3 3 Citinet Properties Limited 03806380 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is that of the development and operation of caravan and campsites. Digita Accounts Production Advanced 6.30.9574.0 true 03806380 2023-08-01 2024-07-31 03806380 2024-07-31 03806380 core:CurrentFinancialInstruments 2024-07-31 03806380 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 03806380 core:Non-currentFinancialInstruments 2024-07-31 03806380 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 03806380 core:ConstructionInProgressAssetsUnderConstruction 2024-07-31 03806380 core:FurnitureFittingsToolsEquipment 2024-07-31 03806380 core:LandBuildings 2024-07-31 03806380 core:MotorVehicles 2024-07-31 03806380 core:OtherPropertyPlantEquipment 2024-07-31 03806380 bus:SmallEntities 2023-08-01 2024-07-31 03806380 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 03806380 bus:FilletedAccounts 2023-08-01 2024-07-31 03806380 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 03806380 bus:RegisteredOffice 2023-08-01 2024-07-31 03806380 bus:Director1 2023-08-01 2024-07-31 03806380 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 03806380 core:Buildings 2023-08-01 2024-07-31 03806380 core:ConstructionInProgressAssetsUnderConstruction 2023-08-01 2024-07-31 03806380 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 03806380 core:Land 2023-08-01 2024-07-31 03806380 core:LandBuildings 2023-08-01 2024-07-31 03806380 core:MotorVehicles 2023-08-01 2024-07-31 03806380 core:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 03806380 core:PlantMachinery 2023-08-01 2024-07-31 03806380 1 2023-08-01 2024-07-31 03806380 countries:England 2023-08-01 2024-07-31 03806380 2023-07-31 03806380 core:ConstructionInProgressAssetsUnderConstruction 2023-07-31 03806380 core:FurnitureFittingsToolsEquipment 2023-07-31 03806380 core:LandBuildings 2023-07-31 03806380 core:MotorVehicles 2023-07-31 03806380 core:OtherPropertyPlantEquipment 2023-07-31 03806380 2022-08-01 2023-07-31 03806380 2023-07-31 03806380 core:CurrentFinancialInstruments 2023-07-31 03806380 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 03806380 core:Non-currentFinancialInstruments 2023-07-31 03806380 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 03806380 core:ConstructionInProgressAssetsUnderConstruction 2023-07-31 03806380 core:FurnitureFittingsToolsEquipment 2023-07-31 03806380 core:LandBuildings 2023-07-31 03806380 core:MotorVehicles 2023-07-31 03806380 core:OtherPropertyPlantEquipment 2023-07-31 xbrli:pure iso4217:GBP

Registration number: 03806380

Citinet Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Citinet Properties Limited

(Registration number: 03806380)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

589,623

637,139

Current assets

 

Stocks

6

20,500

4,500

Debtors

7

326,083

334,545

Cash at bank and in hand

 

217,100

216,955

 

563,683

556,000

Creditors: Amounts falling due within one year

8

(371,659)

(319,619)

Net current assets

 

192,024

236,381

Total assets less current liabilities

 

781,647

873,520

Creditors: Amounts falling due after more than one year

8

(283,468)

(451,588)

Provisions for liabilities

(17,878)

(19,510)

Net assets

 

480,301

402,422

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

479,301

401,422

Shareholders' funds

 

480,301

402,422

 

Citinet Properties Limited

(Registration number: 03806380)
Balance Sheet as at 31 July 2024

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director for issue on 10 April 2025
 

.........................................

G C Forman

Director

 

Citinet Properties Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
22 St. Georges Street
Stamford
Lincolnshire
PE9 2BU
United Kingdom

The principal place of business is:
Mill House
Pelhams Land
Chapel Hill
Lincoln
LN4 4QB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Citinet Properties Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land

no depreciation

Freehold buildings and improvements

2% - 4% straight line

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Citinet Properties Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

64,139

63,228

 

Citinet Properties Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

5

Tangible assets

Land and buildings
£

Timber Lodges
£

Motor vehicles
 £

Property improvements
£

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

308,147

320,981

27,953

732,228

282,259

1,671,568

Additions

-

-

-

-

16,623

16,623

At 31 July 2024

308,147

320,981

27,953

732,228

298,882

1,688,191

Depreciation

At 1 August 2023

39,462

203,796

16,652

560,191

214,328

1,034,429

Charge for the year

1,800

12,838

2,825

29,289

17,387

64,139

At 31 July 2024

41,262

216,634

19,477

589,480

231,715

1,098,568

Carrying amount

At 31 July 2024

266,885

104,347

8,476

142,748

67,167

589,623

At 31 July 2023

268,685

117,185

11,301

172,037

67,931

637,139

 

Citinet Properties Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

6

Stocks

2024
£

2023
£

Other inventories

20,500

4,500

7

Debtors

Current

2024
£

2023
£

Trade debtors

61,682

74,275

Prepayments

7,007

6,950

Other debtors

257,394

253,320

 

326,083

334,545

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

39,156

26,960

Trade creditors

 

10,370

10,083

Amounts owed to related parties

11,912

12,123

Taxation and social security

 

432

850

Other creditors

 

309,789

269,603

 

371,659

319,619

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

283,468

451,588

 

Citinet Properties Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

283,468

451,588

Current loans and borrowings

2024
£

2023
£

Bank borrowings

39,156

26,960

Bank borrowings and finance lease liabilities

The bank borrowings are secured on the land and assets of the company. The finance lease liabilities are secured on the assets financed.