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Registration number: 03806380

Citinet Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Citinet Properties Limited

(Registration number: 03806380)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

637,139

673,394

Current assets

 

Stocks

6

4,500

4,500

Debtors

7

334,545

373,883

Cash at bank and in hand

 

216,955

263,686

 

556,000

642,069

Creditors: Amounts falling due within one year

8

(319,619)

(398,287)

Net current assets

 

236,381

243,782

Total assets less current liabilities

 

873,520

917,176

Creditors: Amounts falling due after more than one year

8

(451,588)

(567,531)

Provisions for liabilities

(19,510)

(18,449)

Net assets

 

402,422

331,196

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

401,422

330,196

Shareholders' funds

 

402,422

331,196

 

Citinet Properties Limited

(Registration number: 03806380)
Balance Sheet as at 31 July 2023

For the financial year ending 31 July 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 year 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director for issue on 23 April 2024
 

.........................................

G C Forman

Director

 

Citinet Properties Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
22 St Georges Street
Stamford
Lincolnshire
PE9 2BU

The principal place of business is:
Mill House
Pelhams Land
Chapel Hill
Lincoln
LN4 4QB

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 and deferred 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.

 

Citinet Properties Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Freehold land

no depreciation

Freehold buildings and improvements

2% - 4% straight line

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

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.

 

Citinet Properties Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

63,228

64,552

 

Citinet Properties Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

5

Tangible assets

Land and buildings
£

Timber Lodges
£

Motor vehicles
 £

Property improvements
£

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

308,147

320,981

27,953

732,228

255,286

1,644,595

Additions

-

-

-

-

26,973

26,973

At 31 July 2023

308,147

320,981

27,953

732,228

282,259

1,671,568

Depreciation

At 1 August 2022

37,662

190,958

12,885

530,902

198,794

971,201

Charge for the year

1,800

12,838

3,767

29,289

15,534

63,228

At 31 July 2023

39,462

203,796

16,652

560,191

214,328

1,034,429

Carrying amount

At 31 July 2023

268,685

117,185

11,301

172,037

67,931

637,139

At 31 July 2022

270,485

130,023

15,068

201,326

56,492

673,394

 

Citinet Properties Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

6

Stocks

2023
£

2022
£

Other inventories

4,500

4,500

7

Debtors

Current

2023
£

2022
£

Trade debtors

74,275

84,002

Prepayments

6,950

-

Other debtors

253,320

289,881

 

334,545

373,883

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

26,960

37,977

Trade creditors

 

10,083

32,097

Amounts owed to related parties

12,123

53,466

Taxation and social security

 

850

-

Other creditors

 

269,603

274,747

 

319,619

398,287

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

451,588

567,531

 

Citinet Properties Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

451,588

151,907

Other borrowings

-

415,624

451,588

567,531

2023
£

2022
£

Current loans and borrowings

Bank borrowings

26,960

37,977

Bank borrowings and finance lease liabilities

The bank borrowings are secured on the land and assets of the company. The finance lease liabilities are secured on the assets financed.