Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Mr A J Lewer 31/08/2012 Mr J H Thompson 31/08/2012 18 September 2024 The principal activity of the company continued to be that of an investment and property development company. 05892706 2024-05-31 05892706 bus:Director1 2024-05-31 05892706 bus:Director2 2024-05-31 05892706 2023-05-31 05892706 core:CurrentFinancialInstruments 2024-05-31 05892706 core:CurrentFinancialInstruments 2023-05-31 05892706 core:ShareCapital 2024-05-31 05892706 core:ShareCapital 2023-05-31 05892706 core:RetainedEarningsAccumulatedLosses 2024-05-31 05892706 core:RetainedEarningsAccumulatedLosses 2023-05-31 05892706 2023-06-01 2024-05-31 05892706 bus:FilletedAccounts 2023-06-01 2024-05-31 05892706 bus:SmallEntities 2023-06-01 2024-05-31 05892706 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 05892706 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05892706 bus:Director1 2023-06-01 2024-05-31 05892706 bus:Director2 2023-06-01 2024-05-31 05892706 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Company No: 05892706 (England and Wales)

CULETH DEVELOPMENTS LTD

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

CULETH DEVELOPMENTS LTD

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

CULETH DEVELOPMENTS LTD

BALANCE SHEET

As at 31 May 2024
CULETH DEVELOPMENTS LTD

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Investment property 4 57,000 57,000
57,000 57,000
Current assets
Debtors 5 22,374 30,454
Cash at bank and in hand 0 622
22,374 31,076
Creditors: amounts falling due within one year 6 ( 16,168) ( 900)
Net current assets 6,206 30,176
Total assets less current liabilities 63,206 87,176
Net assets 63,206 87,176
Capital and reserves
Called-up share capital 50 50
Profit and loss account 63,156 87,126
Total shareholders' funds 63,206 87,176

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Culeth Developments Ltd (registered number: 05892706) were approved and authorised for issue by the Board of Directors on 18 September 2024. They were signed on its behalf by:

Mr J H Thompson
Director
CULETH DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
CULETH DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Culeth Developments Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Portal Bridgewater Close, Bentley Wood, Burnley, BB11 5TT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Taxation

Current tax
The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

4. Investment property

Investment property
£
Valuation
As at 01 June 2023 57,000
As at 31 May 2024 57,000

Investment property comprises a 6% share of The Portal, a commercial building that is rented out to external companies as office space. The fair value of the investment has been provided by the directors who are suitably qualified to perform this duty. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5. Debtors

2024 2023
£ £
Trade debtors 22,000 4,854
Other debtors 374 25,600
22,374 30,454

6. Creditors: amounts falling due within one year

2024 2023
£ £
Other creditors 16,168 900