Cullen & Davis Holdings Limited - Period Ending 2020-09-30
Cullen & Davis Holdings Limited - Period Ending 2020-09-30
Registration number:
Cullen & Davis Holdings Limited
Filleted
for the Year Ended 30 September 2020
Cullen & Davis Holdings Limited
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Cullen & Davis Holdings Limited
(Registration number: 10975871)
Statement of Financial Position as at 30 September 2020
Note |
2020 |
2019 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
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For the financial year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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
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Cullen & Davis Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is
The principal place of business is Parkview, Great West Road, Brentford, TW8 9AZ.
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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
Going concern
At the balance sheet date, the company reported an excess of liabilities over assets totalling £680,888 (2019 - £469,951). 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 shareholding funding. The director has assessed the potential impact of the 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.
Cullen & Davis Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020 (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. |
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.
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.
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.
Cullen & Davis Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020 (continued)
2 |
Accounting policies (continued) |
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.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Investments |
2020 |
2019 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 October 2019 |
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Provision |
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Provision |
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Carrying amount |
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At 30 September 2020 |
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At 30 September 2019 |
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Cullen & Davis Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020 (continued)
Debtors |
2020 |
2019 |
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Directors loan accounts |
76,889 |
75,087 |
Amounts owed by group undertakings |
- |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Bank loans and overdrafts |
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- |
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Trade creditors |
- |
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Amounts owed to group undertakings |
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- |
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Other creditors |
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Corporation tax liability |
24,618 |
24,403 |
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Creditors: amounts falling due after more than one year
2020 |
2019 |
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Due after one year |
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Other non-current financial liabilities |
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Loans and borrowings |
2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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- |
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 £9,250,326 (2019 - £9,420,841). The company has guaranteed the secured borrowings of a subsidiary undertaking.
Cullen & Davis Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020 (continued)
Related party transactions |
The total amount due to/(from) group undertakings at the year end is £887,535 (2019 - (£680,608)). This loan is interest free and there are no terms for repayment.
The total amount due from related undertakings at the year end is £405,872 (2019 - £47,990). This loan is interest free and there are no terms for repayment.
The total amount due to related undertakings at the year end is £519,743 (2019 - £579,744). This loan is interest free and there are no terms for repayment.
Transactions with directors |
2020 |
At 1 October 2019 |
Advances to directors |
Repayments by director |
At 30 September 2020 |
Mr J J Collins |
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Loan |
75,087 |
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- |
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2019 |
At 1 October 2018 |
Advances to directors |
Repayments by director |
At 30 September 2019 |
Mr J J Collins |
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Loan |
88,580 |
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( |
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