Cullross (DH) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC519346 (Scotland)

Unaudited Financial Statements for the Year Ended 29 February 2020

for

Cullross (DH) Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

R Fletcher

REGISTERED OFFICE:

21 Young Street

Edinburgh

EH2 4HU

REGISTERED NUMBER:

SC519346 (Scotland)

ACCOUNTANTS:

AR Accountancy

Chartered Accountants

3 Holmwood Park

Crossford

Lanarkshire

ML8 5SZ

CURRENT ASSETS

Debtors

2,277,053

2,167,696

Cash at bank

439,620

203,821

2,716,673

2,371,517

CREDITORS

Amounts falling due within one year

3,320,423

2,656,947

NET CURRENT LIABILITIES

(603,750

)

(285,430

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(603,750

)

(285,430

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(603,850

)

(285,530

)

SHAREHOLDERS' FUNDS

(603,750

)

(285,430

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 29 February 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 February 2021 and were signed by:

R Fletcher - Director

1.	STATUTORY INFORMATION

Cullross (DH) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue to meet its obligations as they fall due for at least 12 months from the date of approval of the financial statements.

The company's financial statements do not reflect adjustments to the carrying values and classification of assets and liabilities that might be necessary should the company be unable to continue as a going concern. Such adjustments may be material.

The director considers that it is appropriate to prepare the financial statements on a going concern basis.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

Significant judgements and estimates are made in the calculations required to determine the costs to complete long term construction projects. The percentage completion, and hence the gross profit to release to the income statement, are dependent on those estimates. In the opinion of the director, after due consideration, the estimates made at the balance sheet date are considered reasonable, however, any significant over or under estimate could materially alter the value of gross profit released.

Critical accounting judgements and key sources of estimation uncertainty

Covid-19

Since the balance sheet date, the Covid-19 pandemic continues to challenge businesses and result in an economic slowdown. It is not possible to reliably estimate the duration and severity of the consequences, as well as their impact, on the financial position and results of the company for the future, although the development and deployment of a vaccine indicates that the severity of the impact may lessen. The company continues to monitor the impact on its financial position, but the director considers no adjustments are required at present. The company has not taken advantage of any government financial support.

Supplier in administration

A main contractor on one of the company's projects entered administration in March 2020, shortly after the start of the project. The company has continued to deliver the project, but costs to complete the project, impacted by the Covid-19 worldwide pandemic and the costs and availability of materials and sub-contractors remain uncertain. As a result, since it is not possible with reasonable certainty to predict the profitability of this project, no profit for this project has been included in the financial statements for the year ended 29 February, 2020.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Contract turnover includes the value of work completed during the financial year, after reference to the total sales value and stage completion of the project and including the settlement of claims arising from previous years.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	ULTIMATE CONTROLLING PARTY

The controlling party is Cullross Holdings Limited.

The ultimate controlling party is R Fletcher.