Cullen & Davis Holdings Limited - Period Ending 2019-09-30

Cullen & Davis Holdings Limited

Contents

Company Information	1
Statement of Financial Position	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Cullen & Davis Holdings Limited

Company Information

Director

Mr J J Collins

Registered office

1 Massey Road Thornaby Stockton-on-Tees TS17 6DY

Bankers

Santander Bank Tyne & Wear Corporate Business Centre 9 Baltic Place South Shore Road Gateshead NE8 3AE

Accountants

MHA Tait Walker Chartered Accountants 1 Massey Road Thornaby Stockton-on-Tees TS17 6DY

Cullen & Davis Holdings Limited

(Registration number: 10975871)
Statement of Financial Position as at 30 September 2019

	Note	2019 £	2018 £
Fixed assets
Investments	4	100	100
Current assets
Debtors	5	866,176	1,036,673
Cash at bank and in hand		25,514	5,641
		891,690	1,042,314
Creditors: Amounts falling due within one year	6	(604,623)	(834,030)
Net current assets		287,067	208,284
Total assets less current liabilities		287,167	208,384
Creditors: Amounts falling due after more than one year	6	(757,118)	(649,118)
Net liabilities		(469,951)	(440,734)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(470,051)	(440,834)
Total equity		(469,951)	(440,734)

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476; and
•	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 Holdings Limited

(Registration number: 10975871)
Statement of Financial Position as at 30 September 2019 (continued)

Approved and authorised by the director on 23 September 2020
 

......................................... Mr J J Collins Director

Cullen & Davis Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is 1 Massey Road, Thornaby, Stockton-on-Tees, TS17 6DY.

The principal place of business is Parkview, Great West Road, Brentford, TW8 9AZ.

2	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.

Group accounts not prepared

In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.

Cullen & Davis Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019 (continued)

2	Accounting policies (continued)

Going concern

At the balance sheet date, the company reported an excess of liabilities over assets totalling £469,951 (2018: £440,734). However, the current reporting period represents the initial phase of a development project that the group was incorporated to undertake and it was always anticipated that losses would be incurred at this stage. The director is confident the group is performing in line with its business plan and that the company 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.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

Cullen & Davis Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019 (continued)

2	Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2018 - 1).

Cullen & Davis Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019 (continued)

4	Investments

	2019 £	2018 £
Investments in subsidiaries	100	100

Subsidiaries	£
Cost or valuation
At 1 October 2018	200
Provision
Provision	100
Carrying amount
At 30 September 2019	100
At 30 September 2018	100

5

Debtors

	2019 £	2018 £
Directors loan accounts	75,087	88,580
Amounts owed by group undertakings	680,608	908,769
Other debtors	110,481	39,324
	866,176	1,036,673

Cullen & Davis Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019 (continued)

6

Creditors

Creditors: amounts falling due within one year

	2019 £	2018 £
Due within one year
Trade creditors	476	2,760
Other creditors	579,744	831,270
Corporation tax liability	24,403	-
	604,623	834,030

Creditors: amounts falling due after more than one year

	2019 £	2018 £
Due after one year
Other non-current financial liabilities	757,118	649,118

7	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of guarantees not included in the balance sheet is £9,420,841 (2018 - £6,088,356). The company has guaranteed the secured borrowings of a subsidiary undertaking.

8	Related party transactions

Transactions with directors

2019	At 1 October 2018 £	Advances to directors £	Repayments by director £	At 30 September 2019 £
Mr J J Collins
	88,580	7,474	(20,967)	75,087

Cullen & Davis Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019 (continued)

8	Related party transactions (continued)

2018	Advances to directors £	Repayments by director £	At 30 September 2018 £
Mr J J Collins
	98,793	(10,213)	88,580