Cultra Properties Ltd
Cultra Properties Ltd
Registered number: NI610747
Unaudited Financial Statements
For The Year Ended
28 February 2020
RWCA LTD
158 Upper Newtownards Road
Belfast
Co Antrim
BT4 3EQ
Cultra Properties Ltd
Unaudited Financial Statements
For The Year Ended
28 February 2020
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Cultra Properties Ltd
Balance Sheet
As at
28 February 2020
Balance Sheet
Registered number:
NI610747
For the year ending 28 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| Investments | 5 |
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| CURRENT ASSETS | |||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 639,943 | 621,597 | |||
Page 1
Cultra Properties Ltd
Balance Sheet (continued)
As at
28 February 2020
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Cultra Properties Ltd
Notes to the Financial Statements
For The Year Ended
28 February 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
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| Plant & Machinery |
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| Fixtures & Fittings |
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1.4.
Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current tax for the year is recognised in profit or loss.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2020 | 2019 | ||
|---|---|---|---|
| Office and administration |
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Page 3
Cultra Properties Ltd
Notes to the Financial Statements (continued)
For The Year Ended
28 February 2020
4.
Tangible Assets
| Land & Property | ||||
|---|---|---|---|---|
| Freehold | Plant & Machinery | Fixtures & Fittings | Total | |
| £ | £ | £ | £ | |
| Cost or Valuation | ||||
| As at
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| As at
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| Depreciation | ||||
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| Provided during the period |
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| As at
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| Net Book Value | ||||
| As at
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| As at
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5.
Investments
| Unlisted | |
|---|---|
| £ | |
| Cost | |
| As at
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1 |
| As at
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1 |
| Provision | |
| As at
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- |
| As at
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| Net Book Value | |
| As at
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1 |
| As at
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1 |
Investments represent the initial cost of 50% of the shares in Stonegate Land & Properties Limited.
6.
Debtors
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Other debtors |
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Page 4
Cultra Properties Ltd
Notes to the Financial Statements (continued)
For The Year Ended
28 February 2020
7.
Creditors: Amounts Falling Due Within One Year
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Corporation tax |
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| Other creditors |
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| Other creditors (1) |
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| Directors' loan accounts |
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9.
Related Party Transactions
At the year end the company had the following related party balances due or owed;
- the company owed the directors £4,901,989 as an interest free loan.
- the company was owed £5,082,000 by the associate company noted in Investments.
- The company was owed £10,500 by Bodrum EGE (NI) Ltd. a company in which James Patterson is a director.
10.
General Information
Cultra Properties Ltd
is a private company, limited by shares, incorporated in Northern Ireland, registered number
NI610747
. The registered office is 32 Cultra Avenue, Holywood, Down, BT18 0AZ.
Page 5