ACCOUNTS - Final Accounts

CITRUS RESIDENTIAL LIMITED - Company Information

Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-31false2022-04-01No description of principal activity33falsetrue 08670705 2022-04-01 2023-03-31 08670705 2021-04-01 2022-03-31 08670705 2023-03-31 08670705 2022-03-31 08670705 c:Director1 2022-04-01 2023-03-31 08670705 c:RegisteredOffice 2022-04-01 2023-03-31 08670705 d:CurrentFinancialInstruments 2023-03-31 08670705 d:CurrentFinancialInstruments 2022-03-31 08670705 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08670705 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 08670705 d:ShareCapital 2023-03-31 08670705 d:ShareCapital 2022-03-31 08670705 d:RetainedEarningsAccumulatedLosses 2023-03-31 08670705 d:RetainedEarningsAccumulatedLosses 2022-03-31 08670705 c:OrdinaryShareClass1 2022-04-01 2023-03-31 08670705 c:OrdinaryShareClass1 2023-03-31 08670705 c:OrdinaryShareClass1 2022-03-31 08670705 c:FRS102 2022-04-01 2023-03-31 08670705 c:Audited 2022-04-01 2023-03-31 08670705 c:FullAccounts 2022-04-01 2023-03-31 08670705 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08670705 c:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 08670705 e:PoundSterling 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08670705

CITRUS RESIDENTIAL LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

CITRUS RESIDENTIAL LIMITED

CONTENTS

	Page
Company information	1
Balance sheet	2
Notes to the financial statements	3 - 8

CITRUS RESIDENTIAL LIMITED

COMPANY INFORMATION

Director	A Curtis


Registered number	08670705


Registered office	Langley House
	Park Road
	London
	N2 8EY


Independent auditor	Blick Rothenberg Audit LLP
	Chartered Accountants & Statutory Auditor
	16 Great Queen Street
	Covent Garden
	London
	WC2B 5AH

Page 1

REGISTERED NUMBER:08670705

CITRUS RESIDENTIAL LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023

		2023		2022
Note		£		£


Current assets
Stocks	4	-		711,210
Debtors: amounts falling due within one year	5	102,026		140,742
Cash at bank and in hand		6,594		54,755
		108,620		906,707
Creditors: amounts falling due within one year	6	(14,648)		(914,084)
Net current assets/(liabilities)			93,972		(7,377)
Total assets less current liabilities			93,972		(7,377)

Net assets/(liabilities)			93,972		(7,377)

Capital and reserves
Called up share capital	7	2	2
Profit and loss account		93,970	(7,379)
Total equity		93,972	(7,377)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

A Curtis

Director

Date: 21 March 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

CITRUS RESIDENTIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1.	General information

Citrus Residential Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is Langley House, Park Road, London, N2 8EY.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The director has 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 basis in preparing the financial statements.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the company has transferred the significant risks and rewards of ownership to the buyer;

∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

CITRUS RESIDENTIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.5

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.

The company’s policies for its major classes of financial assets and financial liabilities are set out below.

Financial assets
Basic financial assets, including other debtors, 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, 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.

Page 4

CITRUS RESIDENTIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

Financial instruments (continued)

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.

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

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.

2.6

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for slow-moving stocks. Costs include all direct costs.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 5

CITRUS RESIDENTIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.7

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.8

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.

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

4.	Stocks
		2023	2022
		£	£

	Property stock	-	711,210

Page 6

CITRUS RESIDENTIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Debtors

					2023	2022
					£	£


Other debtors	102,026	140,742

6.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Other loans	-	540,000
Trade creditors	-	2,178
Other creditors	-	353,330
Accruals and deferred income	14,648	18,576
	14,648	914,084

7.	Share capital
		2023	2022
		£	£

Allotted, called up and fully paid

2 (2022 - 2) Ordinary shares of £1.00 each	2	2

8.	Related Party Transaction

The company has taken advantage pf the exemption contained in FRS102 section 33 "Related party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
During the year the company incurred interest totaling £20,000 (2022: £nil) in relation to a loan with a company with directors in common. At the balance sheet date the amount owed by the company was £nil (2022: £40,000).
During the year the company paid costs totaling £84,491 (2022: £17,534) on behalf of a company with directors in common. At the balance sheet date the amount owed to the company was £102,025 (2022: £17,534).

9.	Parent undertaking

The smallest group for which consolidated financial statements are drawn up is headed by Curtis Investor Limited whose registered office is Langley House, Park Road, London, N2 8EY.

Page 7

CITRUS RESIDENTIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

10.	Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2023 was unqualified.
The comparative figures for the year ended 31 March 2022 are unaudited.

The audit report was signed on 27 March 2024 by James Rimell (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

Page 8