Culzean Consulting Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC405735 (Scotland)

Unaudited Financial Statements for the Year Ended 31 August 2018

for

CULZEAN CONSULTING LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

Mr G Kennedy

REGISTERED OFFICE:

11 Woodside Crescent

Glasgow

G3 7UL

REGISTERED NUMBER:

SC405735 (Scotland)

ACCOUNTANTS:

McAllisters

Paxton House

11 Woodside Crescent

Charing Cross

Glasgow

G3 7UL

FIXED ASSETS

Tangible assets

4

16,247

21,043

CURRENT ASSETS

Debtors

5

710

710

Cash at bank

109,522

64,108

110,232

64,818

CREDITORS

Amounts falling due within one year

6

31,679

25,904

NET CURRENT ASSETS

78,553

38,914

TOTAL ASSETS LESS CURRENT LIABILITIES

94,800

59,957

PROVISIONS FOR LIABILITIES

3,250

-

NET ASSETS

91,550

59,957

CAPITAL AND RESERVES

Called up share capital

7

10

10

Retained earnings

91,540

59,947

SHAREHOLDERS' FUNDS

91,550

59,957

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 17 April 2019 and were signed by:

Mr G Kennedy - Director

1.	STATUTORY INFORMATION

Culzean Consulting Ltd is a private company, limited by shares , registered in Scotland. The company's registered number

and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting

estimates. It also requires management to exercise judgement in applying the company's accounting policies. The directors

are of the opinion that due to the nature of the business, there are no critical accounting estimates or judgements used in the

preparation of these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added

tax and other sales taxes.

Turnover is measured at the fair value of the consideration received or receivable, net of discount and value added taxes.

Turnover includes revenue earned from the rendering of services.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of

completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated

contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be

estimated reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost

includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be

capable of operating in the manner intended by management.

Depreciation is charged to profit or loss over the estimated useful economic lives, as follows:

Computer equipment - 25% reducing balance

Fixtures & Fittings - 25% reducing balance

Motor vehicles - 25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate,

or if there is an indication of a significant change since the last reporting date.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the

recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use.

Any impairment loss is recognised immediately as an expense within profit or loss.

Financial instruments

Trade and other debtors/creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other

creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition

they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade

debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business

terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt

instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective

evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised within profit or

loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the

asset's carrying amount and the present value of estimated future cash flows discounted at the assets original effective

interest rate. If a financial asset has a variable interest rate, the discount rate of measuring any impairment loss is the current

effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the assets

carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the

balance sheet date.

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.

Provisions

A provision is recognised when company has a legal or constructive obligation as a result of a past event and it is probable

that an outflow of economic benefits will be required to settle the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 September 2017

8,180

26,934

894

36,008

Additions

-

-

619

619

At 31 August 2018

8,180

26,934

1,513

36,627

DEPRECIATION

At 1 September 2017

3,579

10,774

612

14,965

Charge for year

1,150

4,040

225

5,415

At 31 August 2018

4,729

14,814

837

20,380

NET BOOK VALUE

At 31 August 2018

3,451

12,120

676

16,247

At 31 August 2017

4,601

16,160

282

21,043

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Other debtors

710

710

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Tax

22,153

18,160

VAT

5,999

5,991

Directors' current accounts

2,027

-

Accrued expenses

1,500

1,753

31,679

25,904

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.18

31.8.17

value:

£

£

10

Ordinary

£1

10

10

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2018 and 31 August 2017:

31.8.18

31.8.17

£

£

Mr G Kennedy

Balance outstanding at start of year

-

-

Amounts advanced

69,349

75,434

Amounts repaid

(70,713

)

(75,434

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(1,364

)

-

Interest was charged at 2.5% on the average loan balance during the year. There is no fixed date for repayment.

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £31,800 were paid to the director .

Directors remuneration in the year was £8,272.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited

financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet.

Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are

not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial

statements of Culzean Consulting Ltd for the year ended 31 August 2018 which comprise the Statement of Income and Retained

Earnings, Balance Sheet and the related notes 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 director of Culzean Consulting Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Culzean Consulting Ltd and state those matters that we have agreed to state to the director of Culzean Consulting Ltd 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 the company and its director for our work or for this report.

It is your duty to ensure that Culzean Consulting Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Culzean Consulting Ltd. You consider that Culzean Consulting 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 financial statements of Culzean Consulting 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 financial statements.

McAllisters

Paxton House

11 Woodside Crescent

Charing Cross

Glasgow

G3 7UL

17 April 2019