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Registration number: SC140525

John Cullen & Sons Ltd.
Unaudited Filleted Financial Statements
for the Year Ended 30 November 2024

John Cullen & Sons Ltd.

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 3 to 7
Accountants' Report | 8

John Cullen & Sons Ltd.

Company Information

Directors | Mr Kevin John Brady Cullen Mr Patrick Kenneth Cullen

Registered office | Old Church South Craigs Road Rumford Falkirk FK2 0SF

Accountants | EQ Accountants Ltd Unit 4B Gateway Business Park Beancross Road Grangemouth FK3 8WX

John Cullen & Sons Ltd.

(Registration number: SC140525)
Balance Sheet as at 30 November 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 4 | 3,555 | 5,552
Current assets |  |  |
Stocks | 5 | 1,000 | 1,250
Debtors | 6 | 45,213 | 26,509
Cash at bank and in hand |  | 5,485 | 21,920
|  | 51,698 | 49,679
Creditors: Amounts falling due within one year | 7 | (55,857) | (46,865)
Net current (liabilities)/assets |  | (4,159) | 2,814
Total assets less current liabilities |  | (604) | 8,366
Creditors: Amounts falling due after more than one year | 7 | (2,936) | (7,984)
Net (liabilities)/assets |  | (3,540) | 382
Capital and reserves |  |  |
Called up share capital |  | 10 | 10
Retained earnings |  | (3,550) | 372
Shareholders' (deficit)/funds |  | (3,540) | 382

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 September 2025 and signed on its behalf by:

......................................... Mr Kevin John Brady Cullen Director

John Cullen & Sons Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1 | General information

The company is a private company limited by share capital, incorporated in Scotland.

2 | Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Plant and machinery | Reducing balance at 25%

John Cullen & Sons Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Fixtures and fittings | Straight line at 25%
Office equipment | Straight line at 33%
Motor vehicles | Reducing balance at 25%

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3 | Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

John Cullen & Sons Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4 | Tangible assets

| Fixtures and fittings £ | Plant and machinery £ | Office equipment £ | Motor vehicles £
Cost or valuation
At 1 December 2023 | 3,500 | 3,343 | 1,032 | 21,855
At 30 November 2024 | 3,500 | 3,343 | 1,032 | 21,855
Depreciation
At 1 December 2023 | 2,546 | 1,342 | 504 | 19,786
Charge for the year | 716 | 500 | 264 | 517
At 30 November 2024 | 3,262 | 1,842 | 768 | 20,303
Carrying amount
At 30 November 2024 | 238 | 1,501 | 264 | 1,552
At 30 November 2023 | 954 | 2,001 | 528 | 2,069

| Total £
Cost or valuation
At 1 December 2023 | 29,730
At 30 November 2024 | 29,730
Depreciation
At 1 December 2023 | 24,178
Charge for the year | 1,997
At 30 November 2024 | 26,175
Carrying amount
At 30 November 2024 | 3,555
At 30 November 2023 | 5,552

5 | Stocks

| 2024 £ | 2023 £
Other inventories | 1,000 | 1,250

6 | Debtors

John Cullen & Sons Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Current | 2024 £ | 2023 £
Trade debtors | 6,308 | 5,798
Prepayments | - | 470
Other debtors | 38,905 | 20,241
| 45,213 | 26,509

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2024 £ | 2023 £
Due within one year |  |  |
Loans and borrowings |  | 5,324 | 5,324
Trade creditors |  | 16,787 | 13,591
Taxation and social security |  | 4,908 | 6,797
Other creditors |  | 28,838 | 21,153
|  | 55,857 | 46,865

Creditors: amounts falling due after more than one year

| Note | 2024 £ | 2023 £
Due after one year |  |  |
Loans and borrowings |  | 2,936 | 7,984

John Cullen & Sons Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

8 | Related party transactions

Transactions with directors Debtors include the following amounts which are owed from individuals who were directors of the company during the year:

2024 | At 1 December 2023 £ | Advances to director £ | At 30 November 2024 £
Mr Patrick Kenneth Cullen
Loan | 242 | (242) | -
Mr Kevin John Brady Cullen
| - | 8,303 | 8,303

2023 | At 1 December 2022 £ | Advances to director £ | At 30 November 2023 £
Mr Patrick Kenneth Cullen
Loan | - | 242 | 242

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

| 2024 £ | 2023 £
Mr Patrick Kenneth Cullen | 3,270 | -
Mr Kevin John Brady Cullen | - | 793
| 3,270 | 793

The maximum balance outstanding during the year amounted to £3,270.
The directors current accounts are repayable on demand.
Other creditors include an inter company loan which is owed to Abuzz Ltd totalling £25,278 (2023:£20,278).
Other debtors include an inter company loan which is owed from JCS Builders Ltd totalling £30,104 (2023:£20,000).
Inter company loans are repayable on demand.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
John Cullen & Sons Ltd.
for the Year Ended 30 November 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of John Cullen & Sons Ltd. for the year ended 30 November 2024 as set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of John Cullen & Sons Ltd., as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of John Cullen & Sons Ltd. and state those matters that we have agreed to state to the Board of Directors of John Cullen & Sons Ltd., as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than John Cullen & Sons Ltd. and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that John Cullen & Sons Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of John Cullen & Sons Ltd.. You consider that John Cullen & Sons Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of John Cullen & Sons Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................
EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

22 September 2025