Citrus-Lime Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03792454

Citrus-Lime Limited

Filleted Unaudited Financial Statements

31 March 2022

Citrus-Lime Limited

Statement of Financial Position

31 March 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	7		700,585	732,504

Current assets

Stocks		56,094	52,920
Debtors	8	189,706	161,875
Cash at bank and in hand		703,898	657,156
		---------	---------
		949,698	871,951

Creditors: amounts falling due within one year	9	306,813		417,377
		---------		---------
Net current assets			642,885	454,574
			------------	------------
Total assets less current liabilities			1,343,470	1,187,078

Creditors: amounts falling due after more than one year	10		328,639	362,810

Provisions

Taxation including deferred tax	21,628	47,282
	------------	------------
Net assets	993,203	776,986
	------------	------------

Capital and reserves

Called up share capital	638	638
Share premium account	469	469
Revaluation reserve	30,767	30,767
Profit and loss account	961,329	745,112
	---------	---------
Shareholders funds	993,203	776,986
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Citrus-Lime Limited

Statement of Financial Position (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 28 July 2022 , and are signed on behalf of the board by:

Mr N Wright

Director

Company registration number: 03792454

Citrus-Lime Limited

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lantern House, The Ellers, Ulverston, Cumbria, LA12 0AA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires the use of estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Any estimate that has a degree of uncertainty or where judgement has been exercised in a particular area is expressly disclosed within the relevant accounting policy.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Development costs	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Long leasehold property	-	8% straight line
Fixtures and fittings	-	15% straight line
Motor vehicles	-	20% straight line
Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 52 (2021: 47 ).

5. Tax on profit

Major components of tax (income)/expense

	2022	2021
	£	£

Current tax:

Adjustments in respect of prior periods	212	–

Deferred tax:

Origination and reversal of timing differences	( 25,654)	14,096
	--------	--------
Tax on profit	( 25,442)	14,096
	--------	--------

6. Intangible assets

	Development costs
	£
Cost
At 1 April 2021 and 31 March 2022	254,874
	---------
Amortisation
At 1 April 2021 and 31 March 2022	254,874
	---------
Carrying amount
At 31 March 2022	–
	---------
At 31 March 2021	–
	---------

7. Tangible assets

	Freehold property	Long leasehold property	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2021	543,408	6,728	86,259	15,176	358,072	1,009,643
Additions	–	–	1,887	–	61,091	62,978
Disposals	–	–	–	–	( 81,580)	( 81,580)
	---------	-------	--------	--------	---------	------------
At 31 Mar 2022	543,408	6,728	88,146	15,176	337,583	991,041
	---------	-------	--------	--------	---------	------------
Depreciation
At 1 Apr 2021	–	5,143	33,006	11,636	227,354	277,139
Charge for the year	–	538	11,471	3,035	79,233	94,277
Disposals	–	–	–	–	( 80,960)	( 80,960)
	---------	-------	--------	--------	---------	------------
At 31 Mar 2022	–	5,681	44,477	14,671	225,627	290,456
	---------	-------	--------	--------	---------	------------
Carrying amount
At 31 Mar 2022	543,408	1,047	43,669	505	111,956	700,585
	---------	-------	--------	--------	---------	------------
At 31 Mar 2021	543,408	1,585	53,253	3,540	130,718	732,504
	---------	-------	--------	--------	---------	------------

Tangible assets held at valuation

The directors confirmed that the freehold property is valued correctly in the accounts based on the current market value.

8. Debtors

	2022	2021
	£	£
Trade debtors	118,492	141,176
Other debtors	71,214	20,699
	---------	---------
	189,706	161,875
	---------	---------

9. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	28,549	28,549
Trade creditors	72,996	165,683
Social security and other taxes	184,683	200,431
Other creditors	20,585	22,714
	---------	---------
	306,813	417,377
	---------	---------

10. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	328,639	362,810
	---------	---------

Included within creditors: amounts falling due after more than one year is an amount of £205,211 (2021: £230,036) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loan is secured by a legal charge over the company's freehold property.

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2022	2021
	£	£
Not later than 1 year	51,447	53,266
Later than 1 year and not later than 5 years	144,245	163,679
	---------	---------
	195,692	216,945
	---------	---------

12. Directors' advances, credits and guarantees

One of the directors had an overdrawn loan account of £52,091 (2021: Nil). The loan attracts interest at HMRC's official rate and is repaid in monthly instalments.