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COMPANY REGISTRATION NUMBER: 10375624
CITU GROUP LTD
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 December 2023
CITU GROUP LTD
CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED 30 DECEMBER 2023
CONTENTS
PAGES
Officers and professional advisers
1
Strategic report
2 to 3
Directors' report
4 to 5
Independent auditor's report to the members
6 to 9
Consolidated statement of comprehensive income
10
Consolidated statement of financial position
11
Company statement of financial position
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Notes to the consolidated financial statements
16 to 26
CITU GROUP LTD
OFFICERS AND PROFESSIONAL ADVISERS
THE BOARD OF DIRECTORS
C A Thompson
J Wilson
COMPANY SECRETARY
F W N Stride
REGISTERED OFFICE
The Place
4 Central Place, Clarence Road
Climate Innovation District
Leeds
England
LS10 1FB
AUDITOR
Wine & Co
Chartered accountants & statutory auditor
20-22 Bridge End
Leeds
LS1 4DJ
CITU GROUP LTD
STRATEGIC REPORT
YEAR ENDED 30 DECEMBER 2023
INTRODUCTION
The directors present their strategic report together with the audited financial statements for the year ended 30 December 2023.
BUSINESS REVIEW
With the growing urgency of taking action against climate change, Citu remain focused on developing innovative methods of delivering energy efficient homes and places that vastly reduce embodied and operational carbon as well as provide many other social and environmental benefits. The Citu group of companies has a principal product, which is the creation of great places in urban locations that are in need of regeneration. The group comprises a vertically integrated model that combines design, manufacturing, delivery and fit-out to deliver energy efficient homes and towards our purpose of accelerating the transition to zero-carbon cities. 2023 was a very challenging year for the housebuilding industry and for Citu. UK total housing transactions reduced substantially due to higher mortgage costs, cost of living pressures and lower consumer confidence. There were 95 plot sales completing in the period compared to 42 in 2022. For apartments over 18m tall, a light gauge steel frame system is used. The first project to deliver this method is Aire Lofts in Leeds and this project has been hit by several delays in connection with the supply chain and ensuring that we achieve the right levels of air tightness. Various lessons have been learned for future projects, but the impact on 2023 has been to delay sales, increase costs and consume additional management resources. Inflationary pressures across the supply chain have also impacted on costs, which are compounded by increased cost of finance due to interest rate rises. The delivery and manufacturing elements of the business continued to make good progress with further investment into people and processes that has improved productivity, cost and quality in the housing that is delivered as well as continuously reducing the carbon content. We have seen a significant upturn in performance in 2024, as of September we will have completed on 65 units and forecast 132 house sales with an additional 51 homes legally exchanged from the beginning of 2025. This improvement is as a result of better market conditions as interest rates begin to fall coupled with a strong focus on our sales and marketing strategy. Citu is increasingly becoming recognised for place making and innovating, with the business winning a number of awards, notably: - Structural Timber Awards 2023 - Private Housing Project of the Year Kelham Central - Offsite Awards 2023 - Best use of Hybrid Technology - British Homes Awards 2023 - UK Homebuilder of the Year - British Homes Awards 2023 - Sustainable Developer of the Year - Yorkshire Residential Property Awards 2023 - ESG Excellence - Yorkshire Residential Property Awards 2023 - Best Large Residential Developer
PRINCIPAL RISKS AND UNCERTAINTIES
Further interest rate rises prove a constant threat to the demand for new homes. Alternative markets for housing, other than owner occupiers presents opportunities to mitigate sales risk as well as improve the diversity of housing tenure in our developments. Increasing interest rates cause increased costs across some of our developments. Others are on fixed rate loan deals, which, once they mature will inevitably be funded on higher interest rates. Around 70% of our finance costs are on fixed interest rates.
KEY FINANCIAL PERFORMANCE INDICATORS
The key financial performance indicators are considered to be those that communicate the financial performance of the company as a whole. These are turnover and gross margin. Turnover was £27,663,211 (2022: £15,736,288). Gross profit was 12.86% (2022: 44.25%). Gross profit margin is calculated as gross profit divided by turnover.
FUTURE DEVELOPMENTS
Continued investment in new sites is important for the long-term success of the business. There are a number of new sites that are under consideration to support future growth.
