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Registration number: 10462733

Culture Wins Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

(filleted for filing purposes)

 

Culture Wins Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Culture Wins Limited

Company Information

Directors

Mr Harry Ashton

Mr Dominic Towe

Mr Martin Paul Hynes

Ms Carrie Louise Malone

Registered office

Unit 16 Leigh Road
Haine Industrial Estate
Ramsgate
Kent
CT12 5EU

 

Culture Wins Limited

(Registration number: 10462733)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

376,848

385,612

Investments

6

5

5

 

376,853

385,617

Current assets

 

Cash at bank and in hand

 

51,356

52,590

Creditors: Amounts falling due within one year

7

(300,241)

(295,213)

Net current liabilities

 

(248,885)

(242,623)

Total assets less current liabilities

 

127,968

142,994

Creditors: Amounts falling due after more than one year

7

(348,528)

(380,591)

Net liabilities

 

(220,560)

(237,597)

Capital and reserves

 

Called up share capital

8

5

5

Retained earnings

(220,565)

(237,602)

Shareholders' deficit

 

(220,560)

(237,597)

For the financial year ending 30 June 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 September 2024 and signed on its behalf by:
 

 

Culture Wins Limited

(Registration number: 10462733)
Balance Sheet as at 30 June 2024

.........................................
Mr Harry Ashton
Director

.........................................
Mr Martin Paul Hynes
Director

 

Culture Wins Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 16 Leigh Road
Haine Industrial Estate
Ramsgate
Kent
CT12 5EU
England

These financial statements were authorised for issue by the Board on 27 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Culture Wins Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Straight line over 50 years

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Culture Wins Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 7).

 

Culture Wins Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

8,764

8,764

5

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 July 2023

438,194

438,194

At 30 June 2024

438,194

438,194

Depreciation

At 1 July 2023

52,582

52,582

Charge for the year

8,764

8,764

At 30 June 2024

61,346

61,346

Carrying amount

At 30 June 2024

376,848

376,848

At 30 June 2023

385,612

385,612

Included within the net book value of land and buildings above is £376,848 (2023 - £385,612) in respect of freehold land and buildings.
 

 

Culture Wins Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

5

5

Subsidiaries

£

Cost or valuation

At 1 July 2023

5

Provision

Carrying amount

At 30 June 2024

5

At 30 June 2023

5

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Business Computer Solutions Limited

Unit 16, Leigh Road, Haine Industrial Estate
Ramsgate, Kent
CT12 5EU

UK

Ordinary

100%

100%

Subsidiary undertakings

Business Computer Solutions Limited

The principal activity of Business Computer Solutions Limited is computer hardware support.

 

Culture Wins Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

33,306

32,675

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

261,637

261,637

Other creditors

 

5,298

901

 

300,241

295,213

Due after one year

 

Loans and borrowings

9

348,528

380,591

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

5

5

5

5

         

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

348,528

380,591

2024
£

2023
£

Current loans and borrowings

Bank borrowings

33,306

32,675

 

Culture Wins Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

10

Related party transactions

Income and receivables from related parties

2024

Subsidiary
£

Leases

60,000

2023

Subsidiary
£

Leases

26,400

Transfers under finance arrangements (including loans and equity contributions)

72,000

98,400

Loans from related parties

2024

Subsidiary
£

Total
£

At start of period

261,637

261,637

At end of period

261,637

261,637

2023

Subsidiary
£

Total
£

At start of period

260,496

260,496

Advanced

73,141

73,141

Repaid

(72,000)

(72,000)

At end of period

261,637

261,637

Terms of loans from related parties

Payable on demand