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Registration number: NI698442

CICERO LTD

Unaudited Filleted Financial Statements

for the Period from 23 June 2023 to 30 June 2024

 

CICERO LTD

(Registration number: NI698442)
Balance Sheet as at 30 June 2024

Note

2024
£

Fixed assets

 

Intangible assets

5

9,616

Tangible assets

6

191,020

 

200,636

Current assets

 

Stocks

7

4,651

Debtors

8

19,093

Cash at bank and in hand

 

102,870

 

126,614

Creditors: Amounts falling due within one year

9

(94,142)

Net current assets

 

32,472

Total assets less current liabilities

 

233,108

Creditors: Amounts falling due after more than one year

9

(252,589)

Net liabilities

 

(19,481)

Capital and reserves

 

Called up share capital

10

126

Retained earnings

(19,607)

Shareholders' deficit

 

(19,481)

For the financial period ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

CICERO LTD

(Registration number: NI698442)
Balance Sheet as at 30 June 2024

Approved and authorised by the director on 17 December 2024
 

.........................................
Mr Neil Black
Director

 

CICERO LTD

Notes to the Unaudited Financial Statements for the Period from 23 June 2023 to 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 1 Ballymena Road, Doagh, Ballyclare, Co. Antrim, BT39 0QR.

These financial statements were authorised for issue by the director on 17 December 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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

CICERO LTD

Notes to the Unaudited Financial Statements for the Period from 23 June 2023 to 30 June 2024

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

Fit out,fittings and equipment

20% straight line basis

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets 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

Franchise fee

6.5% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

CICERO LTD

Notes to the Unaudited Financial Statements for the Period from 23 June 2023 to 30 June 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Basis of preparing the financial statements

The Company's total liabilities are more than the book value of the assets. Nevertheless, the Director considers it appropriate to prepare the financial statements on a going concern basis. This decision has been made on the basis that the Company continues to meet its working capital requiements through loans provided by related companies, and these loans will continue to be available for the foreseeable future.

4

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 13.

 

CICERO LTD

Notes to the Unaudited Financial Statements for the Period from 23 June 2023 to 30 June 2024

5

Intangible assets

Franchise fee
£

Total
£

Cost or valuation

Additions

10,285

10,285

At 30 June 2024

10,285

10,285

Amortisation

Amortisation charge

669

669

At 30 June 2024

669

669

Carrying amount

At 30 June 2024

9,616

9,616

 

CICERO LTD

Notes to the Unaudited Financial Statements for the Period from 23 June 2023 to 30 June 2024

6

Tangible assets

Fit out, fittings and equipment
£

Total
£

Cost or valuation

Additions

201,074

201,074

At 30 June 2024

201,074

201,074

Depreciation

Charge for the period

10,054

10,054

At 30 June 2024

10,054

10,054

Carrying amount

At 30 June 2024

191,020

191,020

7

Stocks

2024
£

Stock of foodstuffs

4,651

8

Debtors

Current

2024
£

Prepayments

967

Other debtors

18,126

 

19,093

 

CICERO LTD

Notes to the Unaudited Financial Statements for the Period from 23 June 2023 to 30 June 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Loans and borrowings

11

34,119

Trade creditors

 

22,538

Taxation and social security

 

23,659

Accruals and deferred income

 

11,127

Other creditors

 

2,699

 

94,142

Creditors: amounts falling due after more than one year

Note

2024
£

Due after one year

 

Loans and borrowings

11

147,355

Other creditors

 

105,234

 

252,589

10

Share capital

Allotted, called up and fully paid shares

2024

No.

£

Ordinary shares of £1 each

126

126

   
 

CICERO LTD

Notes to the Unaudited Financial Statements for the Period from 23 June 2023 to 30 June 2024

11

Loans and borrowings

Non-current loans and borrowings

2024
£

Other loans

147,355

Current loans and borrowings

2024
£

Other loans

34,119