Company No:
Contents
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 |
Note | 31.03.2024 | |
£ | ||
Fixed assets | ||
Tangible assets | 3 |
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Investment property | 4 |
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18,274,498 | ||
Current assets | ||
Debtors | 5 |
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Cash at bank and in hand |
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307,569 | ||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (14,541,952) | |
Total assets less current liabilities | 3,732,546 | |
Net assets |
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Capital and reserves | ||
Called-up share capital |
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Share premium account |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Cullum White Properties UK Limited (registered number:
P G Cullum
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
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.
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.
Revenue represents amounts receivable for rents and services. Revenue is recognised for the term of occupancy in the accounting period.
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.
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.
Plant and machinery etc. |
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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.
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.
The fair value is determined annually by the directors, on an open market value for existing use basis.
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 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.
Period from 18.01.2023 to 31.03.2024 |
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Number | |
Monthly average number of persons employed by the Company during the period, including directors |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 18 January 2023 |
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Additions |
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At 31 March 2024 |
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Accumulated depreciation | |||
At 18 January 2023 |
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Charge for the financial period |
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Transfer depreciation |
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At 31 March 2024 |
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Net book value | |||
At 31 March 2024 |
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Investment property | |
£ | |
Valuation | |
As at 18 January 2023 |
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Additions | 18,274,000 |
As at 31 March 2024 |
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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.
31.03.2024 | |
£ | |
Prepayments |
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Other debtors |
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31.03.2024 | |
£ | |
Trade creditors |
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Taxation and social security |
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Other creditors |
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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.
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.