Town & City Management Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06858249 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2019

FOR

TOWN & CITY MANAGEMENT LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P W Bigge

Mrs M L Bigge

Mrs S E Johnson

SECRETARY:

Town & City Secretaries Ltd

REGISTERED OFFICE:

2nd Floor North Point

Faverdale North

Darlington

Co. Durham

DL3 0PH

REGISTERED NUMBER:

06858249 (England and Wales)

ACCOUNTANTS:

Stephenson Nuttall & Co

Chartered Accountants

Ossington Chambers

6-8 Castle Gate

Newark

Nottinghamshire

NG24 1AX

FIXED ASSETS

Intangible assets

4

233,333

258,333

Tangible assets

5

51,022

44,549

Investments

6

1

1

284,356

302,883

CURRENT ASSETS

Stocks

1,953

4,752

Debtors

7

498,632

441,623

Cash at bank and in hand

645

476

501,230

446,851

CREDITORS

Amounts falling due within one year

8

733,960

678,165

NET CURRENT LIABILITIES

(232,730

)

(231,314

)

TOTAL ASSETS LESS CURRENT LIABILITIES

51,626

71,569

CREDITORS

Amounts falling due after more than one year

9

30,008

52,404

NET ASSETS

21,618

19,165

CAPITAL AND RESERVES

Called up share capital

10

180,001

180,001

Retained earnings

(158,383

)

(160,836

)

SHAREHOLDERS' FUNDS

21,618

19,165

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2019 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 4th June 2020 and were signed on its behalf by:

P W Bigge - Director

1.	STATUTORY INFORMATION

Town & City Management Ltd 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of twenty years.

The estimated useful life of twenty years is based on the average length of time for which a customer remains with the

company.

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.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 Statement of Income and Retained

Earnings, 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.

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.

Going concern basis

The directors are continuously reviewing the current position and possible future activities of the company and consider it

appropriate to prepare the financial statements on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2018 - 31 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st January 2019

and 31st December 2019

500,000

AMORTISATION

At 1st January 2019

241,667

Charge for year

25,000

At 31st December 2019

266,667

NET BOOK VALUE

At 31st December 2019

233,333

At 31st December 2018

258,333

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1st January 2019

13,045

11,864

193,531

218,440

Additions

5,430

-

20,603

26,033

At 31st December 2019

18,475

11,864

214,134

244,473

DEPRECIATION

At 1st January 2019

9,623

11,864

152,404

173,891

Charge for year

2,934

-

16,626

19,560

At 31st December 2019

12,557

11,864

169,030

193,451

NET BOOK VALUE

At 31st December 2019

5,918

-

45,104

51,022

At 31st December 2018

3,422

-

41,127

44,549

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st January 2019

and 31st December 2019

1

NET BOOK VALUE

At 31st December 2019

1

At 31st December 2018

1

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Town & City Secretaries Ltd

Registered office: United Kingdom

Nature of business: Placing and administering insurance policies.

%

Class of shares:

holding

Ordinary

100.00

31/12/19

31/12/18

£

£

Aggregate capital and reserves

1

1

Profit for the year

42,749

50,887

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/19

31/12/18

£

£

Trade debtors

28,848

39,466

Other debtors

36,040

74,021

Directors' current accounts

313,621

233,516

Tax

98,897

72,863

Prepayments

21,226

21,757

498,632

441,623

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/19

31/12/18

£

£

Bank loans and overdrafts

83,833

69,048

Trade creditors

117,218

35,219

Tax

51,729

52,314

Social security and other taxes

122,854

167,466

Other creditors

34,402

-

Amount due to group undertakings

601

3,236

Accrued expenses and deferred income

323,323

350,882

733,960

678,165

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/19

31/12/18

£

£

Bank loans - 1-2 years

23,500

22,400

Bank loans - 2-5 years

6,508

30,004

30,008

52,404

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/19

31/12/18

value:

£

£

100

Ordinary

1p

1

1

180,000

Preferred

£1

180,000

180,000

180,001

180,001

The preferred shares do not carry any rights to vote at general meetings or to receive any dividends.

11.	RELATED PARTY DISCLOSURES

At 31st December 2019 an amount of £601 (2018 - £3,236) was owed by the company to Town & City Secretaries Ltd.

During the year the company charged Mr P W Bigge an amount of £6,826 (2018 - £6,065) in respect of interest on his

overdrawn directors loan account.

Mr P W Bigge and Mrs M L Bigge provided personal guarantees on the company's bank loan and bank overdraft facilities.

These guarantees covered the whole of the bank loan and bank overdraft balances as at 31st December 2019.

12.	ULTIMATE CONTROLLING PARTY

Mr P W Bigge together with his wife Mrs M L Bigge own all of the ordinary shares in the company which carry the rights

to vote and to receive dividends.