Citi Logik Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 07938919 (England and Wales)

CITI LOGIK LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

S R Leece

J Rands

G T O'Riain

REGISTERED OFFICE:

Albury Mill

Mill Lane

Chilworth

Guildford

Surrey

GU4 8RU

REGISTERED NUMBER:

07938919 (England and Wales)

ACCOUNTANTS:

Bessler Hendrie

Chartered Accountants

Albury Mill

Mill Lane

Chilworth

Guildford

Surrey

GU4 8RU

FIXED ASSETS

Tangible assets

4

11,469

902

CURRENT ASSETS

Debtors

5

455,264

172,724

Cash at bank

1,539

95,502

456,803

268,226

CREDITORS

Amounts falling due within one year

6

(438,002

)

(292,011

)

NET CURRENT ASSETS/(LIABILITIES)

18,801

(23,785

)

TOTAL ASSETS LESS CURRENT LIABILITIES

30,270

(22,883

)

CREDITORS

Amounts falling due after more than one year

7

(643,132

)

(806,535

)

NET LIABILITIES

(612,862

)

(829,418

)

CAPITAL AND RESERVES

Called up share capital

9

121

13

Share premium

582,524

374,998

Retained earnings

(1,195,507

)

(1,204,429

)

SHAREHOLDERS' FUNDS

(612,862

)

(829,418

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 23 May 2018 and were signed on its behalf by:

S R Leece - Director

1.	STATUTORY INFORMATION

Citi Logik Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company

Information page.

The trading address of the company is Urban Innovation Centre, One Sekforde Street, London, EC1R

0BE

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

Going concern

Following a review by the Directors, the accounts have been prepared on the going concern basis.

The directors consider that this basis remains appropriate as summarised below:

In November 2016, the directors signed a 5 year trading agreement with a significant business

partner which included a renegotiation of the terms of repayment of a trading loan facility of

around £806k, they had provided. It had been agreed that repayment of this amount would only

commence once the company has generated a target level of turnover and then, be made only from

monthly revenues which exceed targeted levels. In March 2018, the directors agreed amended

terms with the trading partner, being a reduction in the facility by way of the issue of credit notes of

£163k in March and April 2018 and to the development of a joint income stream which will

facilitate further repayment. As a result of this, the loan balance has reduced to £480k.

The Directors have secured partial grant funding for software development during the coming year

together with a loan facility of £1m to be drawn down over the 3 years commencing May 2018 to

finance specific development of the software platforms. The loan facility is repayable over the 5

years following completion of the project.

The directors continue to closely monitor forecasts of future trading and profitability and are in

active discussions with a number of finance providers for longer term funding.

Turnover

Turnover represents the value, excluding Value Added Tax, of goods and services supplied to

customers during the period.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost

Government grants

Grants are recognised on the accruals model and are recognised within income on a systematic

basis over the periods in which the related costs have been recognised, for which the grant is

intended to compensate.

Grants received are a combination of both notified state aid and non notified state aid

Financial instruments

Financial instruments are classified by the directors as basic or advanced, following the conditions in

FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective

interest rate method. The company has no advanced financial instruments.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive income

or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is

probable that they will be recovered against the reversal of deferred tax liabilities or other future

taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Pension costs and other post-retirement benefits

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

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2017 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2017

3,955

Additions

13,423

At 31 March 2018

17,378

DEPRECIATION

At 1 April 2017

3,053

Charge for year

2,856

At 31 March 2018

5,909

NET BOOK VALUE

At 31 March 2018

11,469

At 31 March 2017

902

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

67,650

40,060

Other debtors

387,614

132,664

455,264

172,724

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

87,662

148,675

Taxation and social security

83,630

70,155

Other creditors

266,710

73,181

438,002

292,011

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Other creditors

643,132

806,535

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Secured Loan Notes

-

27,000

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

13,291,472

Ordinary

£0.000001

121

13

82,884,000 Ordinary shares of £0.000001 each were allotted as fully paid at a premium of £0.001

per share during the year generating consideration of £82,884.

24,950,000 Ordinary shares of £0.000001 each were allotted as fully paid at a premium of £0.005

per share during the year generating consideration of £124,750.

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only

required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Citi Logik Limited for the year ended 31 March 2018 which comprise

the Income Statement, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

It is your duty to ensure that Citi Logik Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Citi Logik Limited. You consider that Citi Logik 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 financial statements of Citi Logik 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 financial statements.

This report should not be regarded as suitable to be used or relied on by any other party wishing to

acquire any rights against Bessler Hendrie for any purpose or in any context. Any party, other than the

Directors, who obtain access to this report or a copy and chooses to rely on this report (or any part of it)

will do so at its own risk.

Bessler Hendrie

Chartered Accountants

Albury Mill

Mill Lane

Chilworth

Guildford

Surrey

GU4 8RU

23 May 2018