REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
Cullingworth Commercials and Freight |
Services Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
Cullingworth Commercials and Freight |
Services Limited |
Cullingworth Commercials and Freight |
Services Limited (Registered number: 01738399) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Cullingworth Commercials and Freight |
Services Limited |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
1 Pinnacle Way |
Pride Park |
Derby |
Derbyshire |
DE24 8ZS |
SOLICITORS: |
65 North Street |
Keighley |
West Yorkshire |
BD21 3RZ |
Cullingworth Commercials and Freight |
Services Limited (Registered number: 01738399) |
Balance Sheet |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves |
Non-distributable reserve | 10 | ( |
) |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
Cullingworth Commercials and Freight |
Services Limited (Registered number: 01738399) |
Balance Sheet - continued |
29 February 2024 |
The financial statements were approved by the director and authorised for issue on |
Cullingworth Commercials and Freight |
Services Limited (Registered number: 01738399) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Cullingworth Commercials and Freight Services Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The company recognises turnover when the amount of turnover can be reliably measured, and it is probable that future economic benefits can be reliably measured, and it is probable that future economic benefits will flow to the entity. Turnover from the sale of goods is recognised when the risks and rewards of ownership are transferred to the customer. Turnover from services is recognised in the accounting periods in which the services are rendered. |
Tangible fixed assets |
Freehold property & improvements | - |
Plant and fixtures | - |
Motor vehicles | - |
Office equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings, associates and unlisted investments are recognised at cost less impairment. |
Investment properties |
Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss and included within the non-distributable reserve. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Stocks are valued on a first in first out basis. |
Cullingworth Commercials and Freight |
Services Limited (Registered number: 01738399) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
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 for goods sold or services rendered in the ordinary course of business. |
Trade debtors are recognised at the transaction price. 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 debtor. |
Trade creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. |
Trade creditors are recognised at the transaction price. |
Trade creditors are classified as current liabilities of the company. The company does not have an unconditional right, at the end of the reporting date, 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Cullingworth Commercials and Freight |
Services Limited (Registered number: 01738399) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
4. | TANGIBLE FIXED ASSETS |
Freehold |
property | Plant and | Motor | Office |
& improvements | fixtures | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Cullingworth Commercials and Freight |
Services Limited (Registered number: 01738399) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 March 2023 | 5,813,049 |
Additions | 216,910 |
At 29 February 2024 | 6,029,959 |
PROVISIONS |
At 1 March 2023 |
and 29 February 2024 | - | 239,085 | 239,085 |
NET BOOK VALUE |
At 29 February 2024 | 5,790,874 |
At 28 February 2023 | 5,573,964 |
Cost or valuation at 29 February 2024 is represented by: |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
Cost | 4,793,867 | 1,236,092 | 6,029,959 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
Additions |
Disposals | ( |
) |
Revaluations | 1,045,401 |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Fair value at 29 February 2024 is represented by: |
£ |
Valuation in 2024 | 6,984,465 |
Cullingworth Commercials and Freight |
Services Limited (Registered number: 01738399) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
6. | INVESTMENT PROPERTY - continued |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 6,488,808 | 5,642,335 |
Investment properties were valued on an open market basis on 29 February 2024 by Mr R Feather . |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
10. | RESERVES |
Non-distributable |
reserve |
£ |
At 1 March 2023 | ( |
) |
Revaluation reserve | 1,045,401 |
Deferred tax | (261,350 | ) |
At 29 February 2024 |
Cullingworth Commercials and Freight |
Services Limited (Registered number: 01738399) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
11. | RELATED PARTY DISCLOSURES |
Entities over which the entity has control, joint control or significant influence |
Cullingworth Commercials & Freight Services Limited is a corporate partner in an LLP which it can exert significant influence over. During the year the company received a share of the loss from the LLP of £35,801 (2023: £39,783). The balance owed from the company to the LLP at the year end was £268,416 (2023: £232,615) and the amount on the members capital account was £Nil (2023: £Nil). |
Cullingworth Commercials & Freight Services Limited is a corporate partner in an LLP which it can exert significant influence over. During the year the company received a share of the profit from the LLP of £5,079 (2023: Loss £205). The balance owed to the company from the LLP at the year end was £1,402,232 (2023: £947,153). |
Other Related Parties |
At the year end a balance existed with a company Mr R Feather is a director and can exercise significant influence over. The balance owed from the company to Cullingworth Commercials & Freight Services Limited at the year end amounted to £681,165 (2023: £699,765). |
At the year end a balance existed with a company Mr R Feather can exercise significant influence over. The balance owed from the company to Cullingworth Commercials & Freight Services Limited at the year end amounted to £15,066 (2023: £10,040). |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is R D Feather. |