22 22 November 2023 false false false false false false false false false false true false false false false false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 128,935 90,340 219,275 64,207 63,651 127,858 91,417 64,728 611 611 611 xbrli:pure xbrli:shares iso4217:GBP 08725546 2022-01-01 2022-12-30 08725546 2022-12-30 08725546 2021-12-31 08725546 2021-01-01 2021-12-31 08725546 2021-12-31 08725546 2020-12-31 08725546 bus:Director1 2022-01-01 2022-12-30 08725546 core:FurnitureFittings 2021-12-31 08725546 core:FurnitureFittings 2022-12-30 08725546 core:FurnitureFittings 2022-01-01 2022-12-30 08725546 core:WithinOneYear 2022-12-30 08725546 core:WithinOneYear 2021-12-31 08725546 core:UKTax 2021-01-01 2021-12-31 08725546 core:ShareCapital 2022-12-30 08725546 core:ShareCapital 2021-12-31 08725546 core:RetainedEarningsAccumulatedLosses 2022-12-30 08725546 core:RetainedEarningsAccumulatedLosses 2021-12-31 08725546 core:BetweenOneFiveYears 2022-12-30 08725546 core:BetweenOneFiveYears 2021-12-31 08725546 core:MoreThanFiveYears 2022-12-30 08725546 core:MoreThanFiveYears 2021-12-31 08725546 core:CostValuation core:Non-currentFinancialInstruments 2022-12-30 08725546 core:Non-currentFinancialInstruments 2022-12-30 08725546 core:Non-currentFinancialInstruments 2021-12-31 08725546 core:FurnitureFittings 2021-12-31 08725546 bus:SmallEntities 2022-01-01 2022-12-30 08725546 bus:Audited 2022-01-01 2022-12-30 08725546 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-30 08725546 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-30 08725546 bus:FullAccounts 2022-01-01 2022-12-30
COMPANY REGISTRATION NUMBER: 08725546
CITU GROUP DEVELOPMENTS LTD
FILLETED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 December 2022
CITU GROUP DEVELOPMENTS LTD
STATEMENT OF FINANCIAL POSITION
30 December 2022
30 Dec 22
31 Dec 21
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
91,417
64,728
Investments
7
611
611
--------
--------
92,028
65,339
CURRENT ASSETS
Debtors
8
15,713,440
5,800,715
Cash at bank and in hand
78,282
104,365
-------------
------------
15,791,722
5,905,080
CREDITORS: amounts falling due within one year
9
( 12,551,345)
( 1,011,605)
-------------
------------
NET CURRENT ASSETS
3,240,377
4,893,475
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
3,332,405
4,958,814
PROVISIONS
( 9,743)
( 9,743)
------------
------------
NET ASSETS
3,322,662
4,949,071
------------
------------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
3,322,562
4,948,971
------------
------------
SHAREHOLDERS FUNDS
3,322,662
4,949,071
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
CITU GROUP DEVELOPMENTS LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 December 2022
These financial statements were approved by the board of directors and authorised for issue on 22 November 2023 , and are signed on behalf of the board by:
C A Thompson
Director
Company registration number: 08725546
CITU GROUP DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 JANUARY 2022 TO 30 DECEMBER 2022
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Place, 4 Central Place, Clarence Road, Climate Innovation District, Leeds, LS10 1FB, England.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of services supplied, exclusive of Value Added Tax.
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amount of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
Variable, depending on type of asset
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the period amounted to 22 (2021: 40 ).
5. TAX ON (LOSS)/PROFIT
Major components of tax expense
Period from
1 Jan 22 to
Year to
30 Dec 22
31 Dec 21
£
£
Current tax:
UK current tax expense
210
Deferred tax:
Origination and reversal of timing differences
9,743
----
-------
Tax on (loss)/profit
9,953
----
-------
6. TANGIBLE ASSETS
Fixtures and fittings
£
Cost
At 1 January 2022
128,935
Additions
90,340
---------
At 30 December 2022
219,275
---------
Depreciation
At 1 January 2022
64,207
Charge for the period
63,651
---------
At 30 December 2022
127,858
---------
Carrying amount
At 30 December 2022
91,417
---------
At 31 December 2021
64,728
---------
7. INVESTMENTS
Unlisted
£
Cost
At 1 January 2022 and 30 December 2022
611
----
Impairment
At 1 January 2022 and 30 December 2022
----
Carrying amount
At 30 December 2022
611
----
At 31 December 2021
611
----
8. DEBTORS
30 Dec 22
31 Dec 21
£
£
Trade debtors
602,154
76,992
Amounts owed by group undertakings and undertakings in which the company has a participating interest
14,949,346
5,267,781
Other debtors
161,940
455,942
-------------
------------
15,713,440
5,800,715
-------------
------------
9. CREDITORS: amounts falling due within one year
30 Dec 22
31 Dec 21
£
£
Trade creditors
1,506,495
96,865
Amounts owed to group undertakings and undertakings in which the company has a participating interest
10,677,987
Social security and other taxes
96,304
689,614
Amounts due to related companies
13,055
Other creditors
257,504
225,126
-------------
------------
12,551,345
1,011,605
-------------
------------
10. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
30 Dec 22
31 Dec 21
£
£
Not later than 1 year
365,000
365,000
Later than 1 year and not later than 5 years
1,460,000
1,460,000
Later than 5 years
182,500
547,500
------------
------------
2,007,500
2,372,500
------------
------------
11. SUMMARY AUDIT OPINION
The auditor's report dated 22 November 2023 was unqualified .
The senior statutory auditor was JEFFREY WINE , for and on behalf of Wine & Co .
12. CONTROLLING PARTY
The ultimate parent of the company is Citu Group Ltd. The registered office of the parent company is The Place, 4 Central Place, Clarence Road, Climate Innovation District, Leeds, England, LS10 1FB.