18 24 September 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2022-12-31 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 08956827 2022-12-31 2023-12-30 08956827 2023-12-30 08956827 2022-12-30 08956827 2022-01-01 2022-12-30 08956827 2022-12-30 08956827 2021-12-31 08956827 core:MotorVehicles 2022-12-31 2023-12-30 08956827 bus:Director1 2022-12-31 2023-12-30 08956827 core:PlantMachinery 2022-12-30 08956827 core:MotorVehicles 2022-12-30 08956827 core:PlantMachinery 2023-12-30 08956827 core:MotorVehicles 2023-12-30 08956827 core:PlantMachinery 2022-12-31 2023-12-30 08956827 core:WithinOneYear 2023-12-30 08956827 core:WithinOneYear 2022-12-30 08956827 core:AfterOneYear 2023-12-30 08956827 core:AfterOneYear 2022-12-30 08956827 core:ShareCapital 2023-12-30 08956827 core:ShareCapital 2022-12-30 08956827 core:RetainedEarningsAccumulatedLosses 2023-12-30 08956827 core:RetainedEarningsAccumulatedLosses 2022-12-30 08956827 core:BetweenOneFiveYears 2023-12-30 08956827 core:BetweenOneFiveYears 2022-12-30 08956827 core:PlantMachinery 2022-12-30 08956827 core:MotorVehicles 2022-12-30 08956827 bus:SmallEntities 2022-12-31 2023-12-30 08956827 bus:Audited 2022-12-31 2023-12-30 08956827 bus:SmallCompaniesRegimeForAccounts 2022-12-31 2023-12-30 08956827 bus:PrivateLimitedCompanyLtd 2022-12-31 2023-12-30 08956827 bus:FullAccounts 2022-12-31 2023-12-30 08956827 core:ComputerEquipment 2022-12-30 08956827 core:ComputerEquipment 2022-12-31 2023-12-30 08956827 core:ComputerEquipment 2023-12-30
COMPANY REGISTRATION NUMBER: 08956827
CITU MANUFACTURING LTD
FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 December 2023
CITU MANUFACTURING LTD
STATEMENT OF FINANCIAL POSITION
30 December 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
677,789
740,859
CURRENT ASSETS
Stocks
361,603
491,091
Debtors
7
9,347,981
6,956,766
Cash at bank and in hand
907
20,103
------------
------------
9,710,491
7,467,960
CREDITORS: amounts falling due within one year
8
( 11,106,834)
( 8,817,638)
-------------
------------
NET CURRENT LIABILITIES
( 1,396,343)
( 1,349,678)
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 718,554)
( 608,819)
CREDITORS: amounts falling due after more than one year
9
( 147,883)
( 273,056)
PROVISIONS
( 64,920)
( 109,954)
---------
---------
NET LIABILITIES
( 931,357)
( 991,829)
---------
---------
CAPITAL AND RESERVES
Called up share capital
1
1
Profit and loss account
( 931,358)
( 991,830)
---------
---------
SHAREHOLDERS DEFICIT
( 931,357)
( 991,829)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' 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, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
CITU MANUFACTURING LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 December 2023
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
C A Thompson
Director
Company registration number: 08956827
CITU MANUFACTURING LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 DECEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, 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'.
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 goods supplied, exclusive of Value Added Tax.
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
Variable, depending on type of asset
Motor vehicles
-
33% straight line
Computer equipment
-
Variable, depending on type of asset
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 18 (2022: 20 ).
5. TAX ON PROFIT
Major components of tax income
Period from
Year to
1 Jan 22 to
30 Dec 23
30 Dec 22
£
£
Deferred tax:
Origination and reversal of timing differences
( 45,034)
--------
----
Tax on profit
( 45,034)
--------
----
6. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Computer equipment
Total
£
£
£
£
Cost
At 31 December 2022
1,035,775
41,787
6,103
1,083,665
Additions
52,907
16,000
831
69,738
------------
--------
-------
------------
At 30 December 2023
1,088,682
57,787
6,934
1,153,403
------------
--------
-------
------------
Depreciation
At 31 December 2022
332,265
5,161
5,380
342,806
Charge for the year
112,471
19,835
502
132,808
------------
--------
-------
------------
At 30 December 2023
444,736
24,996
5,882
475,614
------------
--------
-------
------------
Carrying amount
At 30 December 2023
643,946
32,791
1,052
677,789
------------
--------
-------
------------
At 30 December 2022
703,510
36,626
723
740,859
------------
--------
-------
------------
7. DEBTORS
2023
2022
£
£
Trade debtors
6,396,551
3,885,851
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,906,587
2,933,104
Other debtors
44,843
137,811
------------
------------
9,347,981
6,956,766
------------
------------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
518,549
63,637
Amounts owed to group undertakings and undertakings in which the company has a participating interest
9,996,567
8,432,984
Social security and other taxes
128,222
Amounts due to related companies
8,410
Other creditors
455,086
321,017
-------------
------------
11,106,834
8,817,638
-------------
------------
9. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Other creditors
147,883
273,056
---------
---------
10. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
100,000
100,000
Later than 1 year and not later than 5 years
283,333
383,333
---------
---------
383,333
483,333
---------
---------
11. SUMMARY AUDIT OPINION
The auditor's report dated 24 September 2024 was unqualified .
The senior statutory auditor was JEFFREY WINE , for and on behalf of Wine & Co .
12. CONTROLLING PARTY
The ultimate parent of the company 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.