This report was approved by the board of directors on 24 September 2024 and signed on behalf of the board by:
C A Thompson
Director
Registered office:
The Place
4 Central Place, Clarence Road
Climate Innovation District
Leeds
England
LS10 1FB
CITU GROUP LTD
DIRECTORS' REPORT
YEAR ENDED 30 DECEMBER 2023
The directors present their report and the consolidated financial statements of the group for the year ended 30 December 2023 .
DIRECTORS
The directors who served the company during the year were as follows:
C A Thompson
J Wilson
DIVIDENDS
The directors do not recommend the payment of a dividend.
FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, bank loans, trade creditors, trade debtors, and loans to the company. The main purpose of these instruments is to raise funds for the company's operation and to finance the company's operations.
Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the accounting instruments concerned is shown below.
In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of bank loans at floating rates of interest.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the strategic report, directors' report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare consolidated financial statements for each financial year. Under that law the directors have elected to prepare the consolidated financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the consolidated financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these consolidated financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the consolidated financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the consolidated financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. AUDITOR
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 24 September 2024 and signed on behalf of the board by:
C A Thompson
Director
Registered office:
The Place
4 Central Place, Clarence Road
Climate Innovation District
Leeds
England
LS10 1FB
CITU GROUP LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CITU GROUP LTD
YEAR ENDED 30 DECEMBER 2023
OPINION
We have audited the consolidated financial statements of Citu Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 December 2023 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the consolidated financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 30 December 2023 and of the group's loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the consolidated financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the consolidated financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the consolidated financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
OTHER INFORMATION
The other information comprises the information included in the annual report, other than the consolidated financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the consolidated financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the consolidated financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the consolidated financial statements are prepared is consistent with the consolidated financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company consolidated financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF DIRECTORS
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the consolidated financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Irregularities that result from fraud are inherently more difficult to detect than irregularities that result from error. We consider that our audit procedures are designed and carried out to give a reasonable expectation that material misstatements resulting from fraud would be discovered. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. USE OF OUR REPORT
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
JEFFREY WINE
(Senior Statutory Auditor)
For and on behalf of
Wine & Co
Chartered accountants & statutory auditor
20-22 Bridge End
Leeds
LS1 4DJ
24 September 2024
CITU GROUP LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 30 DECEMBER 2023
Period from
Year to
1 Jan 22 to
30 Dec 23
30 Dec 22
Note
£
£
TURNOVER
4
27,663,211
15,736,288
Cost of sales
( 24,105,419)
( 8,773,428)
-------------
-------------
GROSS PROFIT
3,557,792
6,962,860
Distribution costs
( 73,859)
( 115,189)
Administrative expenses
( 7,139,928)
( 5,469,946)
Other operating income
5
58,485
84,797
------------
------------
OPERATING (LOSS)/PROFIT
6
( 3,597,510)
1,462,522
Other interest receivable and similar income
10
1,576
316
Interest payable and similar expenses
11
( 1,059,552)
( 881,070)
------------
------------
(LOSS)/PROFIT BEFORE TAXATION
( 4,655,486)
581,768
Tax on (loss)/profit
12
295,964
( 399,966)
------------
---------
(LOSS)/PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
( 4,359,522)
181,802
------------
---------
Loss for the financial year attributable to:
The owners of the parent company
( 4,028,106)
86,270
Non-controlling interests
( 331,416)
95,532
------------
---------
( 4,359,522)
181,802
------------
---------
All the activities of the group are from continuing operations.
