Citylink Group Limited - Limited company - abbreviated

REGISTERED NUMBER: 01682493 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

FOR

CITYLINK GROUP LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

W S Fattal

E S Fattal

SECRETARY:

E S Fattal

REGISTERED OFFICE:

Hill House

1 Little New Street

London

EC4A 3TR

REGISTERED NUMBER:

01682493 (England and Wales)

ACCOUNTANTS:

GBJ Financial Limited

Sterling House

27 Hatchlands Road

Redhill

Surrey

RH1 6RW

FIXED ASSETS

Tangible assets

2

8,071

18,036

Investments

3

2,164,962

1,129,458

Investment property

4

2,200,000

850,000

4,373,033

1,997,494

CURRENT ASSETS

Debtors

5

2,307,314

3,355,027

Investments

223,099

373,863

Cash at bank

173,975

151,626

2,704,388

3,880,516

CREDITORS

Amounts falling due within one year

190,911

205,016

NET CURRENT ASSETS

2,513,477

3,675,500

TOTAL ASSETS LESS CURRENT
LIABILITIES

6,886,510

5,672,994

CREDITORS

Amounts falling due after more than
one year

2,043,675

1,798,217

NET ASSETS

4,842,835

3,874,777

CAPITAL AND RESERVES

Called up share capital

6

4,562,500

Share premium

5,123,856

Revaluation reserve

1,864,592

514,592

Profit and loss account

(6,708,113

)

(6,326,171

)

SHAREHOLDERS' FUNDS

4,842,835

3,874,777

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the
company as at the end of each financial year and of its profit or loss for each financial year in
accordance with the requirements of Sections 394 and 395 and which otherwise comply with
the requirements of the Companies Act 2006 relating to financial statements, so far as
applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 23 November 2015 and were
signed on its behalf by:

W S Fattal - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as

modified by the revaluation of certain assets and in accordance with the Financial Reporting

Standard for Smaller Entities (effective April 2008).

Preparation of consolidated financial statements

The financial statements contain information about Citylink Group Limited as an individual

company and do not contain consolidated financial information as the parent of a group. The

company has taken the option under Section 398 of the Companies Act 2006 not to prepare

consolidated financial statements.

Turnover

Turnover represents amounts receivable for the sale of goods and services and rental

income provided in the normal course of business.

Tangible fixed assets

Depreciation is provided on a straight line basis at the following annual rates in order to write

off each asset over its estimated useful life.The rates are as follows:

Motor vehicles 25% per annum

Computer equipment, plant and machinery, fixtures 20% to 33% per annum

Investment properties

Investment properties are included in the balance sheet at their open market value.

Depreciation is provided only on those investment properties which are leasehold and where

the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for

Smaller Entities (effective April 2008), it is a departure from the general requirement of the

Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors

compliance with the standard is necessary for the financial statements to give a true and fair

view. Depreciation or amortisation is only one of many factors reflected in the annual

valuation and the amount of this which might otherwise have been charged cannot be

separately identified or quantified.

Pensions

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to the profit and loss account in the period to which

they relate.

Investments

Investments in subsidiaries are stated at cost, less provision for impairment, based on the

net asset valuation, if net assets are lower than cost.

Current asset investments are stated at cost less provision for diminution in value.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

and 31 December 2014

188,046

DEPRECIATION

At 1 January 2014

170,010

Charge for year

9,965

At 31 December 2014

179,975

NET BOOK VALUE

At 31 December 2014

8,071

At 31 December 2013

18,036

3.	FIXED ASSET INVESTMENTS

Investments

other than

loans

£

COST

At 1 January 2014

and 31 December 2014

4,643,619

PROVISIONS

At 1 January 2014

and 31 December 2014

4,543,619

NET BOOK VALUE

At 31 December 2014

100,000

At 31 December 2013

100,000

The company's investments at the Balance Sheet date in the share capital of companies

include the following:

Citylink Corporate Services Limited

Nature of business: letting of leasehold property

%

Class of shares:

holding

Ordinary

100.00

2014

2013

£

Aggregate capital and reserves

(169,810

)

(169,810

)

Bluecom Group Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2014

2013

£

Aggregate capital and reserves

(41,622

)

(41,622

)

Romex World Limited

Nature of business: the development and sale of management solutions

%

Class of shares:

holding

Ordinary

100.00

2014

2013

£

Aggregate capital and reserves

(59,915

)

(53,171

)

Profit/(loss) for the year

25,001

(24,025

)

These results are based on draft figures as the accounts of Romex World Limited have not

yet been finalised.

Loans

£

At 1 January 2014

1,029,458

Additions

1,035,504

At 31 December 2014

2,064,962

4.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 January 2014

850,000

Revaluations

1,350,000

At 31 December 2014

2,200,000

NET BOOK VALUE

At 31 December 2014

2,200,000

At 31 December 2013

850,000

5.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

The aggregate total of debtors falling due after more than one year is £ 1,598,238 (2013 - £

2,998,510 )

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

4,562,500

Ordinary shares

£1

4,562,500

7.	RELATED PARTY DISCLOSURES

At 31 December 2014, Cedardrive Limited group, under the directors' control, owed

£1,463,238 (2013: £2,998,510) to the company.The movement in the outstanding balance is

a result of changes in the funding requirements of the companies.

Management fees of £25,000 (2013: £25,000) were charged to Consortium Commercial

Developments Limited, a subsidiary of Cedardrive Limited. Net Interest of £104,504 was

paid in connection with the related party loans.

In addition, a net balance of £1,841,252 (2013: £1,595,794) is owed to various trusts in

which the directors are beneficiaries and companies controlled by those trusts. The

movements in the outstanding balances are as a result of loans from the trusts.

8.	ULTIMATE CONTROLLING PARTY

The immediate and ultimate control of the Company rests with the trustees of overseas

trusts.

Citylink Group Limited - Limited company - abbreviated - 11.9

Citylink Group Limited - Limited company - abbreviated - 11.9