City Box Advertising Limited Company Accounts

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COMPANY REGISTRATION NUMBER: 04975399

City Box Advertising Limited

Unaudited Financial Statements

31 December 2016

City Box Advertising Limited

Financial Statements

Year ended 31 December 2016

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

City Box Advertising Limited

Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£

Fixed assets

Tangible assets	6		3	10,513

Current assets

Stocks	7	117,990	–
Debtors	8	136,666	129,885
Cash at bank and in hand		82	–
		---------	---------
		254,738	129,885

Creditors: amounts falling due within one year	9	501,887		394,614
		---------		---------
Net current liabilities			247,149	264,729
			---------	---------
Total assets less current liabilities			( 247,146)	( 254,216)
			---------	---------
Net liabilities			( 247,146)	( 254,216)
			---------	---------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	( 248,146)	( 255,216)
	---------	---------
Members deficit	( 247,146)	( 254,216)
	---------	---------

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 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 income statement has not been delivered.

For the year ending 31 December 2016 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

City Box Advertising Limited

Statement of Financial Position (continued)

31 December 2016

These financial statements were approved by the board of directors and authorised for issue on 25 September 2017 , and are signed on behalf of the board by:

Mr D R Walsh
Director

Company registration number: 04975399

City Box Advertising Limited

Notes to the Financial Statements

Year ended 31 December 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 192 Praed Street, Paddington, London, W2 1RH.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Fixtures & fittings	-	33% straight line
Motor vehicles	-	20% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to 2 (2015: 2).

5. Profit before taxation

Profit/(loss) before taxation is stated after charging:

	2016	2015
	£	£
Depreciation of tangible assets	–	2,628
	----	-------

6. Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 January 2016	6,685	16,423	23,108
Disposals	–	( 16,423)	( 16,423)
	-------	--------	--------
At 31 December 2016	6,685	–	6,685
	-------	--------	--------
Depreciation
At 1 January 2016	6,682	5,913	12,595
Disposals	–	( 5,913)	( 5,913)
	-------	--------	--------
At 31 December 2016	6,682	–	6,682
	-------	--------	--------
Carrying amount
At 31 December 2016	3	–	3
	-------	--------	--------
At 31 December 2015	3	10,510	10,513
	-------	--------	--------

7. Stocks

	2016	2015
	£	£
Raw materials and consumables	117,990	–
	---------	----

8. Debtors

	2016	2015
	£	£
Trade debtors	87,283	125,985
Other debtors	49,383	3,900
	---------	---------
	136,666	129,885
	---------	---------

9. Creditors: amounts falling due within one year

	2016	2015
	£	£
Bank loans and overdrafts	69,928	41,100
Trade creditors	148,376	225,239
Social security and other taxes	39,444	31,954
Other creditors	244,139	96,321
	---------	---------
	501,887	394,614
	---------	---------

10. Directors' advances, credits and guarantees

There are no such transactions for the accounting period.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

No transitional adjustments were required in equity or profit or loss for the year.