CITU GROUP LTD
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 December 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
13
10,413,811
6,250,879
CURRENT ASSETS
Stocks
15
61,034,613
63,250,552
Debtors
16
1,179,408
2,004,971
Cash at bank and in hand
94,699
727,515
-------------
-------------
62,308,720
65,983,038
CREDITORS: amounts falling due within one year
18
( 11,336,273)
( 4,415,035)
-------------
-------------
NET CURRENT ASSETS
50,972,447
61,568,003
-------------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
61,386,258
67,818,882
CREDITORS: amounts falling due after more than one year
19
( 64,557,179)
( 66,327,482)
PROVISIONS
21
( 90,171)
( 393,170)
-------------
-------------
NET (LIABILITIES)/ASSETS
( 3,261,092)
1,098,230
-------------
-------------
CAPITAL AND RESERVES
Called up share capital
24
200
200
Profit and loss account
( 3,109,288)
918,618
------------
---------
EQUITY ATTRIBUTABLE TO THE OWNERS OF THE PARENT COMPANY
( 3,109,088)
918,818
NON-CONTROLLING INTERESTS
( 152,004)
179,412
------------
------------
( 3,261,092)
1,098,230
------------
------------
These consolidated 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: 10375624
CITU GROUP LTD
COMPANY STATEMENT OF FINANCIAL POSITION
30 December 2023
2023
2022
Note
£
£
FIXED ASSETS
Investments
14
600
500
CURRENT ASSETS
Debtors
16
19,922,850
16,537,140
Cash at bank and in hand
52
24,788
-------------
-------------
19,922,902
16,561,928
CREDITORS: amounts falling due within one year
18
( 26,149,907)
( 17,827,512)
-------------
-------------
NET CURRENT LIABILITIES
( 6,227,005)
( 1,265,584)
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 6,226,405)
( 1,265,084)
CREDITORS: amounts falling due after more than one year
19
( 4,232,112)
------------
------------
NET LIABILITIES
( 6,226,405)
( 5,497,196)
------------
------------
CAPITAL AND RESERVES
Called up share capital
24
200
200
Profit and loss account
( 6,226,605)
( 5,497,396)
------------
------------
SHAREHOLDERS DEFICIT
( 6,226,405)
( 5,497,196)
------------
------------
The loss for the financial year of the parent company was £ 729,209 (2022: £ 1,289,568 ).
These consolidated 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: 10375624
CITU GROUP LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30 DECEMBER 2023
Called up share capital
Profit and loss account
Equity attributable to the owners of the parent company
Non-controlling interests
Total
£
£
£
£
£
AT 1 JANUARY 2022
200
832,348
832,548
83,880
916,428
Profit for the year
86,270
86,270
95,532
181,802
----
---------
---------
--------
---------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
86,270
86,270
95,532
181,802
AT 30 DECEMBER 2022
200
918,818
919,018
179,412
1,098,430
Loss for the year
( 4,028,106)
( 4,028,106)
( 331,416)
( 4,359,522)
----
------------
------------
---------
------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
( 4,028,106)
( 4,028,106)
( 331,416)
( 4,359,522)
----
------------
------------
---------
------------
AT 30 DECEMBER 2023
200
( 3,109,288)
( 3,109,088)
( 152,004)
( 3,261,092)
----
------------
------------
---------
------------
CITU GROUP LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30 DECEMBER 2023
Called up share capital
Profit and loss account
Total
£
£
£
AT 1 JANUARY 2022
200
( 4,207,828)
( 4,207,628)
Loss for the year
( 1,289,568)
( 1,289,568)
----
------------
------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
( 1,289,568)
( 1,289,568)
AT 30 DECEMBER 2022
200
( 5,497,396)
( 5,497,196)
Loss for the year
( 729,209)
( 729,209)
----
------------
------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
( 729,209)
( 729,209)
----
------------
------------
AT 30 DECEMBER 2023
200
( 6,226,605)
( 6,226,405)
----
------------
------------
CITU GROUP LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED 30 DECEMBER 2023
2023
2022
Note
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
(Loss)/profit for the financial year
( 4,359,522)
181,802
Adjustments for:
Depreciation of tangible assets
209,878
200,965
Fair value adjustment of investment property
1,306,431
( 275,000)
Other interest receivable and similar income
( 1,576)
( 316)
Interest payable and similar expenses
1,059,552
881,070
Loss on disposal of tangible assets
34,147
Tax on loss
( 295,964)
399,966
Accrued expenses/(income)
472,526
( 757)
Changes in:
Stocks
2,215,939
( 25,858,396)
Trade and other debtors
825,563
1,607,131
Trade and other creditors
5,828,155
( 14,424,690)
------------
-------------
Cash generated from operations
7,260,982
( 37,254,078)
Interest paid
( 1,059,552)
( 881,070)
Interest received
1,576
316
Tax paid
( 7,035)
------------
-------------
Net cash from/(used in) operating activities
6,195,971
( 38,134,832)
------------
-------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible assets
( 5,679,241)
( 357,873)
Proceeds from sale of tangible assets
2,271
------------
-------------
Net cash used in investing activities
( 5,679,241)
( 355,602)
------------
-------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings
( 967,485)
37,782,145
Proceeds from loans from group undertakings
( 81,892)
Payments of finance lease liabilities
( 124,581)
59,346
------------
-------------
Net cash (used in)/from financing activities
( 1,092,066)
37,759,599
------------
-------------
NET DECREASE IN CASH AND CASH EQUIVALENTS
( 575,336)
( 730,835)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
669,835
1,400,470
---------
------------
CASH AND CASH EQUIVALENTS AT END OF YEAR
17
94,499
669,635
---------
------------
CITU GROUP LTD
NOTES TO THE CONSOLIDATED 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 consolidated financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
he 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.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The consolidated financial statements consolidate the consolidated financial statements of Citu Group Ltd and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Non-controlling interests
Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.
