Company Registration No. 09300752 (England and Wales)
Citu Low Fold Leeds Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2018
CITU LOW FOLD LEEDS LTD
Citu Low Fold Leeds Ltd
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CITU LOW FOLD LEEDS LTD
Citu Low Fold Leeds Ltd
BALANCE SHEET
AS AT
31 JULY 2018
31 July 2018
- 1 -
2018
2017
Notes
£
£
£
£
Current assets
Debtors
3
782,025
782,025
Creditors: amounts falling due within one year
4
(948,601)
(948,601)
Net current liabilities
(166,576)
(166,576)
Capital and reserves
Called up share capital
150
150
Profit and loss reserves
(166,726)
(166,726)
Total equity
(166,576)
(166,576)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 2018 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 30 April 2019 and are signed on its behalf by:
Mr C A Thompson
Director
Company Registration No. 09300752
CITU LOW FOLD LEEDS LTD
Citu Low Fold Leeds Ltd
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
- 2 -
1
Accounting policies
Company information
Citu Low Fold Leeds Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Workspace 9 Greenhouse, Beeston Road, Leeds, LS11 6AD.
1.1
Accounting convention
These financial statements have been prepared in accordance with “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £
1
.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The ultimate parent company is
Citu Holdings
Limited. The registered office of
Citu Holdings
Limited
is
W9 Greenhouse, Beeston Road, Leeds, LS11 6AD
. The company and its parent comprise a small group and as such are exempt from preparing group accounts.
1.2
Going concern
At the balance sheet date, the company had net liabilities of £166,576, (2017 - £166,576). The director and creditors have agreed to support the business for the foreseeable future and hence the accounts have been prepared on the going concern basis.
1.3
Profit and loss account
The company has not traded during the year or the preceding financial
period
. During
this time
the company received no income and incurred no expenditure and therefore no Profit and loss account is presented
in these financial statements.
1.4
Cash and cash equivalents
Cash at bank and in hand
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 current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
CITU LOW FOLD LEEDS LTD
Citu Low Fold Leeds Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
1
Accounting policies
(Continued)
- 3 -
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
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 profit or loss.
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
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors and 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2017 - 1).
CITU LOW FOLD LEEDS LTD
Citu Low Fold Leeds Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
- 4 -
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
782,025
782,025
4
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
20
20
Amounts due to group undertakings
781,875
781,875
Other creditors
166,706
166,706
948,601
948,601
5
Related party transactions
The following amounts were outstanding at the reporting end date:
2018
2017
Amounts owed to related parties
£
£
Entities over which the entity has control, joint control or significant influence
781,875
781,875
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2018
Balance
Amounts owed by related parties
£
Entities with control, joint control or significant influence over the company
781,875
Entities over which the entity has control, joint control or significant influence
166,706
2017
Balance
Amounts owed in previous period
£
Entities with control, joint control or significant influence over the company
781,875
Entities over which the entity has control, joint control or significant influence
166,706