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Registration number: 02736036

Culross Global Management Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Culross Global Management Limited

Contents

Strategic Report

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Independent Auditor's Report

4 to 7

Profit and Loss Account and Statement of Retained Earnings

8

Balance Sheet

9

Statement of Cash Flows

10

Notes to the Financial Statements

11 to 18

 

Culross Global Management Limited

Strategic Report for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the company is an investment adviser. The company is authorised and regulated by the Financial Conduct Authority ("the FCA").

The company also provides managed account advisory services, investor relations and product distribution services to UK domiciled investors and prospects.

Fair review of the business

In addition to its principal activity, the company generates independent in-depth research on investment managers, funds and products which it supplies both to other Culross Group entities and directly to clients. The company’s proprietary software provides a cloud based, easy to access, efficient platform for staff to work across the Group sharing information and using a set of highly effective tools for research, investment management and operations. During the year there were no cybersecurity incidents or issues.

The company only interacts with Professional Clients such as institutional investment managers, endowments and substantial family offices.

During the year the company further developed its working relationship with two highly professional marketing agents which has broadened the range of corporate activities undertaken by the firm and strengthened communication to institutional investment managers.

Pillar 3 disclosures can be requested from the registered office or by email: compliance@culrossglobal.com

Principal risks and uncertainties

The financial results of the company show an operating loss of £39,728.

The principal risk faced by the company is any reduction in the range of products or assets managed by the group which consequently reduces the requirement for research. The company continues to hold capital resources which are fully sufficient to meet FCA regulatory requirements and benefits from being part of a larger group of businesses across Europe.

Approved and authorised by the Board on 26 March 2024 and signed on its behalf by:
 

.........................................
H Bharkhda
Director

 

Culross Global Management Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

N G Blanshard

H Bharkhda

Information included in the Strategic Report

All items required under Sch. 7 of Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the directors' report are set out in the strategic report in accordance with s.414C(11) CA 2006.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 26 March 2024 and signed on its behalf by:
 

.........................................
H Bharkhda
Director

 

Culross Global Management Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Culross Global Management Limited

Independent Auditor's Report to the Members of Culross Global Management Limited

Opinion

We have audited the financial statements of Culross Global Management Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

 

Culross Global Management Limited

Independent Auditor's Report to the Members of Culross Global Management Limited

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 3], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

In planning and designing our audit tests, we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.

Following this assessment we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in the raising of sales invoices.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental, health and safety legislation and FCA regulations.

We then performed audit procedures after consideration of the above risks which included the following:

reviewing investment valuations and comparing to sales invoices raised;

reviewing systems and controls to gain assurance that they are working effectively;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

enquiring of management concerning actual and potential litigation and claims;

 

Culross Global Management Limited

Independent Auditor's Report to the Members of Culross Global Management Limited

reviewing correspondence with the FCA, HMRC, and the company’s legal advisors;

reading minutes of meetings of those charged with governance; and

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

All engagement team members were informed of the relevant laws and regulations and potential fraud risks at the planning stage and reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify such items.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

 

Culross Global Management Limited

Independent Auditor's Report to the Members of Culross Global Management Limited

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Mark Wilcock FCA (Senior Statutory Auditor)
For and on behalf of Watson Buckle Limited,
Statutory Auditors & Chartered Accountants
Bradford

26 March 2024

 

Culross Global Management Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

207,601

215,502

Cost of sales

 

(86,904)

(52,257)

Gross profit

 

120,697

163,245

Administrative expenses

 

(160,418)

(150,467)

Operating (loss)/profit

4

(39,721)

12,778

Other interest receivable and similar income

-

53

Interest payable and similar charges

5

(7)

-

 

(7)

53

(Loss)/profit for the financial year

 

(39,728)

12,831

Retained earnings brought forward

 

(97,910)

(110,741)

Retained earnings carried forward

 

(137,638)

(97,910)

 

Culross Global Management Limited

(Registration number: 02736036)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

           

Current assets

   

 

Debtors

10

 

89,084

 

53,734

Cash at bank and in hand

   

46,240

 

114,368

   

135,324

 

168,102

Creditors: Amounts falling due within one year

11

 

(32,187)

 

(25,237)

Net assets

   

103,137

 

142,865

Capital and reserves

   

 

Called up share capital

3,185

 

3,185

 

Share premium reserve

13

237,590

 

237,590

 

Retained earnings

13

(137,638)

 

(97,910)

 

Shareholders' funds

   

103,137

 

142,865

Approved and authorised by the Board on 26 March 2024 and signed on its behalf by:
 

.........................................
H Bharkhda
Director

 

Culross Global Management Limited

Statement of Cash Flows for the Year Ended 31 December 2023

2023
£

2022
£

Cash flows from operating activities

(Loss)/profit for the year

(39,728)