The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the group in respect of development properties sold, services provided, and rents received, exclusive of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
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. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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
Fixtures and fittings
-
Variable, depending on type of asset
Motor vehicles
-
33% straight line
Computer Equipment
-
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.
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. TURNOVER
Turnover arises from:
Period from
Year to
1 Jan 22 to
30 Dec 23
30 Dec 22
£
£
Rendering of services
1,379,372
106,499
Property sales
25,729,588
15,125,506
Rental income
554,251
504,283
-------------
-------------
27,663,211
15,736,288
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. OTHER OPERATING INCOME
Period from
Year to
1 Jan 22 to
30 Dec 23
30 Dec 22
£
£
Management charges receivable
47,880
Other operating income
10,605
84,797
--------
--------
58,485
84,797
--------
--------
6. OPERATING LOSS
Operating profit or loss is stated after charging/crediting:
Period from
Year to
1 Jan 22 to
30 Dec 23
30 Dec 22
£
£
Depreciation of tangible assets
209,878
200,965
Loss on disposal of tangible assets
34,147
Fair value adjustments to investment property
1,306,431
( 275,000)
Impairment of trade debtors
46,923
(1,325)
Foreign exchange differences
246
( 514)
------------
---------
7. AUDITOR'S REMUNERATION
Period from
Year to
1 Jan 22 to
30 Dec 23
30 Dec 22
£
£
Fees payable for the audit of the consolidated financial statements
56,650
55,000
--------
--------
8. STAFF COSTS
The average number of persons employed by the group during the year, including the directors, amounted to:
2023
2022
No.
No.
Production staff
57
67
Administrative staff
69
44
Management staff
2
2
----
----
128
113
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
Period from
Year to
1 Jan 22 to
30 Dec 23
30 Dec 22
£
£
Wages and salaries
5,281,907
4,960,299
Social security costs
187,009
162,439
Other pension costs
128,856
111,638
------------
------------
5,597,772
5,234,376
------------
------------
9. DIRECTORS' REMUNERATION
The directors' aggregate remuneration in respect of qualifying services was:
Period from
Year to
1 Jan 22 to
30 Dec 23
30 Dec 22
£
£
Remuneration
189,000
162,665
Company contributions to defined contribution pension plans
2,970
2,079
---------
---------
191,970
164,744
---------
---------
10. OTHER INTEREST RECEIVABLE AND SIMILAR INCOME
Period from
Year to
1 Jan 22 to
30 Dec 23
30 Dec 22
£
£
Interest on cash and cash equivalents
274
316
Other interest receivable and similar income
1,302
-------
----
1,576
316
-------
----
11. INTEREST PAYABLE AND SIMILAR EXPENSES
Period from
Year to
1 Jan 22 to
30 Dec 23
30 Dec 22
£
£
Interest on banks loans and overdrafts
718,839
865,022
Interest on obligations under finance leases and hire purchase contracts
5,487
16,048
Other loan interest payable
306,152
Other interest payable and similar charges
29,074
------------
---------
1,059,552
881,070
------------
---------
12. TAX ON LOSS
Major components of tax expense
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
( 302,999)
399,966
---------
---------
Tax on loss
( 295,964)
399,966
---------
---------
Reconciliation of tax (income)/expense
The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
Period from
Year to
1 Jan 22 to
30 Dec 23
30 Dec 22
£
£
(Loss)/profit on ordinary activities before taxation
( 4,655,486)
581,768
------------
---------
(Loss)/profit on ordinary activities by rate of tax
( 884,542)
110,536
Adjustment to tax charge in respect of prior periods
7,035
Effect of expenses not deductible for tax purposes
486
