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REGISTERED NUMBER: OC389227
CITU (LOW FOLD) LLP
FILLETED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 December 2022
CITU (LOW FOLD) LLP
STATEMENT OF FINANCIAL POSITION
30 December 2022
30 Dec 22
31 Dec 21
Note
£
£
£
£
CURRENT ASSETS
Stocks
27,379,670
16,211,442
Debtors
4
1,340,169
714,567
Cash at bank and in hand
75,064
270,641
-------------
-------------
28,794,903
17,196,650
CREDITORS: amounts falling due within one year
5
( 11,213,945)
( 6,910,012)
-------------
-------------
NET CURRENT ASSETS
17,580,958
10,286,638
-------------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
17,580,958
10,286,638
CREDITORS: amounts falling due after more than one year
6
( 14,477,170)
( 8,003,911)
-------------
-------------
NET ASSETS
3,103,788
2,282,727
-------------
-------------
REPRESENTED BY:
LOANS AND OTHER DEBTS DUE TO MEMBERS
Other amounts
7
3,103,788
2,282,727
------------
------------
MEMBERS' OTHER INTERESTS
Other reserves
------------
------------
3,103,788
2,282,727
------------
------------
TOTAL MEMBERS' INTERESTS
Loans and other debts due to members
7
3,103,788
2,282,727
Members' other interests
------------
------------
3,103,788
2,282,727
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' 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 (as applied to LLPs), the statement of income and retained earnings has not been delivered.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) regulations 2008) with respect to accounting records and the preparation of financial statements.
CITU (LOW FOLD) LLP
STATEMENT OF FINANCIAL POSITION (continued)
30 December 2022
These financial statements were approved by the members and authorised for issue on 22 November 2023 , and are signed on their behalf by:
C itu Group Developments Ltd
Designated Member
Registered number: OC389227
CITU (LOW FOLD) LLP
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 JANUARY 2022 TO 30 DECEMBER 2022
1.
GENERAL INFORMATION
The LLP is 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', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
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 development properties sold, exclusive of Value Added Tax.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of income and retained earnings in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of income and retained earnings and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of income and retained earnings within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
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.
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.
4.
DEBTORS
30 Dec 22
31 Dec 21
£
£
Trade debtors
414,991
439,850
Amounts owed by group undertakings and undertakings in which the LLP has a participating interest
442,000
20,260
Other debtors
483,178
254,457
------------
---------
1,340,169
714,567
------------
---------
5. CREDITORS: amounts falling due within one year
30 Dec 22
31 Dec 21
£
£
Bank loans and overdrafts
57,653
18,088
Trade creditors
1,220,478
442,633
Amounts owed to group undertakings and undertakings in which the LLP has a participating interest
9,491,794
6,004,679
Social security and other taxes
229
16,204
Other creditors
443,791
428,408
-------------
------------
11,213,945
6,910,012
-------------
------------
6. CREDITORS: amounts falling due after more than one year
30 Dec 22
31 Dec 21
£
£
Bank loans and overdrafts
14,477,170
8,003,911
-------------
------------
7.
LOANS AND OTHER DEBTS DUE TO MEMBERS
30 Dec 22
31 Dec 21
£
£
Amounts owed to members in respect of profits
3,103,788
2,282,727
------------
------------
8.
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 .
9.
CONTROLLING PARTY
The ultimate parent of the LLP 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.