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REGISTERED NUMBER: 01370707 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Richard Cullinan (Joinery) Limited

Richard Cullinan (Joinery) Limited (Registered number: 01370707)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Richard Cullinan (Joinery) Limited (Registered number: 01370707)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 4 - -
Tangible assets 5 166,693 6,606
166,693 6,606

Current assets
Stocks 19,935 13,655
Debtors 6 31,444 32,774
Cash at bank 9,973 26,615
61,352 73,044
Creditors
Amounts falling due within one year 7 233,997 80,747
Net current liabilities (172,645 ) (7,703 )
Total assets less current liabilities (5,952 ) (1,097 )

Creditors
Amounts falling due after more than
one year

8

23,535

-
Net liabilities (29,487 ) (1,097 )

Richard Cullinan (Joinery) Limited (Registered number: 01370707)

Balance Sheet - continued
31 May 2024

2024 2023
Notes £    £    £    £   
Capital and reserves
Called up share capital 10 1 1
Capital redemption reserve 11 1 1
Retained earnings 11 (29,489 ) (1,099 )
Shareholders' funds (29,487 ) (1,097 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

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 20 February 2025 and were signed on its behalf by:





K Rowlinson - Director


Richard Cullinan (Joinery) Limited (Registered number: 01370707)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. Statutory information

Richard Cullinan (Joinery) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01370707

Registered office: Pound House
62a Highgate High Street
London
N6 5HX

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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil 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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - in accordance with the property
Plant and machinery - at variable rates on reducing balance
Motor vehicles - at variable rates on reducing balance
Computer equipment - straight line over 3 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Richard Cullinan (Joinery) Limited (Registered number: 01370707)

Notes to the Financial Statements - continued
for the Year Ended 31 May 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. Employees and directors

The average number of employees during the year was 9 (2023 - 11 ) .

Richard Cullinan (Joinery) Limited (Registered number: 01370707)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. Intangible fixed assets
Goodwill
£   
Cost
At 1 June 2023
and 31 May 2024 2,000
Amortisation
At 1 June 2023
and 31 May 2024 2,000
Net book value
At 31 May 2024 -
At 31 May 2023 -

5. Tangible fixed assets
Short Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
Cost
At 1 June 2023 18,694 44,276 11,340 7,215 81,525
Additions 132,596 35,003 - 336 167,935
At 31 May 2024 151,290 79,279 11,340 7,551 249,460
Depreciation
At 1 June 2023 18,694 42,334 9,461 4,430 74,919
Charge for year 2,229 2,197 1,697 1,725 7,848
At 31 May 2024 20,923 44,531 11,158 6,155 82,767
Net book value
At 31 May 2024 130,367 34,748 182 1,396 166,693
At 31 May 2023 - 1,942 1,879 2,785 6,606

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 6,281 24,529
Other debtors 19,549 8,245
Deferred tax asset 5,614 -
31,444 32,774

Richard Cullinan (Joinery) Limited (Registered number: 01370707)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Hire purchase contracts 5,041 -
Trade creditors 39,349 8,435
Corporation tax - 5,634
Social security and other taxes 4,122 3,756
VAT 859 18,417
Other creditors 24,513 19,198
Directors' current accounts 148,221 20,091
Accrued expenses 11,892 5,216
233,997 80,747

The loans made by the directors to the company were made to fund leasehold improvements and purchase of equipment and although there is no formal agreement in place between the company and the directors, these loans will only be repaid at a time when the company has the financial resources to do so.

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Hire purchase contracts 23,535 -

9. Deferred tax
£   
Accelerated capital allowances 22,495
Losses carried forward (28,109 )
Balance at 31 May 2024 (5,614 )

10. Called up share capital

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 1p 1 1

Richard Cullinan (Joinery) Limited (Registered number: 01370707)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

11. Reserves
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 June 2023 (1,099 ) 1 (1,098 )
Deficit for the year (28,390 ) (28,390 )
At 31 May 2024 (29,489 ) 1 (29,488 )

12. Ultimate controlling party

The controlling party is K Rowlinson.

13. Business review

The directors have known for a number of years that their landlord was trying to sell the land and because of this they have been on the lookout for a newer and larger workshop. Unfortunately, there was not much in the Rye area that was of a suitable size and condition. Therefore, when informed by the local industrial estate that they had a 6000sq new build unit becoming available the directors had to make a decision quickly. The unit was an upgrade in terms of size and condition, and was completely empty so needed considerable investment before the company could move in. This included upgrading the power cable to be of sufficient size to power the machines, installing a dividing wall to create a separate machine shop and bench workshop, installing a mezzanine floor so the team had a kitchen and staff area, installing toilets, plus transferring 4 large machines, 3 large extraction units, 6 workbenches, 3 large racks and multiple other tools and kit from the old workshop to the new home. Between them, the Workshop team spent 2,145 hours on the workshop move. At the same time the company decided to invest in 2 new key pieces of machinery, a new digital table saw and a new digital spindle moulder. The lease commenced on 1 January 2024 and the move was completed by 5 February.

The directors plan to continue recruiting and growing the team in the next financial year. In respect of the accounts, the directors note that a loss was incurred this year. However, this is easily explained by the number of hours spent on the workshop move. Furthermore, if the net cost of the 2,145 hours on the workshop move is stripped out of the Cost of Sales for the year, the Gross Profit as a percentage of Turnover increases from 29.85% to 36.4%.

Whilst global conditions are outside of the company's control, we have a great new workshop, new machinery and a growing workshop team. We have good relationships with a number of excellent interior designers, which leaves us in a strong position for next year. The plan for 24/25 is to focus on building our brand into a well known, aspirational name ensuring we attract high calibre, discerning clients. We have a re-brand and new website in the pipeline and the second half of the year will be focussed on PR and marketing.