Cullen & Davis 2 Limited - Period Ending 2021-09-30

Cullen & Davis 2 Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 4

Cullen & Davis 2 Limited

(Registration number: 10979943)
Statement of Financial Position as at 30 September 2021

	Note	2021 £	2020 £
Current assets
Debtors	4	47,500	-
Cash at bank and in hand		4,101	21
		51,601	21
Creditors: Amounts falling due within one year	5	(569,287)	(213,951)
Net liabilities		(517,686)	(213,930)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(517,786)	(214,030)
Total equity		(517,686)	(213,930)

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 29 July 2022
 

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

Cullen & Davis 2 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.

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 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.

Going concern

The company meets its day to day working capital requirements through cash generated from operations and shareholder 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.

At the balance sheet date, the company reported an excess of liabilities over assets totalling £517,686 (2020: £213,930). However, liabilities include £530,000 (2020: £200,000) owed to companies controlled by the shareholders who have confirmed their willingness to finance any shortages in the company's day to day finances and for such an arrangement to continue for a period of not less than one year from the date the financial statements were approved by the Board.

Under the circumstances, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the annual report and accounts.

If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount and to provide further liabilities that might arise.

Cullen & Davis 2 Limited

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

2	Accounting policies (continued)

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.

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 0 (2020 - 0).

4

Debtors

	2021 £	2020 £
Other debtors	47,500	-
	47,500	-

Cullen & Davis 2 Limited

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

5

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Due within one year
Trade creditors	12,054	-
Amounts owed to group undertakings	530,000	200,000
Other creditors	27,233	13,951
	569,287	213,951

6	Parent undertaking

The company's parent undertaking is Cullen & Davis (Holdings) Limited, a company incorporated in England & Wales.

The registered office of Cullen & Davis (Holdings) Limited is 1 Massey Road, Thornaby, Stockton-On-Tees, TS17 6DY.

The company’s financial statements are available from Companies House.