591
Effect of capital allowances and depreciation
( 71,984)
( 43,576)
Utilisation of tax losses
245,750
Unused tax losses
653,041
Other differences leading to an increase/(decrease) in the tax charge
86,665
------------
---------
Tax on loss
( 295,964)
399,966
------------
---------
13. TANGIBLE ASSETS
Group
Investment property
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer Equipment
Total
£
£
£
£
£
£
Cost
At 31 Dec 2022
5,395,000
1,120,561
219,275
41,787
19,001
6,795,624
Additions
5,398,931
143,618
116,629
16,000
4,063
5,679,241
Revaluations
( 1,306,431)
( 1,306,431)
------------
------------
---------
--------
--------
-------------
At 30 Dec 2023
9,487,500
1,264,179
335,904
57,787
23,064
11,168,434
------------
------------
---------
--------
--------
-------------
Depreciation
At 31 Dec 2022
405,107
127,858
5,161
6,619
544,745
Charge for the year
135,392
48,168
19,835
6,483
209,878
------------
------------
---------
--------
--------
-------------
At 30 Dec 2023
540,499
176,026
24,996
13,102
754,623
------------
------------
---------
--------
--------
-------------
Carrying amount
At 30 Dec 2023
9,487,500
723,680
159,878
32,791
9,962
10,413,811
------------
------------
---------
--------
--------
-------------
At 30 Dec 2022
5,395,000
715,454
91,417
36,626
12,382
6,250,879
------------
------------
---------
--------
--------
-------------
The company has no tangible assets.
14. INVESTMENTS
The group has no investments.
Company
Unlisted
£
Cost
At 31 December 2022
500
Additions
100
----
At 30 December 2023
600
----
Impairment
At 31 December 2022 and 30 December 2023
----
Carrying amount
At 30 December 2023
600
----
At 30 December 2022
500
----
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Citu Manufacturing Ltd: The Place, Leeds, LS10 1FB
Ordinary
100
Citu Group Developments Ltd: The Place, Leeds, LS10 1FB
Ordinary
100
Citu (Low Fold) LLP: The Place, Leeds, LS10 1FB
Members interest
100
Climate Innovation District Phase 1B Ltd: The Place, Leeds, LS10 1FB
Ordinary
100
Climate Innovation District Phase 2 Ltd: The Place, Leeds, LS10 1FB
Ordinary
100
Climate Innovation District Phase 4 Ltd: The Place, Leeds, LS10 1FB
Ordinary
100
Kelham Central Ltd: The Place, Leeds, LS10 1FB
Ordinary
100
Citu (Kelham Island) LLP: The Place, Leeds, LS10 1FB
Members interest
100
Climate Innovation District Phase 3 Ltd: The Place, Leeds, LS10 1FB
Ordinary
100
Citu Developments LLP: The Place, Leeds, LS10 1FB
Members interest
100
Citu Internals Ltd: The Place, Leeds, LS10 1FB
Ordinary
100
Citu Delivery Ltd: The Place, Leeds, LS10 1FB
Ordinary
100
Citu Design Ltd: The Place, Leeds, LS10 1FB
Ordinary
100
Citu Low Fold Leeds Ltd: The Place, Leeds, LS10 1FB
Ordinary
100
Little Kelham Investments Ltd: The Phoenix Yard, Leicester, LE1 5TE
Ordinary
75
Net Zero Portfolio Ltd: The Phoenix Yard, Leicester, LE1 5TE
Ordinary
100
Millom Water Line Ltd: The Place, Leeds, LS10 1FB
Ordinary
100
Attercliffe Waterside Ltd: The Place, Leeds, LS10 1FB
Ordinary
100
15. STOCKS
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
361,603
491,091
Work in progress
60,673,010
62,759,461
-------------
-------------
----
----
61,034,613
63,250,552
-------------
-------------
----
----
16. DEBTORS
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
487,878
477,496
58,745
28,995
Amounts owed by group undertakings
19,713,663
16,341,128
Prepayments and accrued income
154,051
243,028
Corporation tax repayable
79,770
86,805
Amounts due from related companies
149,499
181,163
148,379
164,829
Other debtors
308,210
1,016,479
2,063
2,188
------------
------------
-------------
-------------
1,179,408
2,004,971
19,922,850
16,537,140
------------
------------
-------------
-------------
17. CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise the following:
