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Registered number: 07248252
Cult Status Ltd
ABRIDGED Financial Statements
For The Year Ended 31 July 2023
RITA HOLDINGS LIMITED
Chartered Tax Advisers
310 Lakes Innovation Centre
Lakes Road
Braintree
CM7 3AN
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 07248252
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 70 94
Investment Properties 5 191,464 188,876
Investments 6 27,254 55,000
218,788 243,970
CURRENT ASSETS
Debtors 9,029 (398 )
Cash at bank and in hand 19,707 21,447
28,736 21,049
Creditors: Amounts Falling Due Within One Year (112,312 ) (126,166 )
NET CURRENT ASSETS (LIABILITIES) (83,576 ) (105,117 )
TOTAL ASSETS LESS CURRENT LIABILITIES 135,212 138,853
Creditors: Amounts Falling Due After More Than One Year (143,995 ) (143,995 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,750 ) (3,990 )
NET LIABILITIES (13,533 ) (9,132 )
CAPITAL AND RESERVES
Called up share capital 7 6 6
Fair Value Reserve 8 20,250 17,010
Profit and Loss Account (33,789 ) (26,148 )
SHAREHOLDERS' FUNDS (13,533) (9,132)
Page 1
Page 2
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 July 2023 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Charles Whitehead
Director
18th April 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Cult Status Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07248252 . The registered office is 310 Lakes Innovation Centre, Lakes Road, Braintree, CM7 3AN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover
includes revenue earned from the letting of investment property.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Not depreciated
Plant & Machinery 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 2 2
2 2
Page 3
Page 4
4. Tangible Assets
Total
£
Cost or Valuation
As at 1 August 2022 6,304
As at 31 July 2023 6,304
Depreciation
As at 1 August 2022 6,210
Provided during the period 24
As at 31 July 2023 6,234
Net Book Value
As at 31 July 2023 70
As at 1 August 2022 94
5. Investment Property
2023
£
Fair Value
As at 1 August 2022 188,876
Disposals (1,412 )
Revaluations 4,000
As at 31 July 2023 191,464
6. Investments
Total
£
Cost
As at 1 August 2022 55,000
Additions 1,114
Disposals (26,490 )
Revaluations (2,370 )
As at 31 July 2023 27,254
Provision
As at 1 August 2022 -
As at 31 July 2023 -
Net Book Value
As at 31 July 2023 27,254
As at 1 August 2022 55,000
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 6 6
Page 4
Page 5
8. Reserves
Fair Value Reserve
£
As at 1 August 2022 17,010
Movements in fair value reserve 3,240
As at 31 July 2023 20,250
Page 5