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REGISTERED NUMBER: 09734156 (England and Wales)


















Absolutely Cultured (Enterprises) Ltd

Financial Statements for the Year Ended 31st March 2023






Absolutely Cultured (Enterprises) Ltd (Registered number: 09734156)






Contents of the Financial Statements
for the year ended 31st March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Absolutely Cultured (Enterprises) Ltd

Company Information
for the year ended 31st March 2023







DIRECTORS: M Gibson
R Lewis
L Pitcher





REGISTERED OFFICE: Humber Street Gallery
64 Humber Street
Hull
HU1 1TU





REGISTERED NUMBER: 09734156 (England and Wales)





AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Absolutely Cultured (Enterprises) Ltd (Registered number: 09734156)

Balance Sheet
31st March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,940 2,339

CURRENT ASSETS
Stocks 2,769 1,654
Debtors 5 4,824 9,370
Cash at bank and in hand 73,457 54,635
81,050 65,659
CREDITORS
Amounts falling due within one year 6 81,048 65,658
NET CURRENT ASSETS 2 1
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,942

2,340

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 8,941 2,339
8,942 2,340

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 14th September 2023 and were signed on its behalf by:





L Pitcher - Director


Absolutely Cultured (Enterprises) Ltd (Registered number: 09734156)

Notes to the Financial Statements
for the year ended 31st March 2023

1. STATUTORY INFORMATION

Absolutely Cultured (Enterprises) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

Going concern
The company's parent charity continues to deliver upon its cultural objectives and has been assessed by its directors as continuing to be a going concern. This being the case there remains a continued need for a trading subsidiary to raise commercial revenues. Due to the organisational structure of the group, all costs are directly attributable to those revenues with the net surplus continuing to be paid to the parent charity under the Gift Aid rules. Accordingly 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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenues from licensing and sponsorship agreements are recognised by reference to the period to which the agreement relates. Incoming resources received in advance of the period to which they relate are deferred. Incoming resources from licensing and sponsorship agreements whereby goods are provided to the parent charity are accounted for in the same way as conventional agreements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


Absolutely Cultured (Enterprises) Ltd (Registered number: 09734156)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st April 2022 31,876
Additions 8,738
Disposals (1,296 )
At 31st March 2023 39,318
DEPRECIATION
At 1st April 2022 29,537
Charge for year 2,137
Eliminated on disposal (1,296 )
At 31st March 2023 30,378
NET BOOK VALUE
At 31st March 2023 8,940
At 31st March 2022 2,339

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 150 2,979
Other debtors 4,674 6,391
4,824 9,370

Absolutely Cultured (Enterprises) Ltd (Registered number: 09734156)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 560 711
Amounts owed to group undertakings 75,295 60,440
Other creditors 5,193 4,507
81,048 65,658

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen Bramall BSc FCA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie

8. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Absolutely Cultured Limited.

The parent's registered office and principal place of business is:

Humber Street Gallery
64 Humber Street
Hull
HU1 1TU