Company registration number 08284590 (England and Wales)
Cullen Way Repairs Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Pages For Filing With Registrar
Pinnick Lewis LLP
Chartered Certified Accountants
Handel House
95 High Street
Edgware
HA8 7DB
Cullen Way Repairs Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Cullen Way Repairs Limited
BALANCE SHEET
As At 31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
18,697
20,878
Current assets
Stocks
8,081
31,150
Debtors
4
148,540
153,307
Cash at bank and in hand
98,836
68,759
255,457
253,216
Creditors: amounts falling due within one year
5
(172,322)
(133,250)
Net current assets
83,135
119,966
Total assets less current liabilities
101,832
140,844
Creditors: amounts falling due after more than one year
6
(11,103)
(49,407)
Net assets
90,729
91,437
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
90,629
91,337
Total equity
90,729
91,437

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 16 June 2025
Mr G Madi
Director
Company registration number 08284590 (England and Wales)
Cullen Way Repairs Limited
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2024
- 2 -
1
Accounting policies
Company information

Cullen Way Repairs Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit D, 23-25 Sunbeam Road, London, NW10 6JP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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 equipment
19% Reducing Balance
Motor vehicles
19% Reducing Balance

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.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
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 current liabilities.

Cullen Way Repairs Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 December 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Cullen Way Repairs Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 December 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
14
14
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
67,976
Additions
2,595
Disposals
(8,000)
At 31 December 2024
62,571
Depreciation and impairment
At 1 January 2024
47,098
Depreciation charged in the year
3,828
Eliminated in respect of disposals
(7,052)
At 31 December 2024
43,874
Carrying amount
At 31 December 2024
18,697
At 31 December 2023
20,878
Cullen Way Repairs Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 December 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
70,010
58,070
Other debtors
78,530
95,237
148,540
153,307
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
40,871
38,841
Trade creditors
16,224
5,492
Corporation tax
3,336
2,785
Other taxation and social security
14,936
4,092
Other creditors
96,955
82,040
172,322
133,250
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,103
49,407
7
Related party transactions
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2024
2023
2024
2023
£
£
£
£
AAA Mechanical Repairs Ltd
-
0
882
-
0
-
0
JAD Enterprises Ltd
78,000
78,000
-
0
-
0
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