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COMPANY REGISTRATION NUMBER: 08956827
CITU MANUFACTURING LTD
FILLETED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 December 2022
CITU MANUFACTURING LTD
STATEMENT OF FINANCIAL POSITION
30 December 2022
30 Dec 22
31 Dec 21
Note
£
£
£
FIXED ASSETS
Tangible assets
6
740,859
669,370
CURRENT ASSETS
Stocks
491,091
232,281
Debtors
7
6,956,766
390,151
Cash at bank and in hand
20,103
180,231
------------
---------
7,467,960
802,663
CREDITORS: amounts falling due within one year
8
( 8,817,638)
( 2,194,423)
------------
------------
NET CURRENT LIABILITIES
( 1,349,678)
( 1,391,760)
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 608,819)
( 722,390)
CREDITORS: amounts falling due after more than one year
9
( 273,056)
( 252,525)
PROVISIONS
( 109,954)
( 109,954)
---------
------------
NET LIABILITIES
( 991,829)
( 1,084,869)
---------
------------
CAPITAL AND RESERVES
Called up share capital
1
1
Profit and loss account
( 991,830)
( 1,084,870)
---------
------------
SHAREHOLDERS DEFICIT
( 991,829)
( 1,084,869)
---------
------------
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 MANUFACTURING 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: 08956827
CITU MANUFACTURING 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 goods 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 amounts 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.
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:
Plant and machinery
-
Variable, depending on type of asset
Motor vehicles
-
33% straight line
Computer equipment
-
Variable, depending on type of asset
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 20 (2021: 57 ).
5. TAX ON PROFIT
Major components of tax expense
Period from
1 Jan 22 to
Year to
30 Dec 22
31 Dec 21
£
£
Current tax:
R & D claim
( 202)
Deferred tax:
Origination and reversal of timing differences
73,840
----
--------
Tax on profit
73,638
----
--------
6. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2022
887,097
5,314
892,411
Additions
199,909
41,787
789
242,485
Disposals
( 51,231)
( 51,231)
------------
--------
-------
------------
At 30 December 2022
1,035,775
41,787
6,103
1,083,665
------------
--------
-------
------------
Depreciation
At 1 January 2022
218,093
4,948
223,041
Charge for the period
128,986
5,161
432
134,579
Disposals
( 14,814)
( 14,814)
------------
--------
-------
------------
At 30 December 2022
332,265
5,161
5,380
342,806
------------
--------
-------
------------
Carrying amount
At 30 December 2022
703,510
36,626
723
740,859
------------
--------
-------
------------
At 31 December 2021
669,004
366
669,370
------------
--------
-------
------------
7. DEBTORS
30 Dec 22
31 Dec 21
£
£
Trade debtors
3,885,851
78,879
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,933,104
Other debtors
137,811
311,272
------------
---------
6,956,766
390,151
------------
---------
8. CREDITORS: amounts falling due within one year
30 Dec 22
31 Dec 21
£
£
Trade creditors
63,637
289,487
Amounts owed to group undertakings and undertakings in which the company has a participating interest
8,432,984
1,720,471
Social security and other taxes
43,395
Other creditors
321,017
141,070
------------
------------
8,817,638
2,194,423
------------
------------
9. CREDITORS: amounts falling due after more than one year
30 Dec 22
31 Dec 21
£
£
Other creditors
273,056
252,525
---------
---------
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
100,000
100,000
Later than 1 year and not later than 5 years
383,333
400,000
Later than 5 years
83,333
---------
---------
483,333
583,333
---------
---------
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.