City Computing Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01767817 (England and Wales)

Financial Statements for the Year Ended 28 February 2018

for

CITY COMPUTING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C M H Klimpke

Mrs M L H Klimpke

M Klimpke

R Klimpke

S Klimpke

SECRETARY:

C M H Klimpke

REGISTERED OFFICE:

City House

Sutton Park Road

Sutton

Surrey

SM1 2AE

REGISTERED NUMBER:

01767817 (England and Wales)

AUDITORS:

A W Associates

Statutory Auditors

Regus Building, Brooklands Business Park

Wellington Way

Weybridge

Surrey

KT13 0TT

FIXED ASSETS

Intangible assets

4

887,774

850,458

Tangible assets

5

20,021

24,395

907,795

874,853

CURRENT ASSETS

Stocks

23,720

10,774

Debtors

6

1,378,605

912,001

Cash at bank and in hand

144,321

120,367

1,546,646

1,043,142

CREDITORS

Amounts falling due within one year

7

935,900

491,894

NET CURRENT ASSETS

610,746

551,248

TOTAL ASSETS LESS CURRENT LIABILITIES

1,518,541

1,426,101

CREDITORS

Amounts falling due after more than one year

8

660,307

742,862

NET ASSETS

858,234

683,239

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Retained earnings

808,234

633,239

SHAREHOLDERS' FUNDS

858,234

683,239

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 26 November 2018 and were signed on its behalf by:

C M H Klimpke - Director

Mrs M L H Klimpke - Director

1.	STATUTORY INFORMATION

City Computing 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the value of goods and services provided, excluding value added tax,

during the period.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment

losses.

Development costs are being amortised in line with units of sale made in the period as a

direct percentage of estimated total units to be sold over the life of the product.

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 and 10% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of

exchange ruling at the balance sheet date. Transactions in foreign currencies are translated

into sterling at the rate of exchange ruling at the date of transaction. Exchange differences

are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over

the period of the lease.

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.

Long term contracts

Amounts recoverable on long term contracts, which are included in debtors, are stated at the

net sales value of the work done after the provision for contingencies and anticipated future

losses on contracts, less amounts received as progress payments on account. Excess

progress payments are included in creditors as payments on account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2017 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 March 2017

858,765

Additions

82,979

At 28 February 2018

941,744

AMORTISATION

At 1 March 2017

8,307

Charge for year

45,663

At 28 February 2018

53,970

NET BOOK VALUE

At 28 February 2018

887,774

At 28 February 2017

850,458

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2017

235,449

Additions

265

At 28 February 2018

235,714

DEPRECIATION

At 1 March 2017

211,054

Charge for year

4,639

At 28 February 2018

215,693

NET BOOK VALUE

At 28 February 2018

20,021

At 28 February 2017

24,395

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

367,244

281

Other debtors

1,011,361

911,720

1,378,605

912,001

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

309,085

217,437

Trade creditors

61,300

17,987

Taxation and social security

52,645

85,454

Other creditors

512,870

171,016

935,900

491,894

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

660,307

742,862

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

308,908

394,640

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdrafts

227,803

135,861

Bank loans

741,589

824,438

969,392

960,299

The bank loans and overdraft are secured by a charge on all the assets of the company.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Wordingham (Senior Statutory Auditor)

for and on behalf of A W Associates

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended

28 February 2018 and 28 February 2017:

2018

2017

£

£

C M H Klimpke

Balance outstanding at start of year

12,881

(7,206

)

Amounts advanced

68,519

20,087

Amounts repaid

(81,400

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

12,881

M Klimpke

Balance outstanding at start of year

8,307

-

Amounts advanced

2,492

8,307

Amounts repaid

(10,799

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

8,307

S Klimpke

Balance outstanding at start of year

-

-

Amounts advanced

3,000

-

Amounts repaid

(3,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

12.	RELATED PARTY DISCLOSURES

C M H Klimpke and Mrs M L H Klimpke are directors and ultimate shareholders of City

Computing Holdings Limited.

As at 28 February 2018 the company was owed £827,901 (2017 £708,478) by City

Computing Holdings Limited.

During the year the company paid rent of £74,300 (2017 £44,300) to City Computing

Holdings Limited.

During the year the company charged management charges of £108,000 (2017 £108,000) to

City Computing Holdings Limited.

City Computing Holdings Limited, has given a guarantee to Natwest Bank Plc in respect of

overdraft and loan facilities granted to the company.

City Computing Trading Limited is regarded by the directors as being the company's ultimate

parent company.