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Company No: 03453949 (England and Wales)

# CULETH CONSTRUCTION LIMITED

### Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

CULETH CONSTRUCTION LIMITED

## Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

CULETH CONSTRUCTION LIMITED

## COMPANY INFORMATION

For the financial year ended 31 December 2024
CULETH CONSTRUCTION LIMITED

## COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024

DIRECTORS | A J F Lewer
| J H Thompson

SECRETARY | J H Thompson

REGISTERED OFFICE | The Portal Bridgewater Close
| Burnley Wood
| Burnley
| BB11 5TT
| United Kingdom

COMPANY NUMBER | 03453949 (England and Wales)

ACCOUNTANT | Barlow Andrews LLP
| Carlyle House
| 78 Chorley New Road
| Bolton

CULETH CONSTRUCTION LIMITED

## BALANCE SHEET

As at 31 December 2024
CULETH CONSTRUCTION LIMITED

## BALANCE SHEET (continued)

As at 31 December 2024

| Note | 2024 |  | 2023
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 38,348 |  | 15,000
|  | 38,348 |  | 15,000
Current assets |  |  |  |
Stocks | 4 | 0 |  | 15,000
Debtors | 5 | 222,213 |  | 60,675
Cash at bank and in hand |  | 1,485,942 |  | 499,585
|  | 1,708,155 |  | 575,260
Creditors: amounts falling due within one year | 6 | ( 1,335,246) |  | ( 215,148)
Net current assets |  | 372,909 |  | 360,112
Total assets less current liabilities |  | 411,257 |  | 375,112
Net assets |  | 411,257 |  | 375,112
Capital and reserves |  |  |  |
Called-up share capital | 7 | 175 |  | 175
Capital redemption reserve |  | 25 |  | 25
Profit and loss account |  | 411,057 |  | 374,912
Total shareholders' funds |  | 411,257 |  | 375,112

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

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Culeth Construction Limited (registered number: 03453949) were approved and authorised for issue by the Board of Directors on 18 July 2025. They were signed on its behalf by:

J H Thompson Director |

CULETH CONSTRUCTION LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
CULETH CONSTRUCTION LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024

##### 1. Accounting policies

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

##### General information and basis of accounting

Culeth Construction Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Portal Bridgewater Close, Burnley Wood, Burnley, BB11 5TT, 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 Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the provision of services to external customers in the ordinary nature of the business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover represents certified amounts for construction services excluding VAT, adjusted for work in progress at the year end.

##### Employee benefits

Short term 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 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 as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. The assets of the scheme are hold separately from those of the company in an independently administered fund.

##### Taxation

Current tax
Current tax is based on taxable profit for the year. Current tax assets and liabilities are measures using tax rates that have been enacted or substantively enacted by the reporting period.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligations to pay more tax, or a right to pay less tax, or a right to receive repayments of tax.

##### Tangible fixed assets

Tangible fixed assets are stated 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 than their residual values over their useful lives on the following bases:

Plant and machinery | 4 years straight line
Vehicles | 25 % reducing balance
Office equipment | 5 years straight line

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 lessee
Rentals payable under operating leases are charged to the profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

##### Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where is it not possible to estimate the recoverable amount of an individual asset. the company estimates the recoverable amount of the cash- generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises of 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.
**Construction contracts**
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

##### 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.

Basic 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, including trade and other creditors, bank loans, loans form 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 payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of proceeds received or receivable, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designed and qualify as fair value hedges are recognised in the profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

##### Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

##### Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

#### 2. Employees

| 2024 |  | 2023
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 6 |  | 6

#### 3. Tangible assets

| Plant and machinery |  | Vehicles |  | Office equipment |  | Total
| £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |
At 01 January 2024 | 20,000 |  | 55,910 |  | 1,500 |  | 77,410
Additions | 0 |  | 38,945 |  | 0 |  | 38,945
Disposals | 0 |  | ( 29,000) |  | 0 |  | ( 29,000)
At 31 December 2024 | 20,000 |  | 65,855 |  | 1,500 |  | 87,355
Accumulated depreciation |  |  |  |  |  |  |
At 01 January 2024 | 20,000 |  | 40,910 |  | 1,500 |  | 62,410
Charge for the financial year | 0 |  | 1,047 |  | 0 |  | 1,047
Disposals | 0 |  | ( 14,450) |  | 0 |  | ( 14,450)
At 31 December 2024 | 20,000 |  | 27,507 |  | 1,500 |  | 49,007
Net book value |  |  |  |  |  |  |
At 31 December 2024 | 0 |  | 38,348 |  | 0 |  | 38,348
At 31 December 2023 | 0 |  | 15,000 |  | 0 |  | 15,000

#### 4. Stocks

| 2024 |  | 2023
| £ |  | £
Work in progress | 0 |  | 15,000

#### 5. Debtors

| 2024 |  | 2023
| £ |  | £
Trade debtors | 131,114 |  | 3,660
Deferred tax asset | 3,784 |  | 2,260
Other debtors | 87,315 |  | 54,755
| 222,213 |  | 60,675

#### 6. Creditors: amounts falling due within one year

| 2024 |  | 2023
| £ |  | £
Trade creditors | 559,880 |  | 110,912
Taxation and social security | 408,218 |  | 49,349
Other creditors | 367,148 |  | 54,887
| 1,335,246 |  | 215,148

#### 7. Called-up share capital

| 2024 |  | 2023
| £ |  | £
Allotted, called-up and fully-paid |  |  |
79 Ordinary A shares of £ 1.00 each | 79 |  | 79
30 Ordinary B shares of £ 1.00 each | 30 |  | 30
22 Ordinary D shares of £ 1.00 each | 22 |  | 22
22 Ordinary E shares of £ 1.00 each | 22 |  | 22
22 Ordinary F shares of £ 1.00 each | 22 |  | 22
| 175 |  | 175

#### 8. Related party transactions

Culeth Developments Limited is a related party of the company by virtue of common shareholders. At the year end there was an amount outstanding from Culeth Developments Limited of £65,122 (2023 - £24,878 creditor).

#### 9. Ultimate controlling party

The company has no ultimate controlling party. It is jointly controlled by the directors and shareholders.