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COMPANY REGISTRATION NUMBER: 03104015
Cutiepie Limited
Filleted Unaudited Financial Statements
30 September 2023
Cutiepie Limited
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
9,349,636
8,278,496
Investments
7
233,463
211,280
------------
------------
9,583,099
8,489,776
Current assets
Debtors
8
19,956
16,475
Cash at bank and in hand
27,322
3,846
--------
--------
47,278
20,321
Creditors: amounts falling due within one year
9
684,952
484,157
---------
---------
Net current liabilities
637,674
463,836
------------
------------
Total assets less current liabilities
8,945,425
8,025,940
Creditors: amounts falling due after more than one year
10
4,686,663
3,864,236
Provisions
Taxation including deferred tax
518,804
390,180
------------
------------
Net assets
3,739,958
3,771,524
------------
------------
Cutiepie Limited
Statement of Financial Position (continued)
30 September 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
12
3,739,956
3,771,522
------------
------------
Shareholders funds
3,739,958
3,771,524
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 September 2024 , and are signed on behalf of the board by:
Mr. U. Somaia
Director
Company registration number: 03104015
Cutiepie Limited
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Viga Road, London, N21 1HH, UK.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover represents rents receivable from letting of investment properties during the year in accordance with the leases.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
4. Employee numbers
During the year the company had 4 (2022: 4) employees including the directors.
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
27,378
25,990
Deferred tax:
Origination and reversal of timing differences
128,624
( 3,800)
---------
--------
Tax on profit
156,002
22,190
---------
--------
6. Tangible assets
Fixtures and fittings
Investment properties
Total
£
£
£
Cost
At 1 October 2022
27,491
8,270,251
8,297,742
Additions
8,123
1,067,109
1,075,232
--------
------------
------------
At 30 September 2023
35,614
9,337,360
9,372,974
--------
------------
------------
Depreciation
At 1 October 2022
19,246
19,246
Charge for the year
4,092
4,092
--------
------------
------------
At 30 September 2023
23,338
23,338
--------
------------
------------
Carrying amount
At 30 September 2023
12,276
9,337,360
9,349,636
--------
------------
------------
At 30 September 2022
8,245
8,270,251
8,278,496
--------
------------
------------
Tangible assets held at valuation
The directors have reviewed the value of the investment properties at the balance sheet date, with reference to the open market value based on rental yields within the area. They consider the value to be £9,337,360 (2022: £8,270,251). The historical cost of the properties was £6,554,363 (2022: £5,487,254).
7. Investments
Other investments other than loans
£
Cost
At 1 October 2022
211,280
Additions
31,183
Disposals
( 9,000)
---------
At 30 September 2023
233,463
---------
Impairment
At 1 October 2022 and 30 September 2023
---------
Carrying amount
At 30 September 2023
233,463
---------
At 30 September 2022
211,280
---------
8. Debtors
2023
2022
£
£
Trade debtors
14,925
Other debtors
19,956
1,550
--------
--------
19,956
16,475
--------
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
70,311
147,800
Trade creditors
20,381
14,056
Accruals and deferred income
25,352
23,104
Corporation tax
69,501
56,946
Director loan accounts
470,765
208,465
Other creditors
28,642
33,786
---------
---------
684,952
484,157
---------
---------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,686,663
3,864,236
------------
------------
Included within creditors: amounts falling due after more than one year is an amount of £4,426,648 (2022: £3,308,583) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
518,804
390,180
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Fair value adjustment of investment property
518,804
390,180
---------
---------
12. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Included in profit and loss reserve are distributable profits of £1,475,762 (2022: £1,378,704) and non-distributable profits of £2,264,194 (2022: £2,392,818) in respect of revaluation gains and losses arising on investment properties.
13. Related party transactions
The company was under the control of Mr U Somaia throughout the current year. Mr U Somaia is a director of the company and, together with family members, owns majority of the issued share capital. The following transactions took place between the company and related parties during the year: 1) Included in other debtors is an amount due from Zonebell London Ltd of £13,310 (2022: amount payable £4,100) an entity in which Mr U Somaia had a material interest. 2) Included in other creditors are the following amounts due to entities in which the director, Mr U Somaia has a material interest: Zencrown Limited £5,500 (2022: £215) Apollo & Co LLP £6,829 (2022: £13,158) Bank Flat Partnership £1,890 (2022: £1,890)