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COMPANY REGISTRATION NUMBER: SC360013
CuthbertWhite Limited
Filleted Unaudited Financial Statements
For the year ended
31 May 2023
CuthbertWhite Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
6,354
6,694
Investments
7
1
-------
-------
6,354
6,695
Current assets
Debtors
8
81,755
269,394
Cash at bank and in hand
543,105
333,772
---------
---------
624,860
603,166
Creditors: amounts falling due within one year
9
161,606
212,954
---------
---------
Net current assets
463,254
390,212
---------
---------
Total assets less current liabilities
469,608
396,907
Provisions
Taxation including deferred tax
1,424
1,608
---------
---------
Net assets
468,184
395,299
---------
---------
Capital and reserves
Called up share capital
11
1,500
1,500
Profit and loss account
466,684
393,799
---------
---------
Shareholders funds
468,184
395,299
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CuthbertWhite Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 3 October 2023 , and are signed on behalf of the board by:
C N White
Director
Company registration number: SC360013
CuthbertWhite Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 61 Dublin Street, Edinburgh, EH3 6NL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and are prepared in sterling, which is the financial currency of the entity. Going Concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the these accounts financial statements.
Revenue recognition
The turnover shown in the profit and loss account represents work performed during the year, exclusive of Value Added Tax.
Tax
Deferred tax is provided on the liability method to take account of timing differences between the treatment for certain items for accounts purposes and the treatment for tax purposes. Tax deferred is accounted for in respect for all material timing differences. Deferred tax assets are only recognised to the extent that they are regarded as recoverable.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
Computer Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade receivables, prepaid expenses and cash at bank, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include other creditors and taxes due, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Share-based payments
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates. Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satisfied, no adjustment is made irrespective of whether market or non-vesting conditions are met. Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification. Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately. Cash-settled share-based payment transactions are measured at the fair value of the liability. Until the liability is settled, the fair value of the liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 8 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
101,191
113,435
Deferred tax:
Origination and reversal of timing differences
( 184)
( 34)
---------
---------
Tax on profit
101,007
113,401
---------
---------
6. Tangible assets
Equipment
Computer Equipment
Total
£
£
£
Cost
At 1 June 2022
13,341
10,266
23,607
Additions
1,219
2,948
4,167
--------
--------
--------
At 31 May 2023
14,560
13,214
27,774
--------
--------
--------
Depreciation
At 1 June 2022
8,839
8,074
16,913
Charge for the year
2,279
2,228
4,507
--------
--------
--------
At 31 May 2023
11,118
10,302
21,420
--------
--------
--------
Carrying amount
At 31 May 2023
3,442
2,912
6,354
--------
--------
--------
At 31 May 2022
4,502
2,192
6,694
--------
--------
--------
7. Investments
Shares in group undertakings
£
Cost
At 1 June 2022
1
Disposals
( 1)
----
At 31 May 2023
----
Impairment
At 1 June 2022 and 31 May 2023
----
Carrying amount
At 31 May 2023
----
At 31 May 2022
1
----
8. Debtors
2023
2022
£
£
Trade debtors
69,458
262,285
Other debtors
12,297
7,109
--------
---------
81,755
269,394
--------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
101,097
113,437
Social security and other taxes
55,433
96,371
Other creditors
5,076
3,146
---------
---------
161,606
212,954
---------
---------
10. Share-based payments
The EMI options, granted on 28 October 2022 at an option price of £35.56, are shown below: Number of shares Option exercise period October 2022 to October 2032 105
Details of the number and weighted average exercise prices (WAEP) of share options during the year are as follows:
2023
2022
No.
WAEP
No.
WAEP
Granted during the year
105
35.56
----
-------
----
----
Outstanding at 31 May 2023
105
35.56
----
-------
----
----
The total expense recognised in profit or loss for the year is as follows:
2023
2022
£
£
Cash-settled share-based payments
85
----
----
The inputs into the the inputs into the the estimated fair values were calculated by applying the black-scholes option pricing model which are as follows:
2023
2022
Weighted average share price - £
20.00
Weighted average exercise price - £
36.00
Expected volatility - %
70.00
Expected life - years
10.00
Expected dividend yield - %
3.00
-------
----
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary Class A shares of £ 1 each
500
500
500
500
Ordinary Class B shares of £ 1 each
500
500
500
500
Ordinary Class C shares of £ 1 each
500
500
500
500
-------
-------
-------
-------
1,500
1,500
1,500
1,500
-------
-------
-------
-------
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
13,630
13,630
Later than 1 year and not later than 5 years
10,222
23,852
--------
--------
23,852
37,482
--------
--------
13. Related party transactions
During the year an amount of £8,400 (2022:Nil) was owed from entities which the directors of Cuthbertwhite Limited has significant influence over.