City Science Corporation Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 7

City Science Corporation Limited

Balance Sheet

31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	2,566	3,660
Tangible assets	5	40,118	37,120
		42,684	40,780
Current assets
Debtors	6	2,085,419	1,679,589
Cash at bank and in hand		1,383,634	1,148,389
		3,469,053	2,827,978
Creditors: Amounts falling due within one year	7	(479,038)	(601,389)
Net current assets		2,990,015	2,226,589
Net assets		3,032,699	2,267,369
Capital and reserves
Called up share capital	8	274,253	274,253
Capital redemption reserve		225,847	225,847
Profit and loss account		2,532,599	1,767,269
Shareholders' funds		3,032,699	2,267,369

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 September 2025 and signed on its behalf by:
 

......................................... Mr L J Oakes-Ash Director

Company Registration Number: 09801932

City Science Corporation Limited

Notes to the Financial Statements

Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Broadwalk House
Southernhay West
Exeter
EX1 1TS

These financial statements were authorised for issue by the Board on 29 September 2025.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including section 1A, and prepared in accordance with the Companies Act 2006. There are no material departures from FRS102.

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. The financial statements are presented in pounds sterling.

Revenue recognition

Turnover represents consultancy services provided in respect of transport and highways planning and business sustainability, developing intelligence to enhance future business decision making, whilst reducing energy usage and costs.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. the following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

• the amount of turnover can be reliably measured;
• it is probable that the company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.

City Science Corporation Limited

Notes to the Financial Statements

Year Ended 31 December 2024

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102.

Grants of a revenue nature are recognised in the Profit & Loss Account under other operating income in the same period as the related expenditure.

Tax

Tax is recognised in the profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Tangible assets

Tangible assets are stated 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.

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
Motor vehicles	25% Reducing balance
Furniture, fittings and equipment	25% Reducing balance

Intangible assets

Trademarks 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
Trademarks	10% Straight line

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

City Science Corporation Limited

Notes to the Financial Statements

Year Ended 31 December 2024

Share based payments

Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share payments is expensed on a straight-line basis over the vesting period, based on the company's estimate of the number of shares that will eventually vest. A corresponding adjustment is made to equity.

The fair value of share options is measured using the Black-Scholes model on the grounds there are no market related vesting conditions.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.


 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

Going concern

The directors have considered all relevant factors in making their assessment of going concern. Budgets and forecasts have been prepared for a period of at least 12 months from the signing of these financial statements which include pipeline income that has already been secured. Based on these forecasts the directors continue to adopt the going concern basis of preparation.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 46 (2023 - 36).

City Science Corporation Limited

Notes to the Financial Statements

Year Ended 31 December 2024

4	Intangible assets

	Trademarks  £	Total £
Cost or valuation
At 1 January 2024	10,938	10,938
At 31 December 2024	10,938	10,938
Amortisation
At 1 January 2024	7,278	7,278
Amortisation charge	1,094	1,094
At 31 December 2024	8,372	8,372
Carrying amount
At 31 December 2024	2,566	2,566
At 31 December 2023	3,660	3,660

City Science Corporation Limited

Notes to the Financial Statements

Year Ended 31 December 2024

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2024	73,643	73,643
Additions	16,307	16,307
Disposals	(5,359)	(5,359)
At 31 December 2024	84,591	84,591
Depreciation
At 1 January 2024	36,523	36,523
Charge for the year	11,569	11,569
Eliminated on disposal	(3,619)	(3,619)
At 31 December 2024	44,473	44,473
Carrying amount
At 31 December 2024	40,118	40,118
At 31 December 2023	37,120	37,120

6

Debtors

	2024 £	2023 £
Trade debtors	667,820	704,026
Other debtors	9,736	9,186
Corporation tax repayable	121,390	231,085
Prepayments & Accrued Income	1,286,473	735,292
	2,085,419	1,679,589

City Science Corporation Limited

Notes to the Financial Statements

Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	262,503	439,359
Taxation and social security	113,569	119,986
Other creditors	27,254	21,141
Accruals and deferred income	75,712	20,903
	479,038	601,389

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £0.001 each	105,819,600	105,820	105,819,600	105,820
Ordinary A shares of £0.001 each	153,430,680	153,431	153,430,680	153,431
Ordinary B shares of £0.001 each	15,003,000	15,003	15,003,000	15,003
	274,253,280	274,253	274,253,280	274,253

9	Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Neil Hitchings, who signed for and on behalf of PKF Francis Clark on 29 September 2025.