Citrus Bay Management Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04121670 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2020

for

Citrus Bay Management Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

C R Crome

Mrs E Hayman

SECRETARY:

Mrs E Hayman

REGISTERED OFFICE:

Merlin House

Brunel Road

Theale

Reading

Berkshire

RG7 4AB

REGISTERED NUMBER:

04121670 (England and Wales)

ACCOUNTANTS:

Kirkpatrick & Hopes Ltd

Merlin House

Brunel Road

Theale

Reading

Berkshire

RG7 4AB

FIXED ASSETS

Tangible assets

5

59,561

87,919

CURRENT ASSETS

Debtors

6

248,567

184,804

Cash at bank

6,795

6,272

255,362

191,076

CREDITORS

Amounts falling due within one year

7

258,107

317,284

NET CURRENT LIABILITIES

(2,745

)

(126,208

)

TOTAL ASSETS LESS CURRENT LIABILITIES

56,816

(38,289

)

CREDITORS

Amounts falling due after more than one year

8

(45,275

)

-

PROVISIONS FOR LIABILITIES

(11,317

)

(16,705

)

NET ASSETS/(LIABILITIES)

224

(54,994

)

CAPITAL AND RESERVES

Called up share capital

50

50

Share premium

24,150

24,150

Retained earnings

(23,976

)

(79,194

)

SHAREHOLDERS' FUNDS

224

(54,994

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 8 April 2021 and were signed on its behalf by:

C R Crome - Director

1.	STATUTORY INFORMATION

Citrus Bay Management Ltd 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.	STATEMENT OF COMPLIANCE

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 the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention and complies with FRS 102 Section 1A small entities.

The presentation currency is sterling (£).'

Turnover

Turnover represents net invoiced re-charges of management fees & other company expenses. These costs are re-charged & received as income from group companies.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

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 statement of financial position date.

Deferred tax

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Short term debtors are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Going concern justification

The company meets its day to day working capital requirements partially through the support of its creditors. The directors have considered the projected trading and cash flow information for the company during the foreseeable post year end period. On the basis of this information the directors consider that the company will continue to operate within the available finance facilities. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.The financial statements do not include any adjustments that would result from the withdrawal of the support of the company's creditors.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2019 - 7 ) .

5.	TANGIBLE FIXED ASSETS

Improvements

to

Motor

Computer

property

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2020

and 31 December 2020

22,000

113,434

47,280

182,714

DEPRECIATION

At 1 January 2020

22,000

25,515

47,280

94,795

Charge for year

-

28,358

-

28,358

At 31 December 2020

22,000

53,873

47,280

123,153

NET BOOK VALUE

At 31 December 2020

-

59,561

-

59,561

At 31 December 2019

-

87,919

-

87,919

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

-

7,942

Amounts owed by group undertakings

245,181

171,958

VAT

2,518

99

Prepayments

868

4,805

248,567

184,804

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

4,724

-

Trade creditors

2,854

6,213

Amounts owed to group undertakings

217,535

303,317

Tax

20,358

512

Social security and other taxes

12,636

7,242

258,107

317,284

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans - 1-2 years

9,626

-

Bank loans - 2-5 years

30,365

-

Bank loans more 5 yr by instal

5,284

-

45,275

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

5,284

-

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year interest of Nil (2019 - £3,000) was paid on a loan from the director.

During the year the company was charged £60,000 (2019 - £45,000) by CR Crome for the rent of its premises.At the year end £30,000 was outstanding (2019 - £Nil).

10.	RELATED PARTY DISCLOSURES

At the balance sheet date the following balances existed with other group undertakings:

GCSC Holdings Limited was owed £217,535 by the company (2019 - £303,317 )

Indigrow (UK) Limited owed £Nil to the company (2019 - £5,293)

Indigrow Limited owed £137,176 to the company (2019 - £19,363 )

Indigrow AB owed £77,748 to the company (2019 - £137,409)

Tour Best Europe Limited owed £30,256 to the company (2019 - £5,499)

Indigrow AS owed £Nil to the company (2019 - £4,394)

11.	ULTIMATE CONTROLLING PARTY

The controlling party is 2020 Holdings Limited.