Cullen & Davis Holdings Limited - Period Ending 2021-09-30

Cullen & Davis Holdings Limited

Contents

Company Information	1
Statement of Financial Position	2
Notes to the Unaudited Financial Statements	3 to 7

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

Azets Audit Services 1 Massey Road Thornaby Stockton-on-Tees TS17 6DY

Cullen & Davis Holdings Limited

(Registration number: 10975871)
Statement of Financial Position as at 30 September 2021

	Note	2021 £	2020 £
Fixed assets
Investments	4	100	100
Current assets
Debtors	5	279,646	639,194
Cash at bank and in hand		248	161,715
		279,894	800,909
Creditors: Amounts falling due within one year	6	(1,133,904)	(1,434,973)
Net current liabilities		(854,010)	(634,064)
Total assets less current liabilities		(853,910)	(633,964)
Creditors: Amounts falling due after more than one year	6	(37,498)	(46,924)
Net liabilities		(891,408)	(680,888)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(891,508)	(680,988)
Total equity		(891,408)	(680,888)

For the financial year ending 30 September 2021 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.

Approved and authorised by the director on 30 June 2022
 

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

Cullen & Davis Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

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, England.

The principal place of business is 1 Duchess Street, London, W1W 6AN.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

At the balance sheet date, the company reported an excess of liabilities over assets totalling £876,070 (2020 - £680,888). 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 shareholder/external borrowings. The director has assessed the potential impact of COVID-19 on the company and has implemented a business continuity plan to mitigate against this.

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 Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021 (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.

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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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.

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.

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.

Cullen & Davis Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021 (continued)

2	Accounting policies (continued)

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 (2020 - 1).

4	Investments

	2021 £	2020 £
Investments in subsidiaries	100	100

Subsidiaries	£
Cost or valuation
At 1 October 2020	200
Provision
Provision	100
Carrying amount
At 30 September 2021	100
At 30 September 2020	100

Cullen & Davis Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021 (continued)

5

Debtors

	2021 £	2020 £
Directors loan accounts	63,285	76,889
Other debtors	216,361	562,305
	279,646	639,194

6

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Bank loans and overdrafts	7	10,000	3,076
Amounts owed to group undertakings	9	601,114	887,535
Other creditors		522,790	519,744
Corporation tax liability		-	24,618
		1,133,904	1,434,973

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	7	37,498	-
Other non-current financial liabilities		-	46,924
		37,498	46,924

Cullen & Davis Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021 (continued)

7	Loans and borrowings

	2021 £	2020 £
Current loans and borrowings
Bank borrowings	10,000	3,076

	2021 £	2020 £
Non-current loans and borrowings
Bank borrowings	37,498	-

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of guarantees not included in the statement of financial position is £Nil (2020 - £9,250,326). The company has guaranteed the secured borrowings of a subsidiary undertaking.

9	Related party transactions

Transactions with the director

2021	At 1 October 2020 £	Advances to director £	Repayments by director £	At 30 September 2021 £
Mr J J Collins
Loan	(76,889)	(1,734)	15,000	(63,623)

2020	At 1 October 2019 £	Advances to director £	Repayments by director £	At 30 September 2020 £
Mr J J Collins
Loan	(76,889)	-	-	(76,889)