Registered number
13356831
Citygate Commercial Finance Limited
Filleted Accounts
30 April 2024
Citygate Commercial Finance Limited
Registered number: 13356831
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 4,662 266
Current assets
Debtors 4 26,411 43,880
Cash at bank and in hand 7,761 4,785
34,172 48,665
Creditors: amounts falling due within one year 5 (17,035) (15,042)
Net current assets 17,137 33,623
Total assets less current liabilities 21,799 33,889
Provisions for liabilities (886) (51)
Net assets 20,913 33,838
Capital and reserves
Called up share capital 1 1
Profit and loss account 20,912 33,837
Shareholder's funds 20,913 33,838
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
A Conning
Director
Approved by the board on 29 July 2024
Citygate Commercial Finance Limited
Notes to the Accounts
for the year ended 30 April 2024
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 rendering of services. 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 over 5 years
Computer equipment over 3 years
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023 399
Additions 5,659
At 30 April 2024 6,058
Depreciation
At 1 May 2023 133
Charge for the year 1,263
At 30 April 2024 1,396
Net book value
At 30 April 2024 4,662
At 30 April 2023 266
4 Debtors 2024 2023
£ £
Trade debtors 23,094 40,735
Other debtors 3,317 3,145
26,411 43,880
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 3,899 238
Taxation and social security costs 9,767 9,267
Other creditors 3,369 5,537
17,035 15,042
6 Related party transactions
Included in other creditors is £203 (2022: £4,537) owed to the director. This amount is undated, unsecured, interest free and repayable on demand.
7 Controlling party
The ultimate controlling party is Mr A Conning, sole director and shareholder of the company.
8 Other information
Citygate Commercial Finance Limited is a private company limited by shares and incorporated in England. Its registered office is:
3rd Floor The Dispensary
5-6 The Square
Winchester
England
SO23 9ES
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