0 24 September 2024 false false false false false false false false false false false 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 OC389227 2022-12-31 2023-12-30 OC389227 2023-12-30 OC389227 2022-12-30 OC389227 2022-01-01 2022-12-30 OC389227 2022-12-30 OC389227 2021-12-31 OC389227 bus:Director1 2022-12-31 2023-12-30 OC389227 core:WithinOneYear 2023-12-30 OC389227 core:WithinOneYear 2022-12-30 OC389227 core:AfterOneYear 2023-12-30 OC389227 core:AfterOneYear 2022-12-30 OC389227 bus:SmallEntities 2022-12-31 2023-12-30 OC389227 bus:Audited 2022-12-31 2023-12-30 OC389227 bus:SmallCompaniesRegimeForAccounts 2022-12-31 2023-12-30 OC389227 bus:LimitedLiabilityPartnershipLLP 2022-12-31 2023-12-30 OC389227 bus:FullAccounts 2022-12-31 2023-12-30
REGISTERED NUMBER: OC389227
CITU (LOW FOLD) LLP
FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 December 2023
CITU (LOW FOLD) LLP
STATEMENT OF FINANCIAL POSITION
30 December 2023
2023
2022
Note
£
£
£
£
CURRENT ASSETS
Stocks
11,941,267
27,379,670
Debtors
4
9,174,576
1,340,169
Cash at bank and in hand
5,893
75,064
-------------
-------------
21,121,736
28,794,903
CREDITORS: amounts falling due within one year
5
( 13,162,379)
( 11,213,945)
-------------
-------------
NET CURRENT ASSETS
7,959,357
17,580,958
------------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
7,959,357
17,580,958
CREDITORS: amounts falling due after more than one year
6
( 6,087,661)
( 14,477,170)
------------
-------------
NET ASSETS
1,871,696
3,103,788
------------
-------------
REPRESENTED BY:
LOANS AND OTHER DEBTS DUE TO MEMBERS
Other amounts
7
1,871,696
3,103,788
------------
------------
MEMBERS' OTHER INTERESTS
Other reserves
------------
------------
1,871,696
3,103,788
------------
------------
TOTAL MEMBERS' INTERESTS
Loans and other debts due to members
7
1,871,696
3,103,788
Members' other interests
------------
------------
1,871,696
3,103,788
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' 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 (as applied to LLPs), the statement of income and retained earnings has not been delivered.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) regulations 2008) with respect to accounting records and the preparation of financial statements.
CITU (LOW FOLD) LLP
STATEMENT OF FINANCIAL POSITION (continued)
30 December 2023
These financial statements were approved by the members and authorised for issue on 24 September 2024 , and are signed on their behalf by:
C itu Group Developments Ltd
Designated Member
Registered number: OC389227
CITU (LOW FOLD) LLP
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 DECEMBER 2023
1.
GENERAL INFORMATION
The LLP is 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', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
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 development properties sold, exclusive of Value Added Tax.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of income and retained earnings in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of income and retained earnings and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of income and retained earnings within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
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.
4.
DEBTORS
2023
2022
£
£
Trade debtors
8,492,200
414,991
Amounts owed by group undertakings and undertakings in which the LLP has a participating interest
442,000
442,000
Other debtors
240,376
483,178
------------
------------
9,174,576
1,340,169
------------
------------
5. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
57,653
Trade creditors
1,329,288
1,220,478
Amounts owed to group undertakings and undertakings in which the LLP has a participating interest
10,130,889
9,491,794
Social security and other taxes
1,146,140
229
Amounts due to related companies
1,214
Other creditors
554,848
443,791
-------------
-------------
13,162,379
11,213,945
-------------
-------------
6. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
6,087,661
14,477,170
------------
-------------
7.
LOANS AND OTHER DEBTS DUE TO MEMBERS
2023
2022
£
£
Amounts owed to members in respect of profits
1,871,696
3,103,788
------------
------------
8.
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 .
9.
CONTROLLING PARTY
The ultimate parent of the LLP 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.