Citysocialising Ltd. - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 05005271

Citysocialising Ltd.

Unaudited Financial Statements for the Year Ended 31 March 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S Saha

S Seton Rogers

REGISTERED OFFICE:

Hubworking Centre

5 Wormwood Street

London

EC2M 1RQ

REGISTERED NUMBER:

05005271

FIXED ASSETS

Intangible assets

4

63,452

73,640

Tangible assets

5

472

770

63,924

74,410

CURRENT ASSETS

Debtors

6

63,579

11,106

Cash at bank

26,666

70,601

90,245

81,707

CREDITORS

Amounts falling due within one year

7

(45,249

)

(52,155

)

NET CURRENT ASSETS

44,996

29,552

TOTAL ASSETS LESS CURRENT LIABILITIES

108,920

103,962

CAPITAL AND RESERVES

Called up share capital

338

338

Share premium

2,263,954

2,263,954

Retained earnings

(2,155,372

)

(2,160,330

)

108,920

103,962

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 28 September 2018 and were signed on its behalf by:

S Saha - Director

1.	STATUTORY INFORMATION

CitySocialising Ltd is a private company, limited by shares and registered in England and Wales. The company's registered number and

registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies

and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and

Republic of Ireland ("FRS 102") and the Companies Act 2006. The presentational and functional currency of these financial statements is

sterling. All amounts in the financial statements have been rounded to the nearest £1.

Going concern

The company's financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or

support will be more than adequate for the company's needs. In assessing going concern, the directors have a reasonable expectation that the

company will continue as a going concern and is able to meet all of its obligations as they fall due for a minimum of 12 months from the

date of approval of these financial statements

Significant judgements and estimates

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires

management to exercise judgement in applying the company's accounting policies. The directors are of the opinion that due to the nature of

the business, there are no critical accounting estimates or judgements used in the preparation of these financial statements.

Turnover

Revenue is recognised to the extent that it is probable economic benefits will flow to the company and the revenue can be reliably measured.

Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other

sales taxes.

Revenue from a contract to provide services is recognised in the period in which the services are provided.

Intangible assets

Research and development

Expenditure on research activities is recognised within profit or loss as an expense is incurred.

Development costs are capitalised within intangible assets only where they can be identified with a specific product or project anticipated

produce future economic benefits. They arc amortised on a straight line basis to profit or loss over their estimated useful life.

All other development costs are expensed as incurred.

Capitalised development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance of

any related research and development is written off to profit or loss.

Capitalised development costs are not treated as a realised loss for the purpose of determining the company's distributable profits as the costs

meet the conditions permitting them to be treated as an asset under FRS 102.

At each reporting date the company assesses whether there is any indication of impairment. If such indications exists, the recoverable

amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is

recognised immediately as an expense within profit or loss.

All intangible assets are considered to have a finite useful life. The estimated useful lives are as follows:

Website - 3 years.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes

expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the

manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount

of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised

immediately as an expense within the profit or loss.

Depreciation is charged to profit or loss over the estimated useful economic lives, as follows -

- Computer equipment - Over 4 years on a straight line basis.

The assets' residual values, useful lives and depreciation methods are reviewed, and prospectively if appropriate, or if there is an indication of

a significant change since the last reporting date.

Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit or loss.

Basic financial instruments

Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are

recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised

cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing

transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments

discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of

impairment. If objective evidence of impairment is found, and impairment loss is recognised within profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between an assets carrying amount

and the present value of estimated cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest

rate, the discount rate of measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an assets carrying amount

and the best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the

balance sheet date.

Current and deferred taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in profit or loss except to the extent that it relates

to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other

comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively

enacted at the balance sheet date.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in the financial statements. Deferred tax is not recognised on permanent differences arising because

certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or

smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or

substantively enacted at the balance sheet date.

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.

Foreign currencies

Transactions in foreign currencies are translated to the company's functional currency at the foreign exchange rate ruling at the date of the

transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional

currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in profit or loss.

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 payment obligations. The

contributions are recognised as an expense in profit or loss when they fall due.

Liabilities and equity

Preference shares

Shares issued by the company are classified as liabilities or equity depending on whether the company has an unconditional right to avoid

paying cash (or another financial asset). If an obligation to pay cash or another financial assets exists, then either part or the whole of the

financial instrument is recognised as a liability.

Where the company determines there is no liability component, the shares are recognised in equity at the fair value of the cash or other

consideration received or receivables, net of direct transaction costs. Otherwise the shares are classified as a liability. Where the instrument

contains both equity and financial liability components, these are separated and accounted for individually by determining the amount of the

liability component as the fair value of a similar instrument that does not have an associated equity component. the residual amount is

allocated as the equity component. Any transactions costs are allocated between the liability and equity components on the basis of their

relative fair values. Any initial allocations are not revised in subsequent periods.

3.	STAFF NUMBERS

The average number of employees during the year was 4 (2017 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Website

£

COST

At 1 April 2017

227,097

Additions

41,654

At 31 March 2018

268,751

AMORTISATION

At 1 April 2017

153,457

Amortisation for year

51,842

At 31 March 2018

205,299

NET BOOK VALUE

At 31 March 2018

63,452

At 31 March 2017

73,640

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2017

and 31 March 2018

5,835

DEPRECIATION

At 1 April 2017

5,065

Charge for year

298

At 31 March 2018

5,363

NET BOOK VALUE

At 31 March 2018

472

At 31 March 2017

770

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

-

173

Other debtors

63,520

10,609

Prepayments and accrued income

59

324

63,579

11,106

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade creditors

787

5,714

Social security and other taxes

18,735

17,918

Other creditors

12,377

11,990

Accruals and deferred income

13,350

16,533

45,249

52,155

8.	PENSIONS COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an

independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amount to £542

(2017 - £nil). Contributions totalling £91 (2017 : £nil) were payable to the fund at the balance sheet date and are included in creditors.

9.	RELATED PARTY DISCLOSURES

During the year the company received loans from a director of £335 (2017: £170) and made repayments of £55 (2017: £nil). As at 31 March

2018 CitySocialising owed £310 (2017: £30) to the director. All balances attract a nil% rate of interest, and are repayable on demand.