Registered number
07412865
Citrus Developments Ltd
Filleted Accounts
31 October 2023
Citrus Developments Ltd
Registered number: 07412865
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,858 2,388
Current assets
Debtors 4 34,054 24,988
Cash at bank and in hand 25,416 28,033
59,470 53,021
Creditors: amounts falling due within one year 5 (48,829) (41,831)
Net current assets 10,641 11,190
Total assets less current liabilities 12,499 13,578
Creditors: amounts falling due after more than one year 6 (10,694) (12,528)
Provisions for liabilities (454) (454)
Net assets 1,351 596
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,349 594
Shareholders' funds 1,351 596
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D Curtis
Director
Approved by the board on 31 January 2024
Citrus Developments Ltd
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 5,494
Additions 371
At 31 October 2023 5,865
Depreciation
At 1 November 2022 3,106
Charge for the year 901
At 31 October 2023 4,007
Net book value
At 31 October 2023 1,858
At 31 October 2022 2,388
4 Debtors 2023 2022
£ £
Trade debtors 7,848 12,480
Other debtors 26,206 12,508
34,054 24,988
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 1,833 1,833
Amounts owed to group undertakings and undertakings in which the company has a participating interest 3,555 -
Taxation and social security costs 41,883 38,569
Other creditors 1,558 1,429
48,829 41,831
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 10,694 12,528
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr D Curtis
Directors Account 5,427 76,982 (63,286) 19,123
5,427 76,982 (63,286) 19,123
8 Controlling party
The company was under the control of the Director throughout the period by virtue of his controlling interest.
9 Other information
Citrus Developments Ltd is a private company limited by shares and incorporated in England. Its registered office is:
82 Bretby Lane
Bretby
Burton-on-trent
DE15 0QP
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