Citrus Isleworth Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 09690031 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2018

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

1,376,987

1,315,376

Debtors

3

831,822

13,765

Cash at bank

1,252

192

2,210,061

1,329,333

CREDITORS

Amounts falling due within one year

4

2,557,138

1,444,063

NET CURRENT LIABILITIES

(347,077

)

(114,730

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(347,077

)

(114,730

)

CAPITAL AND RESERVES

Called up share capital

6

100

100

Retained earnings

7

(347,177

)

(114,830

)

SHAREHOLDERS' FUNDS

(347,077

)

(114,730

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2018 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 10 October 2018 and were signed on its behalf by:

J Ungelson - 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

31.1.18

31.1.17

£

£

Other debtors

831,822

13,765

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.18

31.1.17

£

£

Trade creditors

480

1,693

Other creditors

2,556,658

1,442,370

2,557,138

1,444,063

5.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.18

31.1.17

£

£

Other loans

750,000

750,000

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.18

31.1.17

value:

£

£

100

Ordinary

£1

100

100

7.

RESERVES

Retained

earnings

£

At 1 February 2017

(114,830

)

Deficit for the year

(232,347

)

At 31 January 2018

(347,177

)

8.	RELATED PARTY DISCLOSURES

Included in debtors at 31 January 2018 is an amount of £818,974 (2017: £691,020 creditor) owed from Citrus Group

Limited, a company with common directors. Included in creditors at 31 January 2018 is an amount of £1,803,508 (2017:

£Nil) 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 2018 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

11 October 2018