REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
Cullingworth Commercials Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
Cullingworth Commercials Limited |
Cullingworth Commercials Limited (Registered number: 11765955) |
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 Limited |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
1 Pinnacle Way |
Pride Park |
Derby |
Derbyshire |
DE24 8ZS |
Cullingworth Commercials Limited (Registered number: 11765955) |
Balance Sheet |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
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. |
Cullingworth Commercials Limited (Registered number: 11765955) |
Balance Sheet - continued |
29 February 2024 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Cullingworth Commercials Limited (Registered number: 11765955) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Cullingworth Commercials Limited is a |
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. These financial statements have been prepared under the historical cost convention as modified by the use of fair values for certain financial instruments in accordance with the accounting policies set out below. |
Turnover |
Turnover represents the total invoice value, excluding value added tax, of sales made during the year. |
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 |
Equipment | - |
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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
Financial instruments |
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors and loans from and to related parties. |
Cullingworth Commercials Limited (Registered number: 11765955) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
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 |
4. | TANGIBLE FIXED ASSETS |
Equipment |
£ |
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 |
5. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
Cullingworth Commercials Limited (Registered number: 11765955) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 222,873 | 217,912 |
Other creditors |
Directors' current accounts | 1,350 | 3,163 |
Accruals and deferred income |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
9. | RESERVES |
Retained |
earnings |
£ |
At 1 March 2023 |
Profit for the year |
Dividends | ( |
) |
At 29 February 2024 |
Cullingworth Commercials Limited (Registered number: 11765955) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
11. | RELATED PARTY DISCLOSURES |
Cullingworth Commercials Limited is a wholly owned subsidiary of a company in which Mr R Feather is also a director, the parent company made sales of £1,390,000 (2023 £1,320,000), which were on an arms length basis under commercial terms. The balance owed to Cullingworth Commercials & Freight Services Limited at the year end amounted to £126,016 (2023 £113,067). |
Cullingworth Poultry Limited is a wholly owned subsidiary of a company in which Mr R Feather is also a director. Cullingworth Commercials Limited made sales of £1,109,940 (2023 £1,077,826), which were on an arms length basis under commercial terms.The balance due to Cullingworth Commercials Limited at the year end was £879,865 (2023 £746,268). |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is Cullingworth Commercials & Freight Services Limited. |
The company is controlled by its immediate and ultimate parent company Cullingworth Commercials & Freight Services Limited, which is controlled by its majority shareholder, Mr R Feather. Cullingworth Commercials & Freight Services Limited is a company registered in England and Wales and shares its registered office address with Cullingworth Commercials Limited. |