|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Report of the Directors and |
|
Financial Statements for the Year Ended 31 December 2018 |
|
for
|
|
City N City Holdings Plc |
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Report of the Directors and |
|
Financial Statements for the Year Ended 31 December 2018 |
|
for
|
|
City N City Holdings Plc |
|
City N City Holdings Plc (Registered number: 05973044)
|
|
|
|
|
|
|
Contents of the Financial Statements
|
for the Year Ended 31 December 2018
|
|
|
|
|
Page
|
|
|
Company Information
|
1
|
|
|
Report of the Directors
|
2
|
|
|
Report of the Independent Auditors
|
4
|
|
|
Income Statement
|
7
|
|
|
Other Comprehensive Income
|
8
|
|
|
Balance Sheet
|
9
|
|
|
Statement of Changes in Equity
|
10
|
|
Notes to the Financial Statements
|
11
|
|
|
City N City Holdings Plc
|
|
Company Information
|
for the Year Ended 31 December 2018
|
|
|
|
|
|
|
|
|
Directors:
|
|
|
|
|
|
|
|
|
|
Secretary:
|
|
|
|
|
|
|
|
Registered office:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered number:
|
|
|
|
|
|
|
|
Auditors:
|
|
|
1st Floor
|
|
156 Cromwell Road
|
|
Kensington
|
|
London
|
|
SW7 4EF
|
City N City Holdings Plc (Registered number: 05973044)
|
|
Report of the Directors
|
for the Year Ended 31 December 2018
|
|
The directors present their report with the financial statements of the company for the year ended 31 December 2018.
|
|
Dividends
|
No dividends will be distributed for the year ended 31 December 2018.
|
|
Directors
|
The directors shown below have held office during the whole of the period from 1 January 2018 to
|
the date of this report.
|
|
|
|
|
Statement of directors' responsibilities
|
The directors are responsible for preparing the Report of the Directors and the financial statements |
in accordance with applicable law and regulations. |
|
Company law requires the directors to prepare financial statements for each financial year. Under |
that law the directors have elected to prepare the financial statements in accordance with United |
Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and |
applicable law). Under company law the directors must not approve the financial statements unless |
they are satisfied that they give a true and fair view of the state of affairs of the company and of the |
profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
|
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- |
state whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements; |
- |
prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the company will continue in business. |
|
The directors are responsible for keeping adequate accounting records that are sufficient to show |
and explain the company's transactions and disclose with reasonable accuracy at any time the |
financial position of the company and enable them to ensure that the financial statements comply |
with the Companies Act 2006. They are also responsible for safeguarding the assets of the |
company and hence for taking reasonable steps for the prevention and detection of fraud and other |
irregularities. |
|
Statement as to disclosure of information to auditors
|
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 |
of the Companies Act 2006) of which the company's auditors are unaware, and each director has |
taken all the steps that he ought to have taken as a director in order to make himself aware of any |
relevant audit information and to establish that the company's auditors are aware of that information. |
|
City N City Holdings Plc (Registered number: 05973044)
|
|
Report of the Directors
|
for the Year Ended 31 December 2018
|
|
|
Auditors
|
The auditors, Andertons Europe Ltd (Statutory Auditors), will be proposed for re-appointment at the
|
forthcoming Annual General Meeting.
|
|
On behalf of the board:
|
|
|
|
|
|
|
|
|
|
Report of the Independent Auditors to the Members of
|
City N City Holdings Plc
|
|
Qualified Opinion
|
We have audited the financial statements of City N City Holdings Plc (the 'company') for the year |
ended 31 December 2018 which comprise the Income Statement, Other Comprehensive Income, |
Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow |
Statement, Notes to the Financial Statements, including a summary of significant accounting |
policies. The financial reporting framework that has been applied in their preparation is applicable |
law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom |
Generally Accepted Accounting Practice). |
|
In our opinion except, for the possible effects of the matters describe in the basis for qualified |
opinion section of our report, the financial statements : |
|
- give a true and fair view of the state of the company's affairs as at 31 December 2018 and of its |
loss for the year then ended ; |
|
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting |
Practice; and |
|
- have been prepared in accordance with the requirements of the Companies Act 2006. |
|
Basis for qualified opinion
|
We have been unable to verify the value of the company's investments in its subsidiary Paklinon
|
Holdings Limited stated at £50,000 in the Financial statements.
