Cullen & Davis Holdings Limited - Period Ending 2022-09-30

Cullen & Davis Holdings Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 6

Cullen & Davis Holdings Limited

(Registration number: 10975871)
Statement of Financial Position as at 30 September 2022

	Note	2022 £	2021 £
Fixed assets
Investments	4	-	100
Current assets
Debtors	5	158,068	279,646
Cash at bank and in hand		-	248
		158,068	279,894
Creditors: Amounts falling due within one year	6	(1,327,092)	(1,133,904)
Net current liabilities		(1,169,024)	(854,010)
Total assets less current liabilities		(1,169,024)	(853,910)
Creditors: Amounts falling due after more than one year	6	-	(37,498)
Net liabilities		(1,169,024)	(891,408)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(1,169,124)	(891,508)
Total equity		(1,169,024)	(891,408)

For the financial year ending 30 September 2022 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised for issue by the director on 29 September 2023
 

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

Cullen & Davis Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is C/o Azets 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 £1,169,024. However, liabilities include £542,225 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.

Cullen & Davis Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022 (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.

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.

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.

Cullen & Davis Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022 (continued)

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2021 - 1).

4	Investments

	2022 £	2021 £
Investments in subsidiaries	-	100

Subsidiaries	£
Cost or valuation
At 1 October 2021	200
Provision
At 1 October 2021	100
Provision	100
At 30 September 2022	200
Carrying amount
At 30 September 2022	-
At 30 September 2021	100

Cullen & Davis Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022 (continued)

5

Debtors

	2022 £	2021 £
Directors loan accounts	64,615	63,285
Other debtors	93,453	216,361
	158,068	279,646

6

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Due within one year
Bank loans and overdrafts	7	40,000	10,000
Amounts owed to group undertakings	8	542,225	601,114
Taxation and social security		19,099	-
Other creditors		725,768	522,790
		1,327,092	1,133,904

Creditors: amounts falling due after more than one year

	Note	2022 £	2021 £
Due after one year
Loans and borrowings	7	-	37,498

Cullen & Davis Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022 (continued)

7	Loans and borrowings

	2022 £	2021 £
Current loans and borrowings
Bank borrowings	40,000	10,000

	2022 £	2021 £
Non-current loans and borrowings
Bank borrowings	-	37,498

8	Related party transactions

Transactions with the director

2022	At 1 October 2021 £	Advances to director £	At 30 September 2022 £
Mr J J Collins
Loan	(63,285)	(1,330)	(64,615)

2021	At 1 October 2020 £	Advances to director £	Repayments by director £	At 30 September 2021 £
Mr J J Collins
Loan	(76,888)	(1,397)	15,000	(63,285)