Registration number:
Citrus Group (NW) Ltd
for the Period from 10 August 2022 to 30 September 2023
Citrus Group (NW) Ltd
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Statement of Income and Retained Earnings |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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Detailed Profit and Loss Account |
Citrus Group (NW) Ltd
Company Information
Director |
Mr Daniel Kelly |
Registered office |
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Accountants |
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Citrus Group (NW) Ltd
Director's Report for the Period from 10 August 2022 to 30 September 2023
The director presents his report and the financial statements for the period from 10 August 2022 to 30 September 2023.
Incorporation
The company was incorporated on
Directors of the company
The directors who held office during the period were as follows:
Principal activity
The principal activity of the company is electrical installation.
Citrus Group (NW) Ltd
Director's Report for the Period from 10 August 2022 to 30 September 2023
Overview
Citrus Group NW Ltd - 2023
To our esteemed stakeholders,
As the Director of Citrus Group NW Ltd, it gives me immense pleasure to present our first full year's annual report. Established with a core focus on electrical, fire, and security contracts, we pride ourselves on serving social housing providers and local authorities across the Midlands and the North of England.
This year has been transformative. Not only have we achieved a strong foothold in the industry, but we've also carved a niche for ourselves, thanks to our unwavering commitment to excellence and our clear strategic focus. A testament to our growth and direction has been our success in securing five significant contract wins in the latter half of the year, most of which span over four years. This not only reflects our capabilities but also the trust that our clients place in us.
Financially, Citrus Group NW Ltd has delivered an impressive EBITDA of 14.7%, anchored by robust gross profit levels. Such a financial position in our first full year is a promising sign of the potential that lies ahead.
However, our journey wasn't devoid of challenges. One of our most significant hurdles has been in the realms of recruitment and staff retention. Understanding the importance of a dedicated and satisfied workforce, we addressed these challenges head-on, enhancing our remuneration packages and introducing employee loyalty schemes. This has not only helped us attract the best talent but also ensured that our experienced professionals remain committed to our vision.
Looking ahead, our vision remains clear. We will continue our emphasis on electrical repairs and fire alarm servicing within the social housing sector and small local authorities. We have identified mechanical ventilation within a social housing setting as a key area of growth for the business over the next 12 months. With a solid bidding ratio, we anticipate organic growth across all our departments. Furthermore, as we step into the financial year 2023/2024, we are poised to expand our geographical presence further into the Midlands and North East, building on our recent contract victories.
In closing, I would like to extend my heartfelt gratitude to all our employees, clients, and stakeholders. It is your faith, dedication, and hard work that propels us forward. As we continue on this promising trajectory, I am confident that together, we will achieve greater milestones and craft a legacy of excellence in our industry.
Approved and authorised by the
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Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Citrus Group (NW) Ltd
for the Period Ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Citrus Group (NW) Ltd for the period ended 30 September 2023 as set out on pages 5 to 11 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Citrus Group (NW) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Citrus Group (NW) Ltd and state those matters that we have agreed to state to the Board of Directors of Citrus Group (NW) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Citrus Group (NW) Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Citrus Group (NW) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Citrus Group (NW) Ltd. You consider that Citrus Group (NW) Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Citrus Group (NW) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
8-12 London Street
Southport
Merseyside
PR9 0UE
Citrus Group (NW) Ltd
Profit and Loss Account and Statement of Retained Earnings for the Period from 10 August 2022 to 30 September 2023
Note |
2023 |
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Turnover |
|
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Cost of sales |
( |
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Gross profit |
|
|
Administrative expenses |
( |
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Operating profit |
|
|
Other interest receivable and similar income |
|
|
Interest payable and similar charges |
( |
|
(2,807) |
||
Profit before tax |
|
|
Taxation |
( |
|
Profit for the financial period |
|
|
Retained earnings brought forward |
- |
|
Dividends paid |
( |
|
Retained earnings carried forward |
61,178 |
Citrus Group (NW) Ltd
(Registration number: 14289044)
Balance Sheet as at 30 September 2023
Note |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
|
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Debtors |
|
