Company Registration No. 01075877 (England and Wales)
CULLENCROFT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
CULLENCROFT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CULLENCROFT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
301,894
306,566
Current assets
Stocks
68,289
57,292
Debtors
4
19,700
29,064
Cash at bank and in hand
74
234
88,063
86,590
Creditors: amounts falling due within one year
5
(24,560)
(29,187)
Net current assets
63,503
57,403
Total assets less current liabilities
365,397
363,969
Creditors: amounts falling due after more than one year
6
(154,403)
(154,403)
Provisions for liabilities
(12,400)
(12,400)
Net assets
198,594
197,166
Capital and reserves
Called up share capital
7
40,100
40,100
Share premium account
1,273
1,273
Revaluation reserve
144,252
144,252
Profit and loss reserves
12,969
11,541
Total equity
198,594
197,166
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CULLENCROFT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 October 2019 and are signed on its behalf by:
Mr Ian Long
Mrs S Hanna
Director
Director
Company Registration No. 01075877
CULLENCROFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
Cullencroft Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Union House, Skeeby, Richmond, North Yorkshire, DL10 7EE.
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. The principal accounting policies adopted are set out below.
The company is a subsidiary of Ashbourne Trust Limited, registered address Kleinwort Benson House, Wests Centre, St Helier, Jersey, which does not prepare consolidated accounts.
1.2
Turnover
Turnover
comprises the sale of goods by the company and is net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods).
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land at Union Farm
Nil
Tenants improvements - buildings and fences
4% reducing balance
Tenants improvements - fish lake & trees
Nil
Tenants improvements - roads and bridges
2.5% reducing balance
Farm machinery & motor vehicles
25% reducing balance
Tenants fixtures and fittings
10% reducing balance
Tractor
25% reducing balance
Computer equipment
20% 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
Impairment of fixed 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).
CULLENCROFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
1.5
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
.
1.6
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
less any impairment.
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 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 sum of the tax currently payable and deferred tax.
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.
CULLENCROFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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.
1.10
Rents receivable are recognised in the profit and loss account on a straight line basis.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2018 - 2).
3
Tangible fixed assets
Plant and machinery etc
Land at Union Farm
Tenants improvements
Total
£
£
£
£
Cost or valuation
At 1 April 2018
74,485
200,000
100,987
375,472
Additions
500
-
1,589
2,089
At 31 March 2019
74,985
200,000
102,576
377,561
Depreciation and impairment
At 1 April 2018
49,057
-
19,849
68,906
Depreciation charged in the year
4,285
-
2,476
6,761
At 31 March 2019
53,342
-
22,325
75,667
Carrying amount
At 31 March 2019
21,643
200,000
80,251
301,894
At 31 March 2018
25,428
200,000
81,138
306,566
CULLENCROFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
3
Tangible fixed assets
(Continued)
- 6 -
The value of the land at Union Farm was determined on 31 March 2010 with guidance from a local valuer.
On transition to FRS 102 the directors exercised the option to adopt the valuation as deemed cost and no further revaluations have been reflected in the accounts
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2019
2018
£
£
Cost
43,348
43,348
Accumulated depreciation
-
-
Carrying value
43,348
43,348
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
-
11,326
Other debtors
19,700
17,738
19,700
29,064
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
15,550
26,434
Trade creditors
4,896
-
Taxation and social security
1,650
221
Other creditors
2,464
2,532
24,560
29,187
The bank overdraft is secured by a fixed charge over the land owned by Cullencroft Limited.
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
154,403
154,403
CULLENCROFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 7 -
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
40,000 B Ordinary of £1 each
40,000
40,000
40,100
40,100
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Loan repayments
2019
2018
£
£
Entities with control, joint control or significant influence over the company
-
21,621
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
154,403
154,403
The amount above is included within other creditors due in more than one year. The loan is interest free, unsecured and repayable on demand, however the parent company has indicated that repayment of the loan will not be requested within 12 months.
The company has been granted a license to occupy land and buildings on a farm owned by the parent company, no rent has been charged during the year.
9
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors loan
2.50
3,042
4,708
100
(4,043)
3,807
3,042
4,708
100
(4,043)
3,807
The loan is unsecured and repayable on demand.