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REGISTERED NUMBER: 13055183 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

CULLEN WEALTH HOLDINGS LIMITED

CULLEN WEALTH HOLDINGS LIMITED (REGISTERED NUMBER: 13055183)






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 HOLDINGS LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: R E Cullen
K A Robinson
G Crossley





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





REGISTERED NUMBER: 13055183 (England and Wales)





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

CULLEN WEALTH HOLDINGS LIMITED (REGISTERED NUMBER: 13055183)

STATEMENT OF FINANCIAL POSITION
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 4 7,975,705 7,975,705

CURRENT ASSETS
Debtors 5 32,162 37,411
Cash at bank 8,025 94,056
40,187 131,467
CREDITORS
Amounts falling due within one year 6 468,212 614,492
NET CURRENT LIABILITIES (428,025 ) (483,025 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,547,680

7,492,680

CREDITORS
Amounts falling due after more than one
year

7

1,175,842

1,491,720
NET ASSETS 6,371,838 6,000,960

CAPITAL AND RESERVES
Called up share capital 3,728,400 3,728,400
Retained earnings 2,643,438 2,272,560
SHAREHOLDERS' FUNDS 6,371,838 6,000,960

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 HOLDINGS LIMITED (REGISTERED NUMBER: 13055183)

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 HOLDINGS LIMITED (REGISTERED NUMBER: 13055183)

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

1. STATUTORY INFORMATION

Cullen Wealth Holdings 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 Holdings 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.

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

Impairment of assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss.

Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Financial instruments
Short term financial assets, including trade, other debtors, creditors and related undertakings, are measured at the transaction price. Financial assets that have no stated interest rate and are recoverable within one year shall be measured at the undiscounted amount due.

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

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.


CULLEN WEALTH HOLDINGS LIMITED (REGISTERED NUMBER: 13055183)

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

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

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

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 7,975,705
NET BOOK VALUE
At 31 March 2024 7,975,705
At 31 March 2023 7,975,705

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 32,162 37,411

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 462,000 608,280
Amounts owed to group undertakings 4,712 4,712
Accrued expenses 1,500 1,500
468,212 614,492

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 1,175,842 1,491,720

CULLEN WEALTH HOLDINGS LIMITED (REGISTERED NUMBER: 13055183)

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

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,637,842 2,100,000

Bank loans are secured by way of a debenture over certain assets of a fellow group company by way of cross guarantee.

9. 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.

During the year, total dividends of £20,000 (2023 - £154,750) were paid to directors.

10. POST BALANCE SHEET EVENTS

Following the year end the company has declared a dividend amounting to £400,000.