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Company No: 14600190 (England and Wales)

CULLUM WHITE PROPERTIES UK LIMITED

Unaudited Financial Statements
For the financial period from 18 January 2023 to 31 March 2024
Pages for filing with the registrar

CULLUM WHITE PROPERTIES UK LIMITED

Unaudited Financial Statements

For the financial period from 18 January 2023 to 31 March 2024

Contents

CULLUM WHITE PROPERTIES UK LIMITED

COMPANY INFORMATION

For the financial period from 18 January 2023 to 31 March 2024
CULLUM WHITE PROPERTIES UK LIMITED

COMPANY INFORMATION (continued)

For the financial period from 18 January 2023 to 31 March 2024
DIRECTORS P G Cullum (Appointed 18 January 2023)
A Cullum (Appointed 18 January 2023)
REGISTERED OFFICE Wealden Hall
Parkfield
Sevenoaks
Kent
TN15 0HX
Kent
United Kingdom
COMPANY NUMBER 14600190 (England and Wales)
ACCOUNTANT Evelyn Partners (South East) Limited
Brockbourne House
77 Mount Ephraim
Royal Tunbridge Wells
TN4 8BS
CULLUM WHITE PROPERTIES UK LIMITED

BALANCE SHEET

As at 31 March 2024
CULLUM WHITE PROPERTIES UK LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024
£
Fixed assets
Tangible assets 3 498
Investment property 4 18,274,000
18,274,498
Current assets
Debtors 5 139,380
Cash at bank and in hand 168,189
307,569
Creditors: amounts falling due within one year 6 ( 14,849,521)
Net current liabilities (14,541,952)
Total assets less current liabilities 3,732,546
Net assets 3,732,546
Capital and reserves
Called-up share capital 100
Share premium account 3,541,639
Profit and loss account 190,807
Total shareholders' funds 3,732,546

For the financial period ending 31 March 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 Cullum White Properties UK Limited (registered number: 14600190) were approved and authorised for issue by the Board of Directors on 16 October 2024. They were signed on its behalf by:

P G Cullum
Director
CULLUM WHITE PROPERTIES UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 18 January 2023 to 31 March 2024
CULLUM WHITE PROPERTIES UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 18 January 2023 to 31 March 2024
1. Accounting policies

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

General information and basis of accounting

Cullum White Properties UK Limited (the Company) is a private company, limited by shares, domiciled and incorporated in the United Kingdom under the Companies Act 2006. The address of the Company's registered office is Wealden Hall, Parkfield, Sevenoaks, Kent, TN15 0HX, Kent, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Cullum White Properties UK Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may significant cast doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue represents amounts receivable for rents and services. Revenue is recognised for the term of occupancy in the accounting period.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 or loss.

Leases


The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

Period from
18.01.2023 to
31.03.2024
Number
Monthly average number of persons employed by the Company during the period, including directors 4

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 18 January 2023 0 0
Additions 1,054 1,054
At 31 March 2024 1,054 1,054
Accumulated depreciation
At 18 January 2023 0 0
Charge for the financial period 351 351
Transfer depreciation 205 205
At 31 March 2024 556 556
Net book value
At 31 March 2024 498 498

4. Investment property

Investment property
£
Valuation
As at 18 January 2023 0
Additions 18,274,000
As at 31 March 2024 18,274,000

Split between Freehold and Leasehold property

The net book value of land and buildings may be further analysed as follows:

31.03.2024
£
Freehold 6,450,000
Long leasehold 11,824,000
18,274,000

Valuation

The fair value of the Company’s investment property has been arrived at on the basis of valuations carried out on that date by the directors of the business. In carrying out their review, the directors have made assumptions in relation to rental yields and estimated future achievable rents.

5. Debtors

31.03.2024
£
Prepayments 33,933
Other debtors 105,447
139,380

6. Creditors: amounts falling due within one year

31.03.2024
£
Trade creditors 960
Taxation and social security 77,266
Other creditors 14,771,295
14,849,521

7. Related party transactions

Transactions with the entity's directors

31.03.2024
£
Director loan account 14,003,735

Included within other creditors at the year end is a balance of £14,003,735 owed to the directors. This amount is unsecured and interest free.

Other related party transactions

31.03.2024
£
Amounts owed to related entities 706,000
Amounts owed by related entities 105,447

Included within other creditors at the year end is a balance of £706,000 owed to a related party under common control. This amount is unsecured and interest free.

Included within other debtors at the year end is a balance of £105,447 owed by a related party under common control. This amount is unsecured and interest free.

8. Incorporation

The company was incorporated on 18 January 2023. The net assets of Cullum White Properties LLP were transferred to the company during the period at their carrying amount.