|
|
We have not obtained the relevant confirmations from the bank and are unable to verify the Bank
|
balance in the financial statements of Nil.
|
|
Consequently we are unable to determine whether any adjustments to these amounts were
|
necessary.
|
|
We conducted our audit in accordance with International Standards on Auditing ( UK ) ( ISAs ( UK) )
|
and applicable law. Our responsibilities under those standards are further described in the Auditors'
|
responsibilities for the audit of the financial statements section of our report. We are independent of
|
the company in accordance with the ethical requirements that are relevant to our audit of the
|
financial statements in the UK, including the FRC's Ethical Standard , and we have fulfilled our other
|
ethical responsibilities in accordance with these requirements. We believe that the audit evidence
|
we have is sufficient and appropriate to provide a basis for our qualified opinion.
|
|
Conclusions relating to going concern
|
We have nothing to report in respect of the following matters in relation to which the ISAs (UK)
|
require us to report to you where:
|
-
|
the directors' use of the going concern basis of accounting in the preparation of the financial
statements is not appropriate; or
|
-
|
the directors have not disclosed in the financial statements any identified material uncertainties
that may cast significant doubt about the company's ability to continue to adopt the going concern
basis of accounting for a period of at least twelve months from the date when the financial
statements are authorised for issue.
|
Report of the Independent Auditors to the Members of
|
City N City Holdings Plc
|
|
|
Other information
|
The directors are responsible for the other information. The other information comprises the
|
information in the Report of the Directors, but does not include the financial statements and our
|
Report of the Auditors thereon.
|
|
Our opinion on the financial statements does not cover the other information and, except to the
|
extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion
|
thereon.
|
|
In connection with our audit of the financial statements, our responsibility is to read the other
|
information and, in doing so, consider whether the other information is materially inconsistent with
|
the financial statements or our knowledge obtained in the audit or otherwise appears to be
|
materially misstated. If we identify such material inconsistencies or apparent material misstatements,
|
we are required to determine whether there is a material misstatement in the financial statements or
|
a material misstatement of the other information. If, based on the work we have performed, we
|
conclude that there is a material misstatement of this other information, we are required to report
|
that fact. We have nothing to report in this regard.
|
|
Opinions on other matters prescribed by the Companies Act 2006
|
In our opinion, based on the work undertaken in the course of the audit:
|
-
|
the information given in the Report of the Directors for the financial year for which the financial
statements are prepared is consistent with the financial statements; and
|
-
|
the Report of the Directors has been prepared in accordance with applicable legal requirements.
|
|
Matters on which we are required to report by exception
|
In the light of the knowledge and understanding of the company and its environment obtained in the
|
course of the audit, we have not identified material misstatements in the Report of the Directors.
|
|
We have nothing to report in respect of the following matters where the Companies Act 2006
|
requires us to report to you if, in our opinion:
|
-
|
adequate accounting records have not been kept, or returns adequate for our audit have not
been received from branches not visited by us; or
|
-
|
the financial statements are not in agreement with the accounting records and returns; or
|
-
|
certain disclosures of directors' remuneration specified by law are not made; or
|
-
|
we have not received all the information and explanations we require for our audit.
|
|
Responsibilities of directors
|
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the
|
directors are responsible for the preparation of the financial statements and for being satisfied that
|
they give a true and fair view, and for such internal control as the directors determine necessary to
|
enable the preparation of financial statements that are free from material misstatement, whether due
|
to fraud or error.
|
|
In preparing the financial statements, the directors are responsible for assessing the company's
|
ability to continue as a going concern, disclosing, as applicable, matters related to going concern
|
and using the going concern basis of accounting unless the directors either intend to liquidate the
|
company or to cease operations, or have no realistic alternative but to do so.
