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Registered Number: 04121670
England and Wales

 

 

 

CITRUS BAY MANAGEMENT LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
Directors C Crome
E Hayman
Registered Number 04121670
Registered Office Merlin House Brunel Road
Theale
Reading
Berkshire
RG7 4AB
Accountants Kirkpatrick and Hopes Limited
Merlin House
Brunel Road
Theale, Reading
Berkshire
RG7 4AB
Secretary E Hayman
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 44,241   
44,241   
Current assets      
Debtors 4 91,201    192,918 
Cash at bank and in hand 2,810    2,820 
94,011    195,738 
Creditors: amount falling due within one year 5 (87,379)   (61,223)
Net current assets 6,632    134,515 
 
Total assets less current liabilities 50,873    134,515 
Creditors: amount falling due after more than one year 6 (13,161)   (25,780)
Net assets 37,712    108,735 
 

Capital and reserves
     
Called up share capital 50    50 
Share premium account 7 24,150    24,150 
Profit and loss account 13,512    84,535 
Shareholders' funds 37,712    108,735 
 


For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 23 July 2024 and were signed on its behalf by:


-------------------------------
C Crome
Director
2
General Information
Citrus Bay Management Ltd is a private company, limited by shares, registered in England and Wales, registration number 04121670, registration address Merlin House Brunel Road, Theale, Reading, Berkshire, RG7 4AB. The trading address of the company is The Old Bakery, Hyde End Lane, Reading, RG7 4RY.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.

Going concern
The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
Turnover comprises net invoiced re-charges of management fees and other company expenses. These costs are re-charges and received as income from other group companies. Income is recognised as the service is provided.
Operating lease rentals
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income, 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 statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 and 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.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Improvements to property - 25% on cost
Motor Vehicle                      - 25% on cost
Computer equipment          - 25% on cost
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured at initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised costs using the effective interest method.
2.

Average number of employees

Average number of employees during the year was 7 (2022 : 8).
3.

Tangible fixed assets

Cost or valuation Motor Vehicles   Computer Equipment   Improvements to property   Total
  £   £   £   £
At 01 January 2023 30,000    47,280    22,000    99,280 
Additions 49,384        49,384 
Disposals (29,999)       (29,999)
At 31 December 2023 49,385    47,280    22,000    118,665 
Depreciation
At 01 January 2023 30,000    47,280    22,000    99,280 
Charge for year 5,144        5,144 
On disposals (30,000)       (30,000)
At 31 December 2023 5,144    47,280    22,000    74,424 
Net book values
Closing balance as at 31 December 2023 44,241        44,241 
Opening balance as at 01 January 2023      


4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Amount Owed by Group Undertakings 73,374    191,837 
Deferred tax 17,745   
Corporation Tax 82   
VAT   1,081 
91,201    192,918 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 1,829    6,826 
Bank Loans & Overdrafts 10,119    9,870 
Amounts Owed to Group Undertakings 50,981   
Corporation Tax   30,650 
PAYE & Social Security 22,407    13,877 
VAT 2,043   
87,379    61,223 

6.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 13,161    25,780 
13,161    25,780 

7.

Share premium account

2023
£
  2022
£
Preference Share Premium b/fwd 24,150    24,150 
24,150    24,150 

8.

Ultimate controlling party

The ultimate controlling party is 2020 Holdings Limited
3