2023
2022
£
£
Cash at bank and in hand
94,699
727,515
Bank overdrafts
( 57,680)
--------
---------
94,699
669,835
--------
---------
18. CREDITORS: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
677,645
57,680
677,645
Trade creditors
4,232,652
2,333,346
8,698
19,161
Amounts owed to group undertakings
24,164,102
17,480,164
Accruals and deferred income
1,839,809
1,074,672
562,549
250,461
Social security and other taxes
2,023,946
Obligations under finance leases and hire purchase contracts
111,420
110,828
Amounts due to related companies
1,247,087
34,833
470,990
21,778
Other creditors
1,203,714
803,676
265,923
55,948
-------------
------------
-------------
-------------
11,336,273
4,415,035
26,149,907
17,827,512
-------------
------------
-------------
-------------
19. CREDITORS: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
64,409,296
66,054,426
4,232,112
Obligations under finance leases and hire purchase contracts
147,883
273,056
-------------
-------------
----
------------
64,557,179
66,327,482
4,232,112
-------------
-------------
----
------------
20. FINANCE LEASES AND HIRE PURCHASE CONTRACTS
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
111,420
110,828
Later than 1 year and not later than 5 years
147,883
273,056
---------
---------
----
----
259,303
383,884
---------
---------
----
----
21. PROVISIONS
Group
Deferred tax (note 22)
£
At 31 December 2022
393,170
Charge against provision
( 302,999)
---------
At 30 December 2023
90,171
---------
The company does not have any provisions.
22. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Included in provisions (note 21)
90,171
393,170
--------
---------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2023
2022
2023
2022
£
£
£
£
Accelerated capital allowances
65,165
119,942
Fair value adjustment of financial assets
25,006
273,228
--------
---------
----
----
90,171
393,170
--------
---------
----
----
23. EMPLOYEE BENEFITS
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 128,856 (2022: £ 111,638 ).
24. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
200
200
200
200
----
----
----
----
25. GUARANTEE PROVIDED IN RESPECT OF SUBSIDIARIES AUDIT EXEMPTION
Citu Group Ltd has given guarantees under section 479C of the Companies Act 2006, for the year ended 30 December 2023, for the following group entities:
Citu Delivery Ltd
Citu (Kelham Island) LLP
Citu Developments LLP
Climate Innovation District Phase 3 Ltd
Citu Design Ltd
Citu Internals Ltd
Millom Water Line Ltd
Attercliffe Waterside Ltd
The above group entities are therefore exempt from the requirements relating to the audit of the individual accounts by virtue of section 479A of the Companies Act 2006.
Guarantees given under this section have the effect that:
(a) the parent undertaking guarantees all outstanding liabilities to which the subsidiary entities are subject at the end of the financial year to which the guarantee relates, until they are satisfied in full.
(b) the guarantee is enforceable against the parent undertaking by any person to whom the subsidiary entities are liable in respect of those liabilities.
26. ANALYSIS OF CHANGES IN NET DEBT
At 31 Dec 2022
Cash flows
At 30 Dec 2023
£
£
£
Cash at bank and in hand
727,515
(632,816)
94,699
Bank overdrafts
(57,680)
57,680
Debt due within one year
(110,828)
(678,237)
(789,065)
Debt due after one year
(66,327,482)
1,770,303
(64,557,179)
-------------
------------
-------------
( 65,768,475)
516,930
( 65,251,545)
-------------
------------
-------------
27. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
465,000
465,000
Later than 1 year and not later than 5 years
1,560,833
1,843,333
Later than 5 years
182,500
------------
------------
----
----
2,025,833
2,490,833
------------
------------
----
----