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REGISTERED NUMBER: 06929296 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

CITADEL FINANCIAL SOLUTIONS LIMITED

CITADEL FINANCIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06929296)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CITADEL FINANCIAL SOLUTIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTOR: M J Paveley





SECRETARY: Mrs L M Paveley





REGISTERED OFFICE: 74 Oaklea
Honiton
Devon
EX14 1XH





REGISTERED NUMBER: 06929296 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

CITADEL FINANCIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06929296)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 71,572 70,940

CURRENT ASSETS
Debtors 5 2,900 5,071
Cash at bank 101,652 143,252
104,552 148,323
CREDITORS
Amounts falling due within one year 6 79,306 76,478
NET CURRENT ASSETS 25,246 71,845
TOTAL ASSETS LESS CURRENT
LIABILITIES

96,818

142,785

CREDITORS
Amounts falling due after more than one
year

7

(17,758

)

(26,781

)

PROVISIONS FOR LIABILITIES 8 (12,115 ) (10,690 )
NET ASSETS 66,945 105,314

CAPITAL AND RESERVES
Called up share capital 100 31
Retained earnings 66,845 105,283
SHAREHOLDERS' FUNDS 66,945 105,314

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 September 2024 and were signed by:





M J Paveley - Director


CITADEL FINANCIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06929296)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Citadel Financial Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents sales of services net of VAT. Turnover is recognised at the point the customer is entitled to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% on cost
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 8 ) .

CITADEL FINANCIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06929296)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 July 2023 29,865 115,755 31,118 176,738
Additions 3,588 11,947 1,914 17,449
At 30 June 2024 33,453 127,702 33,032 194,187
DEPRECIATION
At 1 July 2023 11,081 73,783 20,934 105,798
Charge for year 1,657 12,470 2,690 16,817
At 30 June 2024 12,738 86,253 23,624 122,615
NET BOOK VALUE
At 30 June 2024 20,715 41,449 9,408 71,572
At 30 June 2023 18,784 41,972 10,184 70,940

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Accruals 2,900 4,863
Prepayments - 208
2,900 5,071

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,977
Trade creditors 4,843 6,174
Tax 33,327 29,134
Social security and other taxes 1,248 -
VAT 16,235 16,986
Other creditors 3 (5 )
Directors' current accounts 12,235 11,962
Accrued expenses 1,415 1,250
79,306 76,478

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,000 10,977
Bank loans - 2-5 years 7,758 15,804
17,758 26,781

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax B/fwd 12,115 10,690

CITADEL FINANCIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06929296)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

8. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 July 2023 10,690
Provided during year 1,425
Accelerated Capital Allowances
Balance at 30 June 2024 12,115

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year, Mr J Paveley increased his loan to the company. As at 30 June 2024, the company owed him £12,235 (2023: £11,962). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M J Paveley.

This was by virtue of his 90% holding of the issued share capital.