Cullenglow Limited 01284566 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is Insurance Digita Accounts Production Advanced 6.30.9574.0 true true true 01284566 2022-12-01 2023-11-30 01284566 2023-11-30 01284566 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-11-30 01284566 core:RetainedEarningsAccumulatedLosses 2023-11-30 01284566 core:ShareCapital 2023-11-30 01284566 core:CurrentFinancialInstruments 2023-11-30 01284566 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 01284566 bus:SmallEntities 2022-12-01 2023-11-30 01284566 bus:Audited 2022-12-01 2023-11-30 01284566 bus:FilletedAccounts 2022-12-01 2023-11-30 01284566 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 01284566 bus:RegisteredOffice 2022-12-01 2023-11-30 01284566 bus:CompanySecretary1 2022-12-01 2023-11-30 01284566 bus:Director1 2022-12-01 2023-11-30 01284566 bus:Director2 2022-12-01 2023-11-30 01284566 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-12-01 2023-11-30 01284566 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 01284566 1 2022-12-01 2023-11-30 01284566 countries:EnglandWales 2022-12-01 2023-11-30 01284566 2021-12-01 2022-11-30 01284566 2022-11-30 01284566 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-11-30 01284566 core:RetainedEarningsAccumulatedLosses 2022-11-30 01284566 core:ShareCapital 2022-11-30 01284566 core:CurrentFinancialInstruments 2022-11-30 01284566 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01284566

Cullenglow Limited

Filleted Financial Statements

for the Year Ended 30 November 2023

 

Cullenglow Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Cullenglow Limited

Company Information

Directors

Mr Mark Andrew Kelly

Mr Gregory Reginald Cutler

Company secretary

Mrs Karen Wainwright

Registered office

Regis House Regis Business Centre
Durban Road
Bognor Regis
West Sussex
PO22 9QT

Auditors

Matthews Hanton Limited
Chartered Certified Accountants
93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW

 

Cullenglow Limited

(Registration number: 01284566)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

6,504,307

5,665,641

Cash at bank and in hand

 

1,403,243

1,418,227

 

7,907,550

7,083,868

Creditors: Amounts falling due within one year

5

(6,356,989)

(5,903,978)

Net assets

 

1,550,561

1,179,890

Capital and reserves

 

Called up share capital

6

104

104

Retained earnings

1,550,457

1,179,786

Shareholders' funds

 

1,550,561

1,179,890

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 July 2024 and signed on its behalf by:
 

.........................................
Mr Mark Andrew Kelly
Director

 

Cullenglow Limited

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

1

General information

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

The address of its registered office is:
Regis House Regis Business Centre
Durban Road
Bognor Regis
West Sussex
PO22 9QT

The principal place of business is:
Regis House
Regis Business Centre
Durban Road
Bognor Regis
West Sussex
PO22 9QT
England

These financial statements were authorised for issue by the Board on 22 July 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

 

Cullenglow Limited

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

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 22 July 2024 was Nicola Merridue FCCA, who signed for and on behalf of Matthews Hanton Limited.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of insurance brokerage services in the ordinary course of the company’s activities. Turnover is shown net of 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 current tax. Tax is recognised in profit or loss, except that a change 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Borrowings

 

Cullenglow Limited

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

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 profit and loss account 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 4).

4

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

2,712,915

2,577,640

Amounts owed by related parties

8

3,680,912

3,065,422

Other debtors

 

110,480

22,579

   

6,504,307

5,665,641

 

Cullenglow Limited

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

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

50,479

-

Trade creditors

 

6,130,168

5,749,732

Taxation and social security

 

113,655

92,017

Accruals and deferred income

 

2,687

2,115

Other creditors

 

60,000

60,114

 

6,356,989

5,903,978

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

104

104

104

104

       

7

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

50,479

-

8

Related party transactions

 

Cullenglow Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

112,958

109,983

Summary of transactions with entities with joint control or significant interest

At the Balance Sheet sate the following balances existed with companies subject to common control:

Due from Sinclair Gardesns Investments (Kensington) Limited £3,697,738 (2022 £3,079,677)

During the year the comapny arranged insurance, in the normal course of business, for properties of which Sinclair Gardens Investments (Kensington) Limited own the Freehold reversions. The cost was recharged and paid by the tenants of these properties and the price charged was the normal market price in the case of each individual property.

During the year liability insurance at a cost of £102,150 (2022 £91,478) was arranged by Cullenglow Limited for Sinclair Gardens Investments (Kensington) Limited (mostly owned by SGIK plus tenant owned mamagement companies and/or premises).

9

Parent and ultimate parent undertaking

The company's immediate parent is Forbes Corroon (Holdings) Limited, incorporated in British Virgin Islands.