|
Report of the Independent Auditors to the Members of
|
City N City Holdings Plc
|
|
|
Auditors' responsibilities for the audit of the financial statements
|
Our objectives are to obtain reasonable assurance about whether the financial statements as a
|
whole are free from material misstatement, whether due to fraud or error, and to issue a Report of
|
the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is
|
not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material
|
misstatement when it exists. Misstatements can arise from fraud or error and are considered
|
material if, individually or in the aggregate, they could reasonably be expected to influence the
|
economic decisions of users taken on the basis of these financial statements.
|
|
A further description of our responsibilities for the audit of the financial statements is located on the
|
Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description
|
forms part of our Report of the Auditors.
|
|
Use of our report
|
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of
|
Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to
|
the company's members those matters we are required to state to them in a Report of the Auditors
|
and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
|
responsibility to anyone other than the company and the company's members as a body, for our
|
audit work, for this report, or for the opinions we have formed.
|
|
|
|
|
|
for and on behalf of
|
1st Floor
|
156 Cromwell Road
|
Kensington
|
London
|
SW7 4EF
|
|
|
City N City Holdings Plc (Registered number: 05973044)
|
|
Income Statement
|
for the Year Ended 31 December 2018
|
|
|
Period
|
|
29.10.17
|
|
Year ended
|
|
to
|
|
31.12.18
|
|
31.12.17
|
|
Notes
|
£
|
£
|
|
|
Turnover
|
|
|
|
|
|
|
Administrative expenses
|
(
|
)
|
|
|
|
Operating loss and
|
|
Loss before taxation
|
(
|
)
|
|
|
|
|
Tax on loss
|
5
|
|
|
|
|
|
Loss for the financial year
|
(
|
)
|
|
|
|
City N City Holdings Plc (Registered number: 05973044)
|
|
Other Comprehensive Income
|
for the Year Ended 31 December 2018
|
|
|
Period
|
|
29.10.17
|
|
Year ended
|
|
to
|
|
31.12.18
|
|
31.12.17
|
|
Notes
|
£
|
£
|
|
|
Loss for the year
|
(
|
)
|
|
|
|
|
|
Other comprehensive income
|
-
|
|
-
|
|
|
Total comprehensive income for the
year
|
(
|
)
|
|
|
|
City N City Holdings Plc (Registered number: 05973044)
|
|
Balance Sheet
|
31 December 2018
|
|
|
2018
|
2017
|
|
|
Notes
|
£
|
£
|
£
|
£
|
|
Fixed assets
|
Investments
|
6
|
|
|
|
|
|
|
Current assets
|
Cash in hand
|
|
|
|
|
|
|
Creditors
|
Amounts falling due within one year
|
7
|
|
|
|
|
|
Net current liabilities
|
(
|
)
|
(
|
)
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
Capital and reserves
|
Called up share capital
|
8
|
|
|
|
|
|
Retained earnings
|
9
|
(
|
)
|
(
|
)
|
|
Shareholders' funds
|
|
|
|
|
|
|
The financial statements were approved by the Board of Directors on
signed on its behalf by:
|
|
|
|
|
|
|
|
City N City Holdings Plc (Registered number: 05973044)
|
|
Statement of Changes in Equity
|
for the Year Ended 31 December 2018
|
|
|
Called up
|
|
|
share
|
|
Retained
|
|
Total
|
|
capital
|
|
earnings
|
|
equity
|
£
|
£
|
£
|
|
|
Balance at 29 October 2017
|
50,000
|
|
(
|
)
|
(30,623
|
)
|
|
|
Changes in equity
|
Balance at 31 December 2017
|
|
|
(
|
)
|
|
|
|
|
Changes in equity
|
Total comprehensive income
|
-
|
|
(
|
)
|
(
|
)
|
|
Balance at 31 December 2018
|
|
|
(
|
)
|
|
|
|
City N City Holdings Plc (Registered number: 05973044)
|
|
Notes to the Financial Statements
|
for the Year Ended 31 December 2018
|
|
1.
