City Science Corporation Limited 09801932 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the development of analytical tools for the transportation and energy sectors. The company uses new technology and data to optimise complex urban systems. Digita Accounts Production Advanced 6.30.9574.0 true true 09801932 2023-01-01 2023-12-31 09801932 2023-12-31 09801932 bus:Consolidated 2023-12-31 09801932 core:CapitalRedemptionReserve 2023-12-31 09801932 core:OtherReservesSubtotal 2023-12-31 09801932 core:RetainedEarningsAccumulatedLosses 2023-12-31 09801932 core:ShareCapital 2023-12-31 09801932 core:CurrentFinancialInstruments 2023-12-31 09801932 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 09801932 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 09801932 core:FurnitureFittingsToolsEquipment 2023-12-31 09801932 bus:SmallEntities 2023-01-01 2023-12-31 09801932 bus:Audited 2023-01-01 2023-12-31 09801932 bus:FullAccounts 2023-01-01 2023-12-31 09801932 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09801932 bus:RegisteredOffice 2023-01-01 2023-12-31 09801932 bus:Director1 2023-01-01 2023-12-31 09801932 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09801932 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 09801932 core:FurnitureFittings 2023-01-01 2023-12-31 09801932 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 09801932 core:MotorVehicles 2023-01-01 2023-12-31 09801932 countries:EnglandWales 2023-01-01 2023-12-31 09801932 2022-12-31 09801932 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 09801932 core:FurnitureFittingsToolsEquipment 2022-12-31 09801932 2022-01-01 2022-12-31 09801932 2022-12-31 09801932 core:CapitalRedemptionReserve 2022-12-31 09801932 core:OtherReservesSubtotal 2022-12-31 09801932 core:RetainedEarningsAccumulatedLosses 2022-12-31 09801932 core:ShareCapital 2022-12-31 09801932 core:CurrentFinancialInstruments 2022-12-31 09801932 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 09801932 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 09801932 core:FurnitureFittingsToolsEquipment 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

City Science Corporation Limited

Annual Report and Financial Statements
Year Ended 31 December 2023

Registration number: 09801932

 

City Science Corporation Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

City Science Corporation Limited

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

3,660

4,753

Tangible assets

5

37,120

35,961

 

40,780

40,714

Current assets

 

Debtors

6

1,679,589

1,204,486

Cash at bank and in hand

 

1,148,389

1,258,772

 

2,827,978

2,463,258

Creditors: Amounts falling due within one year

7

(601,389)

(355,542)

Net current assets

 

2,226,589

2,107,716

Net assets

 

2,267,369

2,148,430

Capital and reserves

 

Called up share capital

8

274,253

515,100

Capital contribution reserve

-

3,852,740

Capital redemption reserve

225,847

-

Profit and loss account

1,767,269

(2,219,410)

Total equity

 

2,267,369

2,148,430

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 Board on 18 September 2024 and signed on its behalf by:
 

.........................................
Mr L J Oakes-Ash
Director

Company Registration Number: 09801932

 

City Science Corporation Limited

Notes to the Financial Statements

Year Ended 31 December 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:
Broadwalk House
Southernhay West
Exeter
EX1 1TS

These financial statements were authorised for issue by the Board on 18 September 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 - '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
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.


 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 36 (2022 - 32).

 

City Science Corporation Limited

Notes to the Financial Statements

Year Ended 31 December 2023

4

Intangible assets

Trademarks
 £

Total
£

Cost or valuation

At 1 January 2023

10,938

10,938

At 31 December 2023

10,938

10,938

Amortisation

At 1 January 2023

6,185

6,185

Amortisation charge

1,093

1,093

At 31 December 2023

7,278

7,278

Carrying amount

At 31 December 2023

3,660

3,660

At 31 December 2022

4,753

4,753

 

City Science Corporation Limited

Notes to the Financial Statements

Year Ended 31 December 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

62,172

62,172

Additions

11,762

11,762

Disposals

(291)

(291)

At 31 December 2023

73,643

73,643

Depreciation

At 1 January 2023

26,211

26,211

Charge for the year

10,432

10,432

Eliminated on disposal

(120)

(120)

At 31 December 2023

36,523

36,523

Carrying amount

At 31 December 2023

37,120

37,120

At 31 December 2022

35,961

35,961

6

Debtors

2023
£

2022
£

Trade debtors

704,026

400,665

Other debtors

9,186

6,038

Corporation tax repayable

231,085

231,085

Prepayments & Accrued Income

735,292

566,698

1,679,589

1,204,486

 

City Science Corporation Limited

Notes to the Financial Statements

Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

439,359

231,319

Taxation and social security

119,986

95,175

Other creditors

21,141

17,116

Accruals and deferred income

20,903

11,932

601,389

355,542

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

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

 

274,253,280

274,253

515,100,000

515,100

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.

 

9

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Neil Hitchings, who signed for and on behalf of PKF Francis Clark on 19 September 2024.