33 4 July 2025 false false false false false false false false false false true false false false false false false No description of principal activity 2023-12-31 Sage Accounts Production Advanced 2023 - FRS102_2023 276,024 11,608 287,632 164,051 35,188 199,239 88,393 111,973 811 2 813 813 811 xbrli:pure xbrli:shares iso4217:GBP 08725546 2023-12-31 2024-12-30 08725546 2024-12-30 08725546 2023-12-30 08725546 2022-12-31 2023-12-30 08725546 2023-12-30 08725546 2022-12-30 08725546 bus:Director1 2023-12-31 2024-12-30 08725546 core:FurnitureFittings 2023-12-30 08725546 core:FurnitureFittings 2024-12-30 08725546 core:FurnitureFittings 2023-12-31 2024-12-30 08725546 core:WithinOneYear 2024-12-30 08725546 core:WithinOneYear 2023-12-30 08725546 core:ShareCapital 2024-12-30 08725546 core:ShareCapital 2023-12-30 08725546 core:RetainedEarningsAccumulatedLosses 2024-12-30 08725546 core:RetainedEarningsAccumulatedLosses 2023-12-30 08725546 core:BetweenOneFiveYears 2024-12-30 08725546 core:BetweenOneFiveYears 2023-12-30 08725546 core:UKTax 2022-12-31 2023-12-30 08725546 core:CostValuation core:Non-currentFinancialInstruments 2023-12-30 08725546 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-12-30 08725546 core:CostValuation core:Non-currentFinancialInstruments 2024-12-30 08725546 core:Non-currentFinancialInstruments 2024-12-30 08725546 core:Non-currentFinancialInstruments 2023-12-30 08725546 core:FurnitureFittings 2023-12-30 08725546 bus:SmallEntities 2023-12-31 2024-12-30 08725546 bus:Audited 2023-12-31 2024-12-30 08725546 bus:SmallCompaniesRegimeForAccounts 2023-12-31 2024-12-30 08725546 bus:PrivateLimitedCompanyLtd 2023-12-31 2024-12-30 08725546 bus:FullAccounts 2023-12-31 2024-12-30
COMPANY REGISTRATION NUMBER: 08725546
CITU GROUP DEVELOPMENTS LTD
FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 December 2024
CITU GROUP DEVELOPMENTS LTD
STATEMENT OF FINANCIAL POSITION
30 December 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
88,393
111,973
Investments
7
813
811
--------
---------
89,206
112,784
CURRENT ASSETS
Stocks
90
1,327
Debtors
8
15,652,291
13,422,674
Cash at bank and in hand
33,721
76
-------------
-------------
15,686,102
13,424,077
CREDITORS: amounts falling due within one year
9
( 15,305,836)
( 13,700,221)
-------------
-------------
NET CURRENT ASSETS/(LIABILITIES)
380,266
( 276,144)
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
469,472
( 163,360)
---------
---------
NET ASSETS/(LIABILITIES)
469,472
( 163,360)
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
469,372
( 163,460)
---------
---------
SHAREHOLDERS FUNDS/(DEFICIT)
469,472
( 163,360)
---------
---------
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.
These financial statements were approved by the board of directors and authorised for issue on 4 July 2025 , 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 2024
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 33 (2023: 32 ).
5. TAX ON PROFIT/(LOSS)
Major components of tax income
2024
2023
£
£
Current tax:
Adjustments in respect of prior periods
7,035
Deferred tax:
Origination and reversal of timing differences
( 9,743)
----
-------
Tax on profit/(loss)
( 2,708)
----
-------
6. TANGIBLE ASSETS
Fixtures and fittings
£
Cost
At 31 December 2023
276,024
Additions
11,608
---------
At 30 December 2024
287,632
---------
Depreciation
At 31 December 2023
164,051
Charge for the year
35,188
---------
At 30 December 2024
199,239
---------
Carrying amount
At 30 December 2024
88,393
---------
At 30 December 2023
111,973
---------
7. INVESTMENTS
Unlisted
£
Cost
At 31 December 2023
811
Additions
2
----
At 30 December 2024
813
----
Impairment
At 31 December 2023 and 30 December 2024
----
Carrying amount
At 30 December 2024
813
----
At 30 December 2023
811
----
8. DEBTORS
2024
2023
£
£
Trade debtors
440,981
420,765
Amounts owed by group undertakings and undertakings in which the company has a participating interest
12,609,852
12,782,080
Other debtors
2,601,458
219,829
-------------
-------------
15,652,291
13,422,674
-------------
-------------
9. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
371,671
1,795,506
Amounts owed to group undertakings and undertakings in which the company has a participating interest
14,657,133
11,394,642
Social security and other taxes
162,008
322,493
Amounts due to related companies
19,932
13,055
Other creditors
95,092
174,525
-------------
-------------
15,305,836
13,700,221
-------------
-------------
10. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
365,000
365,000
Later than 1 year and not later than 5 years
912,500
1,277,500
------------
------------
1,277,500
1,642,500
------------
------------
11. SUMMARY AUDIT OPINION
The auditor's report dated 4 July 2025 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.