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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2017 |
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FOR |
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CITY CULTURE LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2017 |
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FOR |
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CITY CULTURE LIMITED |
CITY CULTURE LIMITED (REGISTERED NUMBER: 08756573) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 October 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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CITY CULTURE LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 October 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Beckside Court |
Annie Reed Road |
Beverley |
East Yorkshire |
HU17 0LF |
CITY CULTURE LIMITED (REGISTERED NUMBER: 08756573) |
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BALANCE SHEET |
31 October 2017 |
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2017 | 2016 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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CITY CULTURE LIMITED (REGISTERED NUMBER: 08756573) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 October 2017 |
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1. | STATUTORY INFORMATION |
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City Culture Limited is a private company limited by shares and incorporated and domiciled in England. It has its |
registered office at Beckside Court, Annie Reed Road, Beverley, HU17 0LF and principle place of business at 29 |
Spring Bank, Hull, HU3 1AF. |
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The principal activity of the Company is that of a property developer. |
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The presentational currency of the financial statements is Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the |
going concern basis of accounting is appropriate as, in the opinion of the director, there are no material |
uncertainties related to events or conditions that may cast significant doubt about the ability of the company to |
continue as a going concern. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or |
receivable. Turnover excludes value added tax and trade discounts. |
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Turnover from services is recognised on completion of service, or when those services span the year end date, by |
reference to the stage of completion at the balance sheet date. |
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Stocks |
Stock are stated at the lower of cost, using the first in first out method, and selling price less costs to complete and |
sell. |
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In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to |
the stage of manufacture/completion. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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CITY CULTURE LIMITED (REGISTERED NUMBER: 08756573) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 October 2017 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Taxation and social security |
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Other creditors |
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6. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank loans |
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The bank loan is secured on the assets of the company supported by a separate insurance policy. |
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7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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Included in other creditors are loans from the directors amounting to £224,784 (2016 : £196,158) . The loans are |
repayable on demand and interest is payable at 5%pa. |
CITY CULTURE LIMITED (REGISTERED NUMBER: 08756573) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 October 2017 |
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8. | ULTIMATE CONTROLLING PARTY |
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The company is under the control of the two directors who own 100% of the issued share capital. |
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9. | GOING CONCERN |
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As stated in the accounting policies, the use of the going concern basis for the preparation of the accounts |
is appropriate as the directors together with the company bankers have pledged their support for the |
foreseeable future as the project progresses. |