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REGISTERED NUMBER: SC249271 (Scotland)




















Cullen Property Limited

Unaudited Financial Statements

for the Year Ended 30 November 2023






Cullen Property Limited (Registered number: SC249271)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Cullen Property Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: S J Coyle
D B M Hartman
D M Pianosi



REGISTERED OFFICE: 30 Rutland Square
Edinburgh
EH1 2BW



REGISTERED NUMBER: SC249271 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: The Royal Bank of Scotland plc
36 St Andrew Square
Edinburgh
EH2 2AD

Cullen Property Limited (Registered number: SC249271)

Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 52,349 57,863
52,349 57,863

CURRENT ASSETS
Stocks 7,194 10,073
Debtors 6 100,817 166,897
Cash at bank and in hand 134,896 252,230
242,907 429,200
CREDITORS
Amounts falling due within one year 7 187,917 193,574
NET CURRENT ASSETS 54,990 235,626
TOTAL ASSETS LESS CURRENT
LIABILITIES

107,339

293,489

CREDITORS
Amounts falling due after more than
one year

8

(24,022

)

(33,689

)

PROVISIONS FOR LIABILITIES (8,094 ) (8,479 )
NET ASSETS 75,223 251,321

Cullen Property Limited (Registered number: SC249271)

Balance Sheet - continued
30 November 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 42 100
Capital redemption reserve 11 58 -
Retained earnings 11 75,123 251,221
SHAREHOLDERS' FUNDS 75,223 251,321

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 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 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 25 March 2024 and were signed on its behalf by:




S J Coyle - Director



D B M Hartman - Director


Cullen Property Limited (Registered number: SC249271)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Cullen Property Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill has been fully amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Stocks
Inventories have been valued at the lower of cost and net realisable value estimated selling price less costs to sell.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

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 balance sheet date.


Cullen Property Limited (Registered number: SC249271)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 21 ) .

Cullen Property Limited (Registered number: SC249271)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 20,855
AMORTISATION
At 1 December 2022
and 30 November 2023 20,855
NET BOOK VALUE
At 30 November 2023 -
At 30 November 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2022 142,751
Additions 23,714
Disposals (6,828 )
At 30 November 2023 159,637
DEPRECIATION
At 1 December 2022 84,888
Charge for year 29,228
Eliminated on disposal (6,828 )
At 30 November 2023 107,288
NET BOOK VALUE
At 30 November 2023 52,349
At 30 November 2022 57,863

Cullen Property Limited (Registered number: SC249271)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and
machinery
etc
£   
COST
Additions 4,387
At 30 November 2023 4,387
DEPRECIATION
Charge for year 2,011
At 30 November 2023 2,011
NET BOOK VALUE
At 30 November 2023 2,376

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 22,813 37,804
Other debtors 78,004 129,093
100,817 166,897

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 22,896 7,679
Taxation and social security 90,176 65,351
Other creditors 64,845 110,544
187,917 193,574

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 24,022 33,689

Cullen Property Limited (Registered number: SC249271)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 22,518 31,946

10. SECURED DEBTS

The Royal Bank of Scotland hold a bond and floating charge over the assets of the company.

11. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 December 2022 251,221 - 251,221
Deficit for the year (30,098 ) - (30,098 )
Dividends (6,000 ) - (6,000 )
Purchase of own shares - 58 58
Share buy back (140,000 ) - (140,000 )
At 30 November 2023 75,123 58 75,181