REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 |
FOR |
CITY GLOBAL FUTURES LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 |
FOR |
CITY GLOBAL FUTURES LTD |
CITY GLOBAL FUTURES LTD (REGISTERED NUMBER: 10423724) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 5 APRIL 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CITY GLOBAL FUTURES LTD |
COMPANY INFORMATION |
for the Year Ended 5 APRIL 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
and Statutory Auditor |
61 Queen Square |
Bristol |
BS1 4JZ |
CITY GLOBAL FUTURES LTD (REGISTERED NUMBER: 10423724) |
BALANCE SHEET |
5 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
CITY GLOBAL FUTURES LTD (REGISTERED NUMBER: 10423724) |
BALANCE SHEET - continued |
5 APRIL 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
CITY GLOBAL FUTURES LTD (REGISTERED NUMBER: 10423724) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 5 APRIL 2024 |
1. | STATUTORY INFORMATION |
City Global Futures Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover includes project related grant income where appropriate. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
CITY GLOBAL FUTURES LTD (REGISTERED NUMBER: 10423724) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 5 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company may not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of any direct issue costs. |
Going concern |
The directors have reviewed the going concern status of the business for the foreseeable future and fully expect that the company will remain a going concern and will have sufficient working capital to meet its requirements for the foreseeable future. The directors therefore continue to adopt the going concern basis of accounting in preparing these financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
CITY GLOBAL FUTURES LTD (REGISTERED NUMBER: 10423724) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 5 APRIL 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 6 April 2023 |
Additions |
At 5 April 2024 |
DEPRECIATION |
At 6 April 2023 |
Charge for year |
At 5 April 2024 |
NET BOOK VALUE |
At 5 April 2024 |
At 5 April 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Corporation tax recoverable |
Deferred tax asset |
Prepayments |
Deferred tax asset |
2023 |
£ |
Accelerated capital allowances | ( |
) |
Other timing differences | 461 |
CITY GLOBAL FUTURES LTD (REGISTERED NUMBER: 10423724) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 5 APRIL 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Social security and other taxes |
VAT | 3,247 | 1,845 |
Other creditors |
Directors' current accounts | 82,280 | 88,954 |
Accruals and deferred income |
7. | PROVISIONS FOR LIABILITIES |
2024 |
£ |
Deferred tax |
Accelerated capital allowances |
Tax losses carried forward | ( |
) |
114 |
Deferred |
tax |
£ |
Balance at 6 April 2023 | ( |
) |
Provided during year |
Balance at 5 April 2024 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
A Ordinary | £1 | 1 | 1 |
B Ordinary | £1 | 1 | 1 |
2 | 2 |
CITY GLOBAL FUTURES LTD (REGISTERED NUMBER: 10423724) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 5 APRIL 2024 |
9. | RELATED PARTY DISCLOSURES |
During the year the company entered into the following related party transactions: |
S Hilton (Director) |
During the year S Hilton maintained a loan account with the company, of which £29,642 (2023 - £37,316) was due to S Hilton at 5 April 2024. No interest is charged on this loan. |
Ms J Everitt (Director) |
During the year Ms J Everitt maintained a loan account with the company, of which £52,638 (2023 - £51,638) was due to Ms J Everitt at 5 April 2024. No interest is charged on this loan. |
10. | ULTIMATE CONTROLLING PARTY |
The company is controlled by the directors who jointly own the entire issued share capital of the company. |