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Registration number: 14289044

Citrus Group (NW) Ltd

Annual Report and Unaudited Financial Statements

for the Period from 10 August 2022 to 30 September 2023

 

Citrus Group (NW) Ltd

Contents

Company Information

1

Director's Report

2 to 3

Accountants' Report

4

Statement of Income and Retained Earnings

5

Balance Sheet

6

Notes to the Unaudited Financial Statements

7 to 11

Detailed Profit and Loss Account

12 to 13

 

Citrus Group (NW) Ltd

Company Information

Director

Mr Daniel Kelly

Registered office

Unit F1
Prescot Business Park
Sinclair Way
Prescot
Merseyside
L34 1PB

Accountants

GMR Accountants Ltd
1st Floor
8-12 London Street
Southport
Merseyside
PR9 0UE

 

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 10 August 2022.

Directors of the company

The directors who held office during the period were as follows:

Mr Jack Stockton (appointed 10 August 2022 and ceased 12 January 2023)

Mr Daniel Kelly (appointed 12 January 2023)

Mr Michael Barnes (appointed 10 August 2022 and ceased 12 January 2023)

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 director on 11 October 2023
 

.........................................
Mr Daniel Kelly
Director

 

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.






GMR Accountants Ltd
1st Floor
8-12 London Street
Southport
Merseyside
PR9 0UE

11 October 2023

 

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
£

Turnover

 

1,762,484

Cost of sales

 

(1,031,233)

Gross profit

 

731,251

Administrative expenses

 

(512,738)

Operating profit

 

218,513

Other interest receivable and similar income

 

55

Interest payable and similar charges

 

(2,862)

 

(2,807)

Profit before tax

4

215,706

Taxation

 

(47,778)

Profit for the financial period

 

167,928

Retained earnings brought forward

 

-

Dividends paid

 

(106,750)

Retained earnings carried forward

 

61,178

 

Citrus Group (NW) Ltd

(Registration number: 14289044)
Balance Sheet as at 30 September 2023

Note

2023
£

Fixed assets

 

Tangible assets

5

142,117

Current assets

 

Stocks

6

10,358

Debtors

7

322,619

Cash at bank and in hand

 

9,340

 

342,317

Creditors: Amounts falling due within one year

8

(331,184)

Net current assets

 

11,133

Total assets less current liabilities

 

153,250

Creditors: Amounts falling due after more than one year

8

(91,972)

Net assets

 

61,278

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:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

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 director on 11 October 2023
 

.........................................
Mr Daniel Kelly
Director

 

Citrus Group (NW) Ltd

Notes to the Unaudited Financial Statements for the Period from 10 August 2022 to 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit F1
Prescot Business Park
Sinclair Way
Prescot
Merseyside
L34 1PB

These financial statements were authorised for issue by the director on 11 October 2023.

2

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 22.

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

Depreciation expense

41,081

 

Citrus Group (NW) Ltd

Notes to the Unaudited Financial Statements for the Period from 10 August 2022 to 30 September 2023

5

Tangible assets

Office equipment
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

Additions

22,668

115,004

45,525

183,197

At 30 September 2023

22,668

115,004

45,525

183,197

Depreciation

Charge for the period

6,907

27,531

6,642

41,080

At 30 September 2023

6,907

27,531

6,642

41,080

Carrying amount

At 30 September 2023

15,761

87,473

38,883

142,117

6

Stocks

2023
£

Other inventories

10,358

7

Debtors

Current

Note

2023
£

Trade debtors

 

320,619

Amounts owed by related parties

2,000

   

322,619

 

Citrus Group (NW) Ltd

Notes to the Unaudited Financial Statements for the Period from 10 August 2022 to 30 September 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Loans and overdrafts

9

15,861

Trade creditors

 

144,058

Taxation and social security

 

116,575

Accruals and deferred income

 

1,856

Other creditors

 

52,834

 

331,184

Creditors: amounts falling due after more than one year

Note

2023
£

Due after one year

 

Loans and borrowings

9

17,603

Other non-current financial liabilities

 

74,369

 

91,972

9

Loans and borrowings

2023
£

Non-current loans and borrowings

Hire purchase contracts

17,603

2023
£

Current loans and borrowings

Hire purchase contracts

(17,603)

Other borrowings

33,464

15,861

 

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