Company No: 05281227 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	5,329		10,150
Tangible assets	4	12,559		20,944
Investments	5	166		180
		18,054		31,274
Current assets
Stocks		228,424		228,424
Debtors	6	6,515,099		8,749,861
Cash at bank and in hand		164,409		30,842
		6,907,932		9,009,127
Creditors: amounts falling due within one year	7	( 8,759,719)		( 11,209,614)
Net current liabilities		(1,851,787)		(2,200,487)
Total assets less current liabilities		(1,833,733)		(2,169,213)
Net liabilities		( 1,833,733)		( 2,169,213)
Capital and reserves
Called-up share capital	8	1		1
Profit and loss account		( 1,833,734 )		( 2,169,214 )
Total shareholder's deficit		( 1,833,733)		( 2,169,213)

For the financial year ending 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Citrus Group Limited (registered number: 05281227) were approved and authorised for issue by the Director. They were signed on its behalf by:

A D Curtis Director

29 April 2026

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Citrus Group Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is C/O - Citrus Group, The Landmark, 33 Cavendish Square, London, W1G 0PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements and will be able to meet its debts as they fall due.

The Company has negative reserves of £1,833,733.

Despite this, the director has assessed the company's financial position and has determined that the company will be able to meet its obligations as they fall due for at least the next 12 months.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair
value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Computer software

3 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings	3 - 4 years straight line
Office equipment	3 years straight line
Computer equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the profit and loss account.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Investments
Investments in subsidiaries are measured at cost less accumulated impairment.

Ordinary share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the company during the year, including the director	22		20

3. Intangible assets

	Computer software		Total
	£		£
Cost
At 01 May 2024	38,609		38,609
At 30 April 2025	38,609		38,609
Accumulated amortisation
At 01 May 2024	28,459		28,459
Charge for the financial year	4,821		4,821
At 30 April 2025	33,280		33,280
Net book value
At 30 April 2025	5,329		5,329
At 30 April 2024	10,150		10,150

4. Tangible assets

	Fixtures and fittings		Office equipment		Computer equipment		Total
	£		£		£		£
Cost
At 01 May 2024	13,150		19,589		40,537		73,276
Additions	0		0		4,081		4,081
At 30 April 2025	13,150		19,589		44,618		77,357
Accumulated depreciation
At 01 May 2024	9,666		11,460		31,206		52,332
Charge for the financial year	2,787		3,565		6,114		12,466
At 30 April 2025	12,453		15,025		37,320		64,798
Net book value
At 30 April 2025	697		4,564		7,298		12,559
At 30 April 2024	3,484		8,129		9,331		20,944

5. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 May 2024	180		180
Additions	66		66
Disposals	( 80)		( 80)
At 30 April 2025	166		166
Carrying value at 30 April 2025	166		166
Carrying value at 30 April 2024	180		180

6. Debtors

	2025		2024
	£		£
Trade debtors	273,584		243,316
Prepayments and accrued income	368,408		1,049,242
Corporation tax	228,831		708,470
Other debtors	5,644,276		6,748,833
	6,515,099		8,749,861

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	26,968		28,146
Accruals and deferred income	50,954		31,231
Taxation and social security	82,149		110,171
Other creditors	8,599,648		11,040,066
	8,759,719		11,209,614

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00	1		1

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
within one year	40,656		66,332
between one and five years	6,781		46,003
Total future minimum lease payments under non-cancellable operating leases	47,437		112,335

10. Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.

At the balance sheet date, the director of the company is owed amounts totalling £403,892 (2024: the director 163,419 to the company). These bear interest at the HMRC official rate and repayable on demand.

At the balance sheet date, close family members of the company owed amounts totalling £Nil (2024: £547,475 ) to the company. These amounts are interest free and repayable within one year of the balance sheet date.

11. Ultimate controlling party

The company is controlled by the director A D Curtis.