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REGISTERED NUMBER: 03495738 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

CULLEN WEALTH LIMITED

CULLEN WEALTH LIMITED (REGISTERED NUMBER: 03495738)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


CULLEN WEALTH LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: S E Arnold
R E Cullen
K A Robinson
G Crossley
B J Woodward





REGISTERED OFFICE: 2 Riverview
Embankment Business Park
Heaton Mersey
Cheshire
SK4 3GN





REGISTERED NUMBER: 03495738 (England and Wales)





ACCOUNTANTS: Fairhurst
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

CULLEN WEALTH LIMITED (REGISTERED NUMBER: 03495738)

STATEMENT OF FINANCIAL POSITION
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 641,723 1,008,196
Tangible assets 5 62,573 114,553
Investments 6 100 100
704,396 1,122,849

CURRENT ASSETS
Debtors 7 737,914 595,736
Cash at bank and in hand 1,795,397 1,250,271
2,533,311 1,846,007
CREDITORS
Amounts falling due within one year 8 1,543,182 1,532,652
NET CURRENT ASSETS 990,129 313,355
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,694,525

1,436,204

PROVISIONS FOR LIABILITIES 9 13,504 26,832
NET ASSETS 1,681,021 1,409,372

CAPITAL AND RESERVES
Called up share capital 1,047 1,047
Share premium 4,665 4,665
Retained earnings 1,675,309 1,403,660
SHAREHOLDERS' FUNDS 1,681,021 1,409,372

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

CULLEN WEALTH LIMITED (REGISTERED NUMBER: 03495738)

STATEMENT OF FINANCIAL POSITION - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2024 and were signed on its behalf by:





K A Robinson - Director


CULLEN WEALTH LIMITED (REGISTERED NUMBER: 03495738)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Cullen Wealth Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Cullen Wealth Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the net invoice value of services provided.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised evenly over its estimated useful life of 5 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are recognised at cost less depreciation and impairment.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery-20% reducing balance
Fixtures, fittings &
equipment

-

10% - 33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit and loss.

Investments in subsidiaries
Investment in subsidiary undertakings are recognised at cost less impairment.

Financial instruments
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Short term trade creditors are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due.


CULLEN WEALTH LIMITED (REGISTERED NUMBER: 03495738)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the assets belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 78 (2023 - 82 ) .

CULLEN WEALTH LIMITED (REGISTERED NUMBER: 03495738)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023 1,648,046
Disposals (30,406 )
At 31 March 2024 1,617,640
AMORTISATION
At 1 April 2023 639,850
Charge for year 336,067
At 31 March 2024 975,917
NET BOOK VALUE
At 31 March 2024 641,723
At 31 March 2023 1,008,196

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 April 2023 4,671 697,589 702,260
Additions - 12,832 12,832
At 31 March 2024 4,671 710,421 715,092
DEPRECIATION
At 1 April 2023 4,671 583,036 587,707
Charge for year - 64,812 64,812
At 31 March 2024 4,671 647,848 652,519
NET BOOK VALUE
At 31 March 2024 - 62,573 62,573
At 31 March 2023 - 114,553 114,553

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 100
NET BOOK VALUE
At 31 March 2024 100
At 31 March 2023 100

CULLEN WEALTH LIMITED (REGISTERED NUMBER: 03495738)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 275,347 274,828
Amounts owed by group undertakings 4,612 4,612
Other debtors 457,955 316,296
737,914 595,736

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 82,705 33,061
Tax 134,239 162,600
Social security and other taxes 129,790 129,873
Other creditors 15,186 7,580
Deferred consideration - 315,225
Directors' current accounts 6,828 245
Accrued expenses 1,174,434 884,068
1,543,182 1,532,652

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 13,504 26,832

Deferred
tax
£   
Balance at 1 April 2023 26,832
Provided during year (13,328 )
Balance at 31 March 2024 13,504

10. OTHER FINANCIAL COMMITMENTS

The company has operating lease commitments amounting to £61,275 (2023: £112,125).

11. RELATED PARTY DISCLOSURES

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.