32 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 219,275 56,749 276,024 127,858 36,193 164,051 111,973 91,417 611 200 811 811 611 xbrli:pure xbrli:shares iso4217:GBP 08725546 2022-12-31 2023-12-30 08725546 2023-12-30 08725546 2022-12-30 08725546 2022-01-01 2022-12-30 08725546 2022-12-30 08725546 2021-12-31 08725546 bus:Director1 2022-12-31 2023-12-30 08725546 core:FurnitureFittings 2022-12-30 08725546 core:FurnitureFittings 2023-12-30 08725546 core:FurnitureFittings 2022-12-31 2023-12-30 08725546 core:WithinOneYear 2023-12-30 08725546 core:WithinOneYear 2022-12-30 08725546 core:ShareCapital 2023-12-30 08725546 core:ShareCapital 2022-12-30 08725546 core:RetainedEarningsAccumulatedLosses 2023-12-30 08725546 core:RetainedEarningsAccumulatedLosses 2022-12-30 08725546 core:BetweenOneFiveYears 2023-12-30 08725546 core:BetweenOneFiveYears 2022-12-30 08725546 core:MoreThanFiveYears 2022-12-30 08725546 core:UKTax 2022-12-31 2023-12-30 08725546 core:CostValuation core:Non-currentFinancialInstruments 2022-12-30 08725546 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-12-30 08725546 core:CostValuation core:Non-currentFinancialInstruments 2023-12-30 08725546 core:Non-currentFinancialInstruments 2023-12-30 08725546 core:Non-currentFinancialInstruments 2022-12-30 08725546 core:FurnitureFittings 2022-12-30 08725546 bus:SmallEntities 2022-12-31 2023-12-30 08725546 bus:Audited 2022-12-31 2023-12-30 08725546 bus:SmallCompaniesRegimeForAccounts 2022-12-31 2023-12-30 08725546 bus:PrivateLimitedCompanyLtd 2022-12-31 2023-12-30 08725546 bus:FullAccounts 2022-12-31 2023-12-30
COMPANY REGISTRATION NUMBER: 08725546
CITU GROUP DEVELOPMENTS LTD
FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 December 2023
CITU GROUP DEVELOPMENTS LTD
STATEMENT OF FINANCIAL POSITION
30 December 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
111,973
91,417
Investments
7
811
611
---------
--------
112,784
92,028
CURRENT ASSETS
Stocks
1,327
Debtors
8
13,422,674
15,713,440
Cash at bank and in hand
76
78,282
-------------
-------------
13,424,077
15,791,722
CREDITORS: amounts falling due within one year
9
( 13,700,221)
( 12,551,345)
-------------
-------------
NET CURRENT (LIABILITIES)/ASSETS
( 276,144)
3,240,377
---------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 163,360)
3,332,405
PROVISIONS
( 9,743)
---------
------------
NET (LIABILITIES)/ASSETS
( 163,360)
3,322,662
---------
------------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
( 163,460)
3,322,562
---------
------------
SHAREHOLDERS (DEFICIT)/FUNDS
( 163,360)
3,322,662
---------
------------
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 GROUP DEVELOPMENTS 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: 08725546
CITU GROUP DEVELOPMENTS 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 services 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 amount 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 or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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:
Fixtures and fittings
-
Variable, depending on type of asset
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
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 32 (2022: 22 ).
5. TAX ON LOSS
Major components of tax income
Period from
Year to
1 Jan 22 to
30 Dec 23
30 Dec 22
£
£
Current tax:
Adjustments in respect of prior periods
7,035
Deferred tax:
Origination and reversal of timing differences
( 9,743)
-------
----
Tax on loss
( 2,708)
-------
----
6. TANGIBLE ASSETS
Fixtures and fittings
£
Cost
At 31 December 2022
219,275
Additions
56,749
---------
At 30 December 2023
276,024
---------
Depreciation
At 31 December 2022
127,858
Charge for the year
36,193
---------
At 30 December 2023
164,051
---------
Carrying amount
At 30 December 2023
111,973
---------
At 30 December 2022
91,417
---------
7. INVESTMENTS
Unlisted
£
Cost
At 31 December 2022
611
Additions
200
----
At 30 December 2023
811
----
Impairment
At 31 December 2022 and 30 December 2023
----
Carrying amount
At 30 December 2023
811
----
At 30 December 2022
611
----
8. DEBTORS
2023
2022
£
£
Trade debtors
420,765
602,154
Amounts owed by group undertakings and undertakings in which the company has a participating interest
12,782,080
14,949,346
Other debtors
219,829
161,940
-------------
-------------
13,422,674
15,713,440
-------------
-------------
9. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,795,506
1,506,495
Amounts owed to group undertakings and undertakings in which the company has a participating interest
11,394,642
10,677,987
Social security and other taxes
322,493
96,304
Amounts due to related companies
13,055
13,055
Other creditors
174,525
257,504
-------------
-------------
13,700,221
12,551,345
-------------
-------------
10. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
365,000
365,000
Later than 1 year and not later than 5 years
1,277,500
1,460,000
Later than 5 years
182,500
------------
------------
1,642,500
2,007,500
------------
------------
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.