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Company registration number: 03270563
A Culpin & Son Ltd
Unaudited filleted financial statements
31 December 2023
A Culpin & Son Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
A Culpin & Son Ltd
Directors and other information
Directors Mr Stephen Culpin
Mrs Janet Culpin
Miss Emma Culpin
Company number 03270563
Registered office Northgate Garage
Northgate
Pinchbeck
Lincolnshire
PE11 3SE
Business address Northgate Garage
Northgate
Pinchbeck
Lincolnshire
PE11 3SE
Accountants Lister & Co
75 High Street
Boston
Lincolnshire
PE21 8SX
A Culpin & Son Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of A Culpin & Son Ltd
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A Culpin & Son Ltd for the year ended 31 December 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of A Culpin & Son Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of A Culpin & Son Ltd and state those matters that we have agreed to state to the board of directors of A Culpin & Son Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A Culpin & Son Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that A Culpin & Son Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A Culpin & Son Ltd. You consider that A Culpin & Son Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of A Culpin & Son Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lister & Co
ACCA
75 High Street
Boston
Lincolnshire
PE21 8SX
22 January 2024
A Culpin & Son Ltd
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 790,898 775,737
_______ _______
790,898 775,737
Current assets
Stocks 197,425 233,934
Debtors 6 866,106 959,507
Cash at bank and in hand 1,438,107 1,269,113
_______ _______
2,501,638 2,462,554
Creditors: amounts falling due
within one year 7 ( 188,587) ( 143,570)
_______ _______
Net current assets 2,313,051 2,318,984
_______ _______
Total assets less current liabilities 3,103,949 3,094,721
Provisions for liabilities ( 22,016) ( 12,588)
_______ _______
Net assets 3,081,933 3,082,133
_______ _______
Capital and reserves
Called up share capital 8 50,000 50,000
Fair value reserve ( 29,921) ( 29,921)
Profit and loss account 3,061,854 3,062,054
_______ _______
Shareholders funds 3,081,933 3,082,133
_______ _______
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 January 2024 , and are signed on behalf of the board by:
Mr Stephen Culpin
Director
Company registration number: 03270563
A Culpin & Son Ltd
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is A Culpin & Son Limited, Northgate Garage, Northgate, Pinchbeck, Lincolnshire, PE11 3SE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % straight line
Plant & equipment etc - 25 % reducing balance
Office equipment - 33.33 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 11 ).
5. Tangible assets
Freehold property Investment property Plant and machinery Office equipment Motor vehicles Total
£ £ £ £ £ £
Cost
At 1 January 2023 332,323 490,000 306,056 62,306 118,937 1,309,622
Additions - - 995 1,678 38,077 40,750
Disposals - - - - ( 20,350) ( 20,350)
_______ _______ _______ _______ _______ _______
At 31 December 2023 332,323 490,000 307,051 63,984 136,664 1,330,022
_______ _______ _______ _______ _______ _______
Depreciation
At 1 January 2023 112,841 - 275,848 56,947 88,249 533,885
Charge for the year 6,648 - 7,741 3,121 7,815 25,325
Disposals - - - - ( 20,086) ( 20,086)
_______ _______ _______ _______ _______ _______
At 31 December 2023 119,489 - 283,589 60,068 75,978 539,124
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 December 2023 212,834 490,000 23,462 3,916 60,686 790,898
_______ _______ _______ _______ _______ _______
At 31 December 2022 219,482 490,000 30,208 5,359 30,688 775,737
_______ _______ _______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 184,661 200,740
Prepayments and accrued income 38,449 24,258
Other debtors 642,996 734,509
_______ _______
866,106 959,507
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 111,908 60,161
Accruals and deferred income 12,386 8,219
Social security and other taxes 64,293 75,190
_______ _______
188,587 143,570
_______ _______
8. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares shares of £ 1.00 each 50,000 50,000 50,000 50,000
_______ _______ _______ _______