12,831

Adjustments to cash flows from non-cash items

Finance income

-

(53)

Finance costs

7

-

(39,721)

12,778

Working capital adjustments

Increase in trade debtors

(35,350)

(17,877)

Increase/(decrease) in trade creditors

6,950

(7,809)

Net cash flow from operating activities

(68,121)

(12,908)

Cash flows from investing activities

Interest received

-

53

Cash flows from financing activities

Interest paid

(7)

-

Net decrease in cash and cash equivalents

(68,128)

(12,855)

Cash and cash equivalents at 1 January

114,368

127,223

Cash and cash equivalents at 31 December

46,240

114,368

 

Culross Global Management Limited

Notes to the Financial Statements for the Year Ended 31 December 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:
8-10 Hill Street
London
W1J 5NG

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The company’s functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemptions available under FRS 102, Section 33 Related party disclosures and UK Statutory Instruments, 1 Sch.72 from disclosing transactions and balances with fellow group undertakings that are wholly owned.

Going concern

The company has made a loss of £39,728 and at the period end has negative retained earnings of £137,638. The company is dependent upon the continued support of its parent undertaking and shareholder. On the basis that both parties have indicated that this support will continue, the directors have prepared the accounts on a going concern basis.

 

Culross Global Management Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Deferred tax asset

The company has unused tax losses of £445,288 which have not been recognised in the accounts as a deferred tax asset due to the uncertainty of the timing of the utilisation of these tax losses.

Key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements

Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. The carrying amount is £83,286 (2022 -£46,664).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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 corporation 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.

Provisions for liabilities

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

 

Culross Global Management Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

Culross Global Management Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

3

Revenue

The analysis of the company's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Sale of goods

207,601

215,502

4

Operating (loss)/profit

Arrived at after charging/(crediting)

2023
 £

2022
 £

Foreign exchange losses/(gains)

2,087

(7,341)

5

Interest payable and similar expenses

2023
£

2022
£

Interest expense on other finance liabilities

7

-

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

120,000

120,000

Social security costs

9,050

9,810

Pension costs, defined contribution scheme

9,000

9,000

138,050

138,810

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

2

2

2

2

 

Culross Global Management Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

60,000

60,000

Contributions paid to money purchase schemes

6,000

6,000

66,000

66,000

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

1

1

8

Auditors' remuneration

2023
 £

2022
 £

Audit of the financial statements

5,020

4,720

Other fees to auditors

Taxation compliance services

500

500

All other non-audit services

4,980

2,175

5,480

2,675


 

9

Taxation

Tax charged/(credited) in the income statement

2023
£

2022
£

Current taxation

UK corporation tax

-

-

 

Culross Global Management Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 19% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

(Loss)/profit before tax

(39,728)

12,831

Corporation tax at standard rate

(7,548)

2,438

Effect of expense not deductible in determining taxable profit (tax loss)

-

50

Effect of tax losses

7,548

(2,488)

Total tax charge/(credit)

-

-

The company has £445,288 of unused tax losses not recognised.

10

Debtors

Current

2023
£

2022
£

Trade debtors

83,286

46,664

Amounts owed by related parties

-

3,937

Other debtors

4,599

1,121

Prepayments

1,199

2,012

 

89,084

53,734

11

Creditors

2023
£

2022
£

Due within one year

Trade creditors

851

1,677

Amounts due to group undertakings

2,582

-

Social security and other taxes

3,217

-

Other creditors

3,186

4,469

Accruals

22,351

19,091

32,187

25,237

12

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £9,000 (2022 - £9,000).

 

Culross Global Management Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

13

Reserves

Share capital

Represents the nominal value of issued shares.

Profit and loss account

Includes all current and prior periods distributable profits and losses.

Share premium account

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

14

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.64 each

4,977

3,185

4,977

3,185

         

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
Shares are non-redeemable and each share is entitled to one vote in any circumstances. Each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

15

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

-

525

The amount of non-cancellable operating lease payments recognised as an expense during the year was £1,050 (2022 - £2,100).

 

Culross Global Management Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

16

Analysis of changes in net debt

At 01 January 2023

Cash flows

Other non-cash changes

At 31 December 2023

£

£

£

£

Cash at bank and in hand

114,368

(68,128)

-

46,240

114,368

(68,128)

46,240

17

Parent and ultimate parent undertaking

The company's immediate parent is Culross Global Holdings Limited, incorporated in Malta. The registered address of Culross Global Holdings Limited is BusinessLabs, Triq Dun Karm, Birkirkara, BKR9037, Malta.

 The ultimate controlling party is N Blanshard, a Swiss private individual resident.