Company registration number 05623656 (England and Wales)
City Project Services Limited
Unaudited financial statements
For the period ended 30 September 2024
City Project Services Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
City Project Services Limited
Statement of financial position
As at 30 September 2024
30 September 2024
- 1 -
30 September 2024
31 March 2024
Notes
£
£
£
£
Current assets
Debtors
3
26,075
Cash at bank and in hand
17,049
6,184
17,049
32,259
Creditors: amounts falling due within one year
4
(11,085)
(6,661)
Net current assets
5,964
25,598
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
5,962
25,596
Total equity
5,964
25,598
For the financial period ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
Mr N R Parkinson
Director
Company registration number 05623656 (England and Wales)
City Project Services Limited
Notes to the financial statements
For the period ended 30 September 2024
- 2 -
1
Accounting policies
Company information
City Project Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Salamander House, 36B West Road, Weaverham, Northwich, Cheshire, England, CW8 3HL.
1.1
Reporting period
The financial statements are presented for a period shorter than one year due to the business ceasing to trade. Therefore, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
The company ceased trading on 31 May 2024 and the financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing the company’s assets down to net realisable value. Provisions have also been made in respect of contracts which have become onerous at the reporting date. No provision has been made for the future costs of terminating the business unless such costs were committed to at the reporting date
1.4
Turnover
Turnover is measured at the fair value of the consideration received or receivable, after discounts, returns and rebates, excluding value added tax and other sales taxes.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.5
Financial instruments
Basic financial assets and liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
City Project Services Limited
Notes to the financial statements (continued)
For the period ended 30 September 2024
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2024
Number
Number
Total
3
Debtors
2024
2024
Amounts falling due within one year:
£
£
Other debtors
26,075
4
Creditors: amounts falling due within one year
2024
2024
£
£
Taxation and social security
4,577
4,632
Other creditors
6,508
2,029
11,085
6,661
City Project Services Limited
Notes to the financial statements (continued)
For the period ended 30 September 2024
- 4 -
5
Directors' transactions
The advance is unsecured, repayable on demand and interest is charged at a rate of 2.25% per annum, where the limit exceeds £10,000.
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Directors loan account
2.25
26,075
(26,075)
-
26,075
(26,075)
-