CITI Holdings Limited - Period Ending 2018-12-31

Registration number: 03016792

CITI Holdings Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 December 2018

CITI Holdings Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 9

CITI Holdings Limited

Company Information

Directors

CJ Worsley JA Small

Company secretary

JA Small

Registered office

Suite 10, Shenley Pavilions Chalkdell Drive Shenley Wood Milton Keynes MK5 6LB

Accountants

Michael J Emery & Co Limited 22 St John Street Newport Pagnell Buckinghamshire MK16 8HJ

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
CITI Holdings Limited
for the Year Ended 31 December 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of CITI Holdings Limited for the year ended 31 December 2018 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of CITI Holdings Limited, as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of CITI Holdings Limited and state those matters that we have agreed to state to the Board of Directors of CITI Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CITI Holdings Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that CITI Holdings Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of CITI Holdings Limited. You consider that CITI Holdings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of CITI Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Michael J Emery & Co Limited
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

26 September 2019

Page 2

CITI Holdings Limited

(Registration number: 03016792)
Balance Sheet as at 31 December 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	-	1,172
Investment property	5	-	880,000
Investments	6	-	100,130
		-	981,302
Current assets
Debtors	7	185,325	176,783
Cash at bank and in hand		301,093	2,327
		486,418	179,110
Creditors: Amounts falling due within one year	8	(220,894)	(276,348)
Net current assets/(liabilities)		265,524	(97,238)
Net assets		265,524	884,064
Capital and reserves
Called up share capital		5,050	5,050
Capital redemption reserve		4,050	4,050
Profit and loss account		256,424	874,964
Total equity		265,524	884,064

For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 3

CITI Holdings Limited

(Registration number: 03016792)
Balance Sheet as at 31 December 2018

Approved and authorised by the Board on 26 September 2019 and signed on its behalf by:
 

.........................................

JA Small

Company secretary and director

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 4

CITI Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

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:
Suite 10, Shenley Pavilions
Chalkdell Drive
Shenley Wood
Milton Keynes
MK5 6LB

These financial statements were authorised for issue by the Board on 26 September 2019.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Turnover

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.

Foreign currency transactions and balances

Transactions in foreign currencies are translated at the rate of exchange ruling on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing exchange rate at the balance sheet date.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 5

CITI Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

Tangible assets

Tangible assets are stated in the statement of financial position 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
Fixtures & fittings	10% and 33% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less accumulated impairment.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 6

CITI Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

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.

3	Staff numbers

The average number of persons employed by the company during the year, including directors, was 2 (2017 - 2).

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2018	74,959	74,959
Disposals	(74,959)	(74,959)
At 31 December 2018	-	-
Depreciation
At 1 January 2018	73,787	73,787
Charge for the year	489	489
Eliminated on disposal	(74,276)	(74,276)
At 31 December 2018	-	-
Carrying amount
At 31 December 2018	-	-
At 31 December 2017	1,172	1,172

5	Investment properties

	2018 £
At 1 January 2017	880,000
Disposals	(880,000)
At 31 December 2017	-

There has been no valuation of investment property by an independent valuer.

Page 7

CITI Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

6	Investments

	2018 £	2017 £
Investments in subsidiaries	-	100,130

Subsidiaries	£
Cost or valuation
At 1 January 2018	100,129
Additions	500,000
At 31 December 2018	600,129
Provision
Provision	600,129
Carrying amount
At 31 December 2018	-
At 31 December 2017	100,130

7

Debtors

	Note	2018 £	2017 £
Intercompany debtors	9	178,240	172,240
Other debtors		7,085	-
Prepayments		-	4,543
Total current trade and other debtors		185,325	176,783

8

Creditors

	Note	2018 £	2017 £
Due within one year
Trade creditors		22,216	22,767
Intercompany creditors	9	144,355	176,501
Taxation and social security		8,762	10,437
Other creditors		45,561	43,952
Director's current account		-	22,691
		220,894	276,348

Page 8

CITI Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

9	Related party transactions

Summary of transactions with subsidiaries

CITI Limited is a subsidiary of CITI Holdings Limited. During the year the company invoiced CITI Limited £87,500 (2017: £178,515) in respect of management charges and the recharge of overhead expenditure. CITI Limited also made sales of £9,416 (2017: £75,518) to CITI Holdings Limited in the year. At the balance sheet date, £144,355 (2017: £176,501) was payable to CITI Limited.

 

Summary of transactions with other related parties

Projman SA is a company under common control. During the year Projman SA charged CITI Holdings Limited £80,600 (2017: £106,515) for the provision of consultancy services. At the balance sheet date £93,050 (2017: £20,200) was payable to Projman SA.
 

Page 9