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Registered number: 07425857
Third City Limited
Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07425857
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 19,437 13,784
19,437 13,784
CURRENT ASSETS
Debtors 5 540,781 455,183
Cash at bank and in hand 279 53,976
541,060 509,159
Creditors: Amounts Falling Due Within One Year 6 (504,651 ) (501,251 )
NET CURRENT ASSETS (LIABILITIES) 36,409 7,908
TOTAL ASSETS LESS CURRENT LIABILITIES 55,846 21,692
Creditors: Amounts Falling Due After More Than One Year 7 - (68,873 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (4,135 ) (4,405 )
NET ASSETS/(LIABILITIES) 51,711 (51,586 )
CAPITAL AND RESERVES
Called up share capital 9 90 90
Profit and Loss Account 51,621 (51,676 )
SHAREHOLDERS' FUNDS 51,711 (51,586)
Page 1
Page 2
For the year ending 31 December 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Graziella Belli
Director
13/03/2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Third City Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07425857 . The registered office is Fourth Floor, St Johns House, 53-54 St Johns Square, London, EC1V 4JL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Equal instalments over the period of the lease (5 years)
Motor Vehicles 33% straight line
Fixtures & Fittings 33% straight line
Computer Equipment 33% straight line
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 2 2
Sales, marketing and distribution 20 20
22 22
4. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2024 83,721 1,724 27,208 61,970 174,623
Additions (113 ) 6,495 - 6,134 12,516
As at 31 December 2024 83,608 8,219 27,208 68,104 187,139
Depreciation
As at 1 January 2024 76,559 1,724 27,168 55,388 160,839
Provided during the period 1,775 1,191 40 3,857 6,863
As at 31 December 2024 78,334 2,915 27,208 59,245 167,702
Net Book Value
As at 31 December 2024 5,274 5,304 - 8,859 19,437
As at 1 January 2024 7,162 - 40 6,582 13,784
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 288,765 214,381
Prepayments and accrued income 92,153 51,429
Other debtors 996 -
Deferred tax current asset - 30,392
Directors' loan accounts 120,062 120,176
501,976 416,378
Due after more than one year
Corporation tax recoverable assets 38,805 38,805
540,781 455,183
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 113,185 71,839
Bank loans and overdrafts 118,464 -
Other loans 30,000 -
Other creditors 20,165 17,856
Taxes and social security 163,314 217,740
Accruals and deferred income 20,650 143,422
Bank Loans (CBils) 38,873 50,394
504,651 501,251
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loan (CBils) - 38,873
Other loans - 30,000
- 68,873
8. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
2024 2023
£ £
Other timing differences 4,135 4,405
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
90 Ordinary A shares of £ 1 each 90 90
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 116,625 116,625
Later than one year and not later than five years - 116,625
116,625 233,250
The Company entered into a 5 year operating lease for business premises on 3 January 2023 with a break option on 3 January 2026.
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11. Directors Advances, Credits and Guarantees
As at 1 January 2024 Amounts advanced Amounts repaid Amounts written off As at 31 December 2024
£ £ £ £ £
Ms Graziella Belli 39,937 1,000 1,050 - 39,885
Ms Gillian Brown 40,159 1,004 1,050 - 40,113
Mr Mark Lowe 40,078 1,032 1,050 - 40,060
The above loans were unsecured, repayable on demand and charged at the HMRC official rate of interest.
12. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 3,150 -
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