Citysquared Limited Accounts

CITYSQUARED LIMITED - Company Information






Citysquared Limited

	Company No. 05038095
		Information for Filing with The Registrar
		31 October 2019

The Directors present their report and the accounts for the year ended 31 October 2019.

Principal activities
The principal activity of the company during the year under review was design and manufacture of exterior furniture.




Directors

The Directors who served at any time during the year were as follows:

P. Cusk
T. Williams




































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

T. Williams
Director
24 July 2020

at	31 October 2019
Company No.		05038095	Notes	2019	2018
				£	£
Fixed assets

	Tangible assets		4	2,532	2,997


				2,532	2,997
Current assets
	Stocks		5	18,582	16,332
	Debtors		6	19,214	88,534

	Cash at bank and in hand			16,832	1,733
				54,628	106,599
Creditors: Amount falling due within one year			7	(43,454)	(99,989)
Net current assets				11,174	6,610
Total assets less current liabilities				13,706	9,607




Net assets				13,706	9,607

Capital and reserves
	Called up share capital			200	200
	Share premium account		8	15,000	15,000


	Profit and loss account		8	(1,494)	(5,593)

Total equity				13,706	9,607



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 October 2019 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 24 July 2020
And signed on its behalf by:
T. Williams
Director
24 July 2020

for the year ended 31 October 2019

General information

Its registered number is: 05038095

Its registered office is:

Its trading address is:

Unit 1 4 Playfair Road

Hunslet

Leeds

West Yorkshire

LS10 2JP

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006. The March 2018 edition of FRS 102 includes amendments arising from the Financial Reporting Council's triennial review of the standard. There is no material effect on the amounts recognised in these financial statements as a result of early adopting these amendments.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

33% Straight line

Furniture, fittings and equipment

20% Reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Defined contribution pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

3	Employees
			2019	2018
			Number	Number
		The average number of persons employed during the year :	2	3

4	Tangible fixed assets
			Plant and machinery	Fixtures, fittings and equipment	Total
			£	£	£
		Cost or revaluation
		At 1 November 2018	11,863	12,696	24,559
		Additions	-	1,823	1,823



		At 31 October 2019	11,863	14,519	26,382
		Depreciation
		At 1 November 2018	10,097	11,465	21,562
		Charge for the year	1,415	873	2,288



		At 31 October 2019	11,512	12,338	23,850
		Net book values
		At 31 October 2019	351	2,181	2,532
		At 31 October 2018	1,766	1,231	2,997

5	Stocks
			2019	2018
			£	£

		Work in progress	16,582	14,332
		Finished goods	2,000	2,000
			18,582	16,332

6	Debtors
			2019	2018
			£	£
		Trade debtors	14,807	85,284





		Other debtors	771	818
		Prepayments and accrued income	3,636	2,432
			19,214	88,534

7	Creditors:
		amounts falling due within one year
			2019	2018
			£	£

		Bank loans and overdrafts	1,484	2,724


		Trade creditors	29,892	33,664

		Corporation tax	1,051	3,642
		Other taxes and social security	8,735	5,698
		Loans from directors	607	51,433
		Other creditors	243	358
		Accruals and deferred income	1,442	2,470
			43,454	99,989

Reserves

Share premium account - includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account - includes all current and prior period retained profits and losses.

9	Commitments

		Capital commitments	2019	2018
			£	£


		Other financial commitments
			2019	2018
			£	£




		Pension commitments
		Nest Pension Scheme

			2019	2018
			£	£
		Unpaid contributions due to the fund are included in other creditors and amounted to:	243	328