Citrus Isleworth Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09690031 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2019

for

Citrus Isleworth Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Report of the Accountants

7

DIRECTORS:

A D Curtis

J Ungelson

REGISTERED OFFICE:

15-19 Cavendish Place

First Floor

London

W1G 0QE

REGISTERED NUMBER:

09690031 (England and Wales)

ACCOUNTANTS:

Wesley Pemberton LLP

89 Vicars Moor Lane

Winchmore Hill

London

N21 1BL

CURRENT ASSETS

Stocks

1,435,622

1,376,987

Debtors

3

1,543,473

831,822

Cash at bank

999

1,252

2,980,094

2,210,061

CREDITORS

Amounts falling due within one year

4

3,475,438

2,557,138

NET CURRENT LIABILITIES

(495,344

)

(347,077

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(495,344

)

(347,077

)

CAPITAL AND RESERVES

Called up share capital

6

100

100

Retained earnings

7

(495,444

)

(347,177

)

SHAREHOLDERS' FUNDS

(495,344

)

(347,077

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30 October 2019 and were signed on its behalf by:

A D Curtis - Director

1.	STATUTORY INFORMATION

Citrus Isleworth Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in there UK and Republic of

Ireland" (FRS102) and the Companies Act 2006. The financial statements have been prepared under the

historical cost convention.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual

provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the company after deducting all of its liabilities.

Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital

balances, and intercompany financing 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 for a similar debt instrument. Financing transactions are those in which

payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow Group companies

and preference shares that are classified as debt, 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 payments discounted at a market rate of interest for a similar debt instrument. Financing transactions

are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is

not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in the profit and loss account.

For financial assets measured at cost less impairment, the impairment loss is measured as the

difference between the asset's carrying amount and the best estimate of the amount the company would receive

for the asset if it were to be sold at the reporting date.

For financial assets measured at amortised cost, the impairment loss is measured as the difference

between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's

original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring

any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was

recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed

what the carrying amount would have been had the impairment not previously been recognised. The impairment

reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities

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) despite having retained some significant risks and rewards of ownership, 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.

Offsetting of financial assets and financial liabilities

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of

the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to

continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a

period of at least twelve months from the date these financial statements were approved. Accordingly, they

continue to adopt the going concern in preparing the financial statements.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice

of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three

months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant

risk of change in value.

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.

3.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.19

31.1.18

£

£

Other debtors

1,543,473

831,822

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.19

31.1.18

£

£

Trade creditors

480

480

Other creditors

3,474,958

2,556,658

3,475,438

2,557,138

5.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.19

31.1.18

£

£

Other loans

750,000

750,000

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.19

31.1.18

value:

£

£

100

Ordinary

£1

100

100

7.

RESERVES

Retained

earnings

£

At 1 February 2018

(347,177

)

Deficit for the year

(148,267

)

At 31 January 2019

(495,444

)

8.	RELATED PARTY DISCLOSURES

Included in debtors at 31 January 2019 is an amount of £1,530,487 (2018: £819,074 creditor) owed from Citrus

Group Limited, a company with common directors. Included in creditors at 31 January 2019 is an amount of

£2,720,008 (2018: £1,803,508) owed to Createfuture Ltd, a company with a common director.

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A D Curtis.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to

file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements

and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 January 2019 set out on pages three to eight and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Wesley Pemberton LLP

89 Vicars Moor Lane

Winchmore Hill

London

N21 1BL

Date: .............................................