are presented in pounds sterling.
Revenue recognition
Turnover represents consultancy services provided in respect of transport and highways planning and business sustainability, developing intelligence to enhance future business decision making, whilst reducing energy usage and costs.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. the following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of turnover can be reliably measured;
• it is probable that the company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.
City Science Corporation Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Government grants
Grants are accounted for under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Profit & Loss Account under other operating income in the same period as the related expenditure.
Tax
Tax is recognised in the profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation 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 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 |
Motor vehicles |
25% Reducing balance |
Furniture, fittings and equipment |
25% Reducing balance |
Intangible assets
Trademarks have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Trademarks |
10% Straight line |
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.
City Science Corporation Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Going concern
The directors have considered all relevant factors in making their assessment of going concern. Budgets and forecasts have been prepared for a period of at least 12 months from the signing of these financial statements which include pipeline income that has already been secured. Based on these forecasts the directors continue to adopt the going concern basis of preparation.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
City Science Corporation Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Intangible assets |
Trademarks |
Total |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Amortisation |
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At 1 January 2023 |
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Amortisation charge |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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City Science Corporation Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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Disposals |
( |
( |
At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Other debtors |
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Corporation tax repayable |
231,085 |
231,085 |
Prepayments & Accrued Income |
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City Science Corporation Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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Ordinary shares of £0.001 each |
105,819,600 |
105,820 |
190,035,000 |
190,035 |
Ordinary A shares of £0.001 each |
153,430,680 |
153,431 |
295,059,000 |
295,059 |
Ordinary B shares of £0.001 each |
15,003,000 |
15,003 |
30,006,000 |
30,006 |
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During the year there was a bonus issue of 3,852,740 ordinary shares of £1 each being fully paid up by way of the capital contribution reserve credit of £3,852,740.
The issues shares were cancelled by a capital reduction of 3,852,740 £1 ordinary shares which was credited to the profit and loss reserve in the year.
240,846,720 shares were bought back by the company at £0.00125 per share, a premium of £0.00025 over par value. The nominal value was transferred to the capital redemption reserve and the premium to the profit and loss.
Audit report |