|
Statutory information
|
|
|
City N City Holdings Plc is a
|
|
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
|
|
|
|
|
|
|
|
|
|
|
Preparation of consolidated financial statements
|
The financial statements contain information about City N City Holdings Plc as an individual |
company and do not contain consolidated financial information as the parent of a group. The |
company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements |
to prepare consolidated financial statements. |
|
|
Investments in subsidiaries
|
|
Investments in subsidiary undertakings are recognised at cost.
|
|
|
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. |
|
3.
|
Employees and directors
|
|
|
There were no staff costs for the year ended 31 December 2018 nor for the period ended
|
|
31 December 2017.
|
City N City Holdings Plc (Registered number: 05973044)
|
|
Notes to the Financial Statements - continued
|
for the Year Ended 31 December 2018
|
|
3.
|
Employees and directors - continued
|
|
|
Period
|
|
29.10.17
|
|
Year ended
|
|
to
|
|
31.12.18
|
|
31.12.17
|
£
|
£
|
|
|
Directors' remuneration
|
|
|
|
|
|
|
4.
|
Operating loss
|
|
|
The operating loss is stated after charging:
|
|
|
Period
|
|
29.10.17
|
|
Year ended
|
|
to
|
|
31.12.18
|
|
31.12.17
|
£
|
£
|
|
|
Auditors' remuneration
|
|
|
|
|
|
|
5.
|
Taxation
|
|
|
Analysis of the tax charge
|
|
No liability to UK corporation tax arose for the year ended 31 December 2018 nor for the
|
|
period ended 31 December 2017.
|
|
6.
|
Fixed asset investments
|
|
Shares in
|
|
group
|
|
undertakings
|
£
|
|
|
COST
|
|
At 1 January 2018
|
|
and 31 December 2018
|
|
|
|
|
NET BOOK VALUE
|
|
At 31 December 2018
|
|
|
|
|
At 31 December 2017
|
|
|
|
City N City Holdings Plc (Registered number: 05973044)
|
|
Notes to the Financial Statements - continued
|
for the Year Ended 31 December 2018
|
|
6.
|
Fixed asset investments - continued
|
|
|
Subsidiaries , associates and other investments
|
|
|
|
Registered
|
|
Class of
|
|
Percentage
of
|
|
|
|
|
office
|
|
share
|
|
shares held
|
|
|
|
|
Subsidiary undertakings
|
|
Egypt Street 12
|
|
Ordinary
|
|
100
|
|
|
|
Parklinon Holdings Ltd
|
|
PC 1097 Nicosia
Cyprus
|
|
|
|
|
|
The results and capital and reserves for the year are as follows :
|
|
|
Capital and reserves
|
|
Profit / ( loss for the year
|
)
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
Subsidiary undertakings
|
|
|
|
Parklinon Holdings Ltd
|
|
(13,295
|
)
|
(7,703
|
)
|
5,472
|
|
5,818
|
|
|
|
|
========
|
|
=======
|
|
=======
|
|
======
|
|
|
|
7.
|
Creditors: amounts falling due within one year
|
|
2018
|
2017
|
|
£
|
£
|
|
|
Directors' loan accounts
|
20,877
|
|
17,534
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
8.
|
Called up share capital
|
|
|
|
Allotted, issued and fully paid:
|
|
Number:
|
Class:
|
Nominal
|
2018
|
2017
|
|
|
value:
|
£
|
£
|
|
|
|
Ordinary shares
|
£ 1.0
|
0
|
50,000
|
|
50,000
|
|
|
|
9.
|
Reserves
|
|
Retained
|
|
earnings
|
£
|
|
|
|
At 1 January 2018
|
(
|
)
|
|
|
Deficit for the year
|
(
|
)
|
|
|
At 31 December 2018
|
(
|
)
|
|
City N City Holdings Plc (Registered number: 05973044)
|
|
Notes to the Financial Statements - continued
|
for the Year Ended 31 December 2018
|
|
10.
|
Ultimate controlling party
|
|
|
The ultimate controlling party is Mr S Levada.
|