Cullen & Davis 1 Limited - Period Ending 2019-09-30
Cullen & Davis 1 Limited - Period Ending 2019-09-30
Registration number:
Cullen & Davis 1 Limited
Filleted
for the Year Ended 30 September 2019
Cullen & Davis 1 Limited
Contents
Statement of Financial Position |
|
Notes to the Unaudited Financial Statements |
Cullen & Davis 1 Limited
(Registration number: 10979882)
Statement of Financial Position as at 30 September 2019
Note |
2019 |
2018 |
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
|
|
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
( |
|
Total equity |
( |
( |
For the financial year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies' regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the option not to file the Income Statement has been taken.
Cullen & Davis 1 Limited
(Registration number: 10979882)
Statement of Financial Position as at 30 September 2019 (continued)
Approved and authorised by the
......................................... |
Cullen & Davis 1 Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is
The principal place of business is Parkview, Great West Road, Brentford, TW8 9AZ.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
At the balance sheet date, the company reported an excess of liabilities over assets totalling £68,127 (2018: £6,545). However, the current reporting period represents the initial phase of a development project that the company was incorporated to undertake and it was always anticipated that losses would be incurred at this stage. The director is confident the company is performing in line with its business plan and will generate sufficient revenues to meet its financial obligations as they arise.
The company meets its day to day working capital requirements through cash generated from operations and shareholding funding. The director has assessed the potential impact of the COVID-19 virus and the financial impact on the company and has developed a business continuity plan should the impact of the pandemic widen.
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Cullen & Davis 1 Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019 (continued)
2 |
Accounting policies (continued) |
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Cullen & Davis 1 Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019 (continued)
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Borrowing costs that are directly attributable to the acquisition or construction of qualifying assets included in stocks are capitalised in the period in which they are incurred. All other costs are expensed.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Stocks |
2019 |
2018 |
|
Work in progress |
|
|
The company has adopted a policy of capitalising borrowing costs which includes interest charges totalling £1,218,524 (2018: £304,118).
Debtors |
2019 |
2018 |
|
Amounts owed by group undertakings |
|
- |
Other debtors |
|
|
|
|
Cullen & Davis 1 Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019 (continued)
Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
|
Due within one year |
||
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Other creditors |
|
- |
|
|
Creditors: amounts falling due after more than one year
2019 |
2018 |
|
Due after one year |
||
Loans and borrowings |
|
|
Bank loans are secured against the assets of the company.
Parent undertaking |
The registered office of Cullen & Davis (Holdings) Limited is Medway House, Fudan Way, Teesdale Park, Stockton-On-Tees, TS17 6EN.
The company’s financial statements are available from Companies House.