Citizencard Limited Filleted accounts for Companies House (small and micro)

CITIZENCARD LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 3669949

Citizencard Limited

Company Limited by Guarantee

Filleted Financial Statements

31 March 2023

Citizencard Limited

Company Limited by Guarantee

Abridged Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	7		70,901	72,458

Current assets

Debtors	499,796	350,174
Cash at bank and in hand	557,327	574,377
	------------	---------
	1,057,123	924,551

Creditors: amounts falling due within one year	157,777		109,395
	------------		---------
Net current assets		899,346	815,156
		---------	---------
Total assets less current liabilities		970,247	887,614
		---------	---------
Net assets		970,247	887,614
		---------	---------

Capital and reserves

Profit and loss account	970,247	887,614
	---------	---------
Members funds	970,247	887,614
	---------	---------

These Financial Statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of Financial Statements.

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

These Financial Statements were approved by the board of directors and authorised for issue on 6 December 2023 , and are signed on behalf of the board by:

R Hickson	P J Hassett
Director	Director

Company registration number: 3669949

Citizencard Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is London House, 7 Prescott Place, London, SW4 6BS.

2. Statement of compliance

These Financial Statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis and the going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover represents amounts receivable in respect of card applications and card scheme contributions received, excluding Value Added Tax.

Income tax

The company is a not for profit entity and, as such, has a formal agreement with HM Revenue & Customs that trading profits are not taxable.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Domain names	-	Straight line over the expected useful life of the asset

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Improvements to leasehold	-	Straight line over the life of the lease
Computers & equipment	-	Operating system straight line 33%, hardware & software straight line 20%

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Company limited by guarantee

The seven members of the company have given an undertaking to contribute towards the assets of the company in the event of winding up. Each member's liability is limited to £1.

5. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).

6. Intangible assets

	£
Cost
At 1 April 2022 and 31 March 2023	10,000
	--------
Amortisation
At 1 April 2022 and 31 March 2023	10,000
	--------
Carrying amount
At 31 March 2023	–
	--------
At 31 March 2022	–
	--------

7. Tangible assets

	£
Cost
At 1 April 2022	170,103
Additions	20,012
	---------
At 31 March 2023	190,115
	---------
Depreciation
At 1 April 2022	97,645
Charge for the year	21,569
	---------
At 31 March 2023	119,214
	---------
Carrying amount
At 31 March 2023	70,901
	---------
At 31 March 2022	72,458
	---------

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2023	2022
	£	£
Not later than 1 year	74,962	80,466
Later than 1 year and not later than 5 years	263,375	338,337
	---------	---------
	338,337	418,803
	---------	---------

9. Summary audit opinion

The auditor's report for the year dated 6 December 2023 was unqualified.

The senior statutory auditor was Spencer Watson FCA , for and on behalf of Buckley Watson Limited .

10. Related party transactions

During the year the company received contributions under a data sharing arrangement from a related party of one of the directors of £37,500 (2022: £37,500). The company paid out £1,132,089 (2022: £612,816) in respect of the provision of card production and distribution services and £128,425 (2022: £118,750) for office management fees to related parties of a member of key management personnel.