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Cash at bank and in hand |
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|
|
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Creditors: Amounts falling due within one year |
( |
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Net current assets |
|
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Total assets less current liabilities |
|
|
Creditors: Amounts falling due after more than one year |
( |
|
Net assets |
|
|
Capital and reserves |
||
Called up share capital |
100 |
|
Retained earnings |
61,178 |
|
Shareholders' funds |
61,278 |
For the financial period ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Citrus Group (NW) Ltd
Notes to the Unaudited Financial Statements for the Period from 10 August 2022 to 30 September 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Citrus Group (NW) Ltd
Notes to the Unaudited Financial Statements for the Period from 10 August 2022 to 30 September 2023
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer Equipment |
33% Straight line |
Office Equipment |
15% Straight line |
Motor Cars |
25% Straight line |
Plant and Machinery |
15% Straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Citrus Group (NW) Ltd
Notes to the Unaudited Financial Statements for the Period from 10 August 2022 to 30 September 2023
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Profit before tax |
Arrived at after charging/(crediting)
2023 |
|
Depreciation expense |
|
Citrus Group (NW) Ltd
Notes to the Unaudited Financial Statements for the Period from 10 August 2022 to 30 September 2023
Tangible assets |
Office equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
||||
Additions |
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|
|
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At 30 September 2023 |
|
|
|
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Depreciation |
||||
Charge for the period |
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At 30 September 2023 |
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Carrying amount |
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At 30 September 2023 |
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Stocks |
2023 |
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Other inventories |
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Debtors |
Current |
Note |
2023 |
Trade debtors |
|
|
Amounts owed by related parties |
|
|
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Citrus Group (NW) Ltd
Notes to the Unaudited Financial Statements for the Period from 10 August 2022 to 30 September 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
|
Due within one year |
||
Loans and overdrafts |
|
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Trade creditors |
|
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Taxation and social security |
|
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Accruals and deferred income |
|
|
Other creditors |
|
|
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Creditors: amounts falling due after more than one year
Note |
2023 |
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Due after one year |
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Loans and borrowings |
|
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Other non-current financial liabilities |
|
|
91,972 |
Loans and borrowings |
2023 |
|
Non-current loans and borrowings |
|
Hire purchase contracts |
|
2023 |
|
Current loans and borrowings |
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Hire purchase contracts |
( |
Other borrowings |
|
|
Citrus Group (NW) Ltd
Detailed Profit and Loss Account for the Period from 10 August 2022 to 30 September 2023
2023 |
|
Turnover |
1,762,484 |
Purchases |
597,559 |
Closing production supplies |
(10,359) |
Wages and salaries (excluding directors) |
347,476 |
Subcontract cost |
92,888 |
Hire of plant and machinery (Spot hire) |
3,669 |
Cost of sales |
(1,031,233) |
Gross profit |
731,251 |
Gross profit (%) |
41.49% |
Administrative expenses |
|
Employment costs (analysed below) |
(265,810) |
Establishment costs (analysed below) |
(32,433) |
General administrative expenses (analysed below) |
(172,286) |
Finance charges (analysed below) |
(1,128) |
Depreciation costs |
(41,081) |
(512,738) |
|
Operating profit |
218,513 |
Other interest receivable and similar income (analysed below) |
55 |
Interest payable and similar expenses (analysed below) |
(2,862) |
(2,807) |
|
Profit before tax |
215,706 |
Citrus Group (NW) Ltd
Detailed Profit and Loss Account for the Period from 10 August 2022 to 30 September 2023
2023 |
Employment costs |
|
Wages and salaries (excluding directors) |
215,511 |
Staff NIC (Employers) |
38,232 |
Staff pensions |
10,366 |
Staff training |
1,701 |
265,810 |
Establishment costs |
|
Rent |
11,958 |
Utilities and energy |
3,143 |
Insurance |
17,332 |
32,433 |
General administrative expenses |
|
Repairs and maintenance |
6,189 |
Repairs and renewals |
7,614 |
Telecommunications |
9,922 |
Office expenses |
1,433 |
IT costs |
4,210 |
Postage and stationery |
2,349 |
Trade subscriptions |
16,798 |
Charitable donations |
998 |
Sundry expenses |
1,139 |
Cleaning |
6 |
Motor expenses |
69,488 |
Motor insurance |
22,373 |
Travel and subsistence |
7,552 |
Advertising |
1,425 |
Customer entertaining (disallowable for tax) |
4,594 |
Accountancy fees |
10,497 |
Consultancy fees |
3,625 |
Payroll services |
2,074 |
172,286 |
Finance charges |
|
Bank charges |
1,128 |
Depreciation costs |
|
Depreciation of plant and machinery (owned) |
41,081 |