Cullross Limited - Accounts to registrar (filleted) - small 22.3

Cullross Limited - Accounts to registrar (filleted) - small 22.3

CULLROSS LIMITED - Company Information

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IRIS Accounts Production v22.3.3.48 SC467493 Board of Directors 1.3.21 28.2.22 28.2.22 0 0 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC4674932021-02-28SC4674932022-02-28SC4674932021-03-012022-02-28SC4674932020-02-29SC4674932020-03-012021-02-28SC4674932021-02-28SC467493ns16:Scotland2021-03-012022-02-28SC467493ns15:PoundSterling2021-03-012022-02-28SC467493ns11:Director12021-03-012022-02-28SC467493ns11:PrivateLimitedCompanyLtd2021-03-012022-02-28SC467493ns11:SmallEntities2021-03-012022-02-28SC467493ns11:AuditExempt-NoAccountantsReport2021-03-012022-02-28SC467493ns11:SmallCompaniesRegimeForDirectorsReport2021-03-012022-02-28SC467493ns11:SmallCompaniesRegimeForAccounts2021-03-012022-02-28SC467493ns11:FullAccounts2021-03-012022-02-28SC467493ns6:CurrentFinancialInstruments2022-02-28SC467493ns6:CurrentFinancialInstruments2021-02-28SC467493ns6:ShareCapital2022-02-28SC467493ns6:ShareCapital2021-02-28SC467493ns6:RetainedEarningsAccumulatedLosses2022-02-28SC467493ns6:RetainedEarningsAccumulatedLosses2021-02-28SC467493ns11:RegisteredOffice2021-03-012022-02-28SC467493ns6:PlantMachinery2021-03-012022-02-28SC467493ns6:ComputerEquipment2021-03-012022-02-28SC467493ns6:PlantMachinery2021-02-28SC467493ns6:ComputerEquipment2021-02-28SC467493ns6:PlantMachinery2022-02-28SC467493ns6:ComputerEquipment2022-02-28SC467493ns6:PlantMachinery2021-02-28SC467493ns6:ComputerEquipment2021-02-28SC467493ns6:WithinOneYearns6:CurrentFinancialInstruments2022-02-28SC467493ns6:WithinOneYearns6:CurrentFinancialInstruments2021-02-28
REGISTERED NUMBER: SC467493 (Scotland)















Unaudited Financial Statements for the Year Ended 28 February 2022

for

Cullross Limited
Cullross Limited (Registered number: SC467493)

Contents of the Financial Statements
for the Year Ended 28 February 2022










Page

Statement of Financial Position 1

Notes to the Financial Statements 3


Cullross Limited (Registered number: SC467493)

Statement of Financial Position
28 February 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,068 3,072

CURRENT ASSETS
Stocks 5 410,377 35,161
Debtors 6 2,291,088 2,704,010
Cash at bank 106,969 208,086
2,808,434 2,947,257
CREDITORS
Amounts falling due within one year 7 2,746,989 2,936,891
NET CURRENT ASSETS 61,445 10,366
TOTAL ASSETS LESS CURRENT
LIABILITIES
63,513
13,438

PROVISIONS FOR LIABILITIES 191 543
NET ASSETS 63,322 12,895

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 63,320 12,893
SHAREHOLDERS' FUNDS 63,322 12,895

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 notes form part of these financial statements

Page 1 continued...
Cullross Limited (Registered number: SC467493)

Statement of Financial Position - continued
28 February 2022


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 30 November 2022 and were signed on its behalf by:





R Fletcher - Director


The notes form part of these financial statements

Page 2
Cullross Limited (Registered number: SC467493)

Notes to the Financial Statements
for the Year Ended 28 February 2022


1. STATUTORY INFORMATION

Cullross Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number: SC467493

Registered office: 21 Young Street
Edinburgh
EH2 4HU

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.

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 directors, 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.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Computer equipment - 25% on reducing balance

Stocks
Stocks and work in progress (except long term contracts) are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Long term contract balances are valued at costs incurred on specific contracts, net of amounts transferred to cost of sales in respect of work recorded as turnover, less foreseeable losses and payments on account. If the ultimate profitability of a contract can be assessed with reasonable certainty, after having made prudent allowance for future risks and uncertainties, then profit is recognised in proportion to the contract work completed. Immediate provision is made for all foreseeable losses.


Page 3 continued...
Cullross Limited (Registered number: SC467493)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2022


2. ACCOUNTING POLICIES - continued
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 (2021 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 March 2021
and 28 February 2022 3,873 582 4,455
DEPRECIATION
At 1 March 2021 968 415 1,383
Charge for year 969 35 1,004
At 28 February 2022 1,937 450 2,387
NET BOOK VALUE
At 28 February 2022 1,936 132 2,068
At 28 February 2021 2,905 167 3,072

Page 4 continued...
Cullross Limited (Registered number: SC467493)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2022


5. STOCKS
2022 2021
£    £   
Net costs less foreseeable losses 410,377 35,161

The following amounts are recorded in respect of long term contracts:

2022 2021
£ £

Gross amount due to customers for contract work included in creditors1,386,536 829,323

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 189,051 639,596
Amounts owed by group undertakings 1,254,131 861,766
Other debtors 847,906 1,202,648
2,291,088 2,704,010

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 346,690 567,737
Amounts owed to group undertakings 343,138 729,178
Taxation and social security 46,931 29,463
Other creditors 2,010,230 1,610,513
2,746,989 2,936,891

8. ULTIMATE CONTROLLING PARTY

The controlling party is Cullross Holdings Limited.

The ultimate controlling party is R Fletcher.

Page 5