Town & City Management Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06858249 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2016

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

Mr M Baker

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

308,333

333,333

Tangible assets

5

47,091

54,783

Investments

6

1

1

355,425

388,117

CURRENT ASSETS

Stocks

3,328

1,974

Debtors

7

151,660

175,577

Cash at bank and in hand

477

510

155,465

178,061

CREDITORS

Amounts falling due within one year

8

286,802

306,833

NET CURRENT LIABILITIES

(131,337

)

(128,772

)

TOTAL ASSETS LESS CURRENT LIABILITIES

224,088

259,345

CREDITORS

Amounts falling due after more than one year

9

(34,649

)

(42,342

)

PROVISIONS FOR LIABILITIES

11

(8,434

)

(9,755

)

NET ASSETS

181,005

207,248

CAPITAL AND RESERVES

Called up share capital

12

180,001

180,001

Retained earnings

13

1,004

27,247

SHAREHOLDERS' FUNDS

181,005

207,248

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2016 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 1st March 2017 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 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.

Preparation of consolidated financial statements

The financial statements contain information about Town & City Management Ltd as an individual company and

do not contain consolidated financial information as the parent of a group. The company has taken the option

under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

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 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2015 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st January 2016

and 31st December 2016

500,000

AMORTISATION

At 1st January 2016

166,667

Charge for year

25,000

At 31st December 2016

191,667

NET BOOK VALUE

At 31st December 2016

308,333

At 31st December 2015

333,333

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1st January 2016

5,685

11,864

136,922

154,471

Additions

5,395

-

11,307

16,702

At 31st December 2016

11,080

11,864

148,229

171,173

DEPRECIATION

At 1st January 2016

5,685

11,864

82,139

99,688

Charge for year

545

-

23,849

24,394

At 31st December 2016

6,230

11,864

105,988

124,082

NET BOOK VALUE

At 31st December 2016

4,850

-

42,241

47,091

At 31st December 2015

-

-

54,783

54,783

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Computer

equipment

£

COST

At 1st January 2016

and 31st December 2016

38,880

DEPRECIATION

At 1st January 2016

16,200

Charge for year

9,720

At 31st December 2016

25,920

NET BOOK VALUE

At 31st December 2016

12,960

At 31st December 2015

22,680

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st January 2016

and 31st December 2016

1

NET BOOK VALUE

At 31st December 2016

1

At 31st December 2015

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

31/12/16

31/12/15

£

£

Aggregate capital and reserves

1

1

Profit for the year

49,198

37,738

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/16

31/12/15

£

£

Trade debtors

19,943

26,838

Other debtors

25,538

4,354

Directors' current accounts

72,552

106,786

Tax

20,550

26,697

Prepayments

13,077

10,902

151,660

175,577

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/16

31/12/15

£

£

Bank loans and overdrafts

82,511

109,071

Hire purchase contracts

1,670

5,012

Trade creditors

34,772

19,604

Tax

20,839

44,059

Social security and other taxes

59,814

38,804

Amount due to group undertakings

11,074

9,830

Accrued expenses

76,122

80,453

286,802

306,833

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/16

31/12/15

£

£

Bank loans

6,000

6,000

Bank loans - 2-5 years

20,000

20,000

Bank loans more 5 yr by instal

8,649

14,672

Hire purchase contracts

-

1,670

34,649

42,342

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

8,649

14,672

10.	SECURED DEBTS

The following secured debts are included within creditors:

31/12/16

31/12/15

£

£

Hire purchase contracts

1,670

6,682

11.	PROVISIONS FOR LIABILITIES

31/12/16

31/12/15

£

£

Deferred tax

8,434

9,755

Deferred

tax

£

Balance at 1st January 2016

9,755

Accelerated capital allowances

(1,321

)

Balance at 31st December 2016

8,434

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/16

31/12/15

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.

13.

RESERVES

Retained

earnings

£

At 1st January 2016

27,247

Profit for the year

51,757

Dividends

(78,000

)

At 31st December 2016

1,004

14.	RELATED PARTY DISCLOSURES

At 31st December 2016 an amount of £11,074 (2015 - £9,830) was owed by the company to Town & City

Secretaries Ltd.

During the year the company charged Mr P W Bigge an amount of £6,259 (2015 - £17,365) 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

2016.

15.	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.

16.	FIRST TIME ADOPTION OF FINANCIAL REPORTING STANDARD 102

These financial statements are the first which the company has prepared in accordance with the provisions of

Financial Reporting Standard 102 (FRS 102), including those of Section 1A relating to "Small Entities". The

transition to FRS 102 has had no affect on any item included within the opening balance sheet of the comparative

period at 1st January 2015, the income statement for the comparative period ended 31st December 2015 or the

closing balance sheet of the comparative period at 31st December 2015.