Registered number
07415993
CULT FURNITURE LIMITED
Report and Financial Statements
31 December 2023
CULT FURNITURE LIMITED
Company Information
Director
F Iqbal
Secretary
R Iqbal
Auditors
RDH Accountants Ltd
21 High Street
Harrow On the Hill
Middlesex
HA1 3HT
Registered Office
1st Floor Quadrant House
9 Heath Road
Weybridge
Surrey
KT13 8SX
Principal place of business
2G Union Court
20-22 Union Road
Clapham
SW4 6JP
Registered number
07415993
CULT FURNITURE LIMITED
Registered number: 07415993
Director's Report
The director presents his report and financial statements for the period ended 31 December 2023.
Principal activities
The company's principal activity during the year continued to be the import and sale of furniture.
Directors
The following persons served as directors during the period:
F Iqbal
Auditor
The auditors, RDH Accountants Ltd, will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006.
Disclosure of information to auditors
The director confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Results and dividends
The loss for the year after tax was £235,613. The Director recommends a final dividend of £8.33 per A share, £25.00 per B share and £15.00 per C share payable on 31 December 2023 to shareholders on the register at 1st December 2023.
This report was approved by the board on 11 October 2024 and signed on its behalf.
Faisal Iqbal
Director
CULT FURNITURE LIMITED
Statement of Director's Responsibilities
The director is responsible for preparing the report and financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
CULT FURNITURE LIMITED
Strategic Report
The directors present their strategic report together with the audited financial statements for the period ended 31 December 2023.
Business Review
The principal activity of the Company is of an online furniture seller.
The Company continues to successfully attract new customers and continues to grow by serving its customers successfully by offering affordable designed furniture.
Key Performance Indicators
The company’s turnover was £12,878,945 for the 15-month period ending 31 December 2023. Turnover has dropped comparing to previous year. This was mainly due to difficult market conditions.
The performance of the company was in line with expectations. The company continued to pursue its strategy to build a larger customer base and focus on UK customers.
Principal Risks and Uncertainties
The principal risk to the company is the market risk. Changes in the market due to increased shipping costs, increased shipping times and changing environmental elements are adding uncertainties.
The other risk and uncertainties associated with an online furniture business is consistent stock availability of key products and launching new designs to keep customers attracted. Management work closely with various external partners to ensure that stock is always managed at optimum level and the product catalogue is updated regularly to develop a growing range of successful products.
The company is also exposed to currency risk by virtue of the proportion of its business being invoiced in foreign currencies. The Company generates cash in foreign currencies enabling the company to manage this exposure.
Going Concern
The financial statements have been prepared on a going concern basis. The company has made a loss of £235,613. But the company is in a strong position at year end high level of current assets. The directors have reviewed the group’s forecast and projections, including assumptions concerning capital expenditure and expenditure commitments and their impact on cashflows and believe that the company has adequate financial resources.
Future Development & Outlook
The directors believe that the Company remains well positioned to grow its market position and will continue investments in designs, people and technology to remain at the forefront of the furniture sales sector.
The company expects to grow the business in UK by adding new furniture categories and continue to launch it’s own exclusive designed products.
On behalf of the board:
F Iqbal - Director
11 October 2024
CULT FURNITURE LIMITED
Independent auditor's report
to the member of CULT FURNITURE LIMITED
Qualified Opinion
We have audited the financial statements of CULT FURNITURE LIMITED (the 'company') for the period ended 31 December 2023 which comprise the statement of income and retained earnings, the statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
In the prior accounting period, the company made a provision for warranty claims of £250,000, we have not been provided with appropriate audit evidence to enable us to assess whether the amount provided is a reliable accounting estimate. Based on the audit test carried out and review of terms and condition, there should be no provision for warranty in the financial statement. Accordingly, we are unable to obtain sufficient audit evidence in respect of opening balance to ascertain the appropriateness of the preparation of the financial statements of the Company on a going concern basis.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the directors' report for the financial year for which the accounts are prepared is consiistent with the accounts; and
the directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
Except for the matters described in the basis for qualified opinion section of our audit report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Capability of the audit in detecting irregularities, including fraud
The objectives of our audit are to identify and assess the risks of material misstatement of the financial
statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks.
Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations. We considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure. Audit procedures performed by the engagement team included:
Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud; and
Assessment of identified fraud risk factors; and
Challenging assumptions and judgements made by management in its significant accounting estimates; and
Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transaction; and
Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation; and
Physical safeguarding controls for stock have been reviewed to ensure they are adequate for the business.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Hemal Doshi
(Senior Statutory Auditor) 21 High Street
for and on behalf of
RDH Accountants Ltd Harrow On the Hill
Statutory Auditor Middlesex
11 October 2024 HA1 3HT
CULT FURNITURE LIMITED
Income Statement
for the period from 1 October 2022 to 31 December 2023
Notes 2023 2022
£ £
Turnover 2 12,878,945 13,744,267
Cost of sales (6,605,392) (7,712,712)
Gross profit 6,273,553 6,031,555
Administrative expenses (6,553,794) (6,036,246)
Operating loss 3 (280,241) (4,691)
(Loss)/profit on sale of fixed assets (666) 5,115
Interest receivable 59,577 6,153
Interest payable 6 (39,000) (20,486)
Loss on ordinary activities before taxation (260,330) (13,909)
Tax on loss on ordinary activities 7 24,717 (24,717)
Loss for the period (235,613) (38,626)
CULT FURNITURE LIMITED
Statement of Financial Position
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 8 23,010 31,893
Tangible assets 9 124,816 110,051
147,826 141,944
Current assets
Stocks 10 1,795,854 2,542,506
Debtors 11 844,238 689,234
Cash at bank and in hand 116,664 9,356
2,756,756 3,241,096
Creditors: amounts falling due within one year 12 (1,869,875) (1,958,003)
Net current assets 886,881 1,283,093
Total assets less current liabilities 1,034,707 1,425,037
Provisions for liabilities
Deferred taxation 7 - (24,717)
Net assets 1,034,707 1,400,320
Capital and reserves
Called up share capital 15 100 100
Profit and loss account 16 1,034,607 1,400,220
Total equity 1,034,707 1,400,320
Faisal Iqbal
Director
Approved by the board on 11 October 2024
CULT FURNITURE LIMITED
Statement of Changes in Equity
for the period from 1 October 2022 to 31 December 2023
Share Share Other Profit Total
capital premium reserves and loss
account
£ £ £ £ £
At 1 October 2021 100 - - 1,628,846 1,628,946
Loss for the financial year (38,626) (38,626)
Dividends (190,000) (190,000)
At 30 September 2022 100 - - 1,400,220 1,400,320
At 1 October 2022 100 - - 1,400,220 1,400,320
Loss for the period (235,613) (235,613)
Dividends (130,000) (130,000)
At 31 December 2023 100 - - 1,034,607 1,034,707
CULT FURNITURE LIMITED
Statement of Cash Flows
for the period from 1 October 2022 to 31 December 2023
Notes 2023 2022
£ £
Operating activities
Loss for the period (235,613) (38,626)
Adjustments for:
Loss/(profit) on sale of fixed assets 666 (5,115)
Interest receivable (59,577) (6,153)
Interest payable 39,000 20,486
Tax on loss on ordinary activities (24,717) 24,717
Depreciation 79,167 63,947
Amortisation of goodwill 10,031 4,383
Decrease/(increase) in stocks 746,652 (823,906)
(Increase)/decrease in debtors (155,004) 810,677
Decrease in creditors (447,886) (970,740)
(47,281) (920,330)
Interest received 59,577 6,153
Interest paid (39,000) (20,486)
Corporation tax paid 194,832 (60,000)
Cash generated by/(used in) operating activities 168,128 (994,663)
Investing activities
Payments to acquire intangible fixed assets (1,148) (2,043)
Payments to acquire tangible fixed assets (94,598) (49,646)
Proceeds from sale of tangible fixed assets - 5,344
Cash used in investing activities (95,746) (46,345)
Financing activities
Equity dividends paid (130,000) (190,000)
Capital element of finance lease payments (5,343) (10,247)
Cash used in financing activities (135,343) (200,247)
Net cash used
Cash generated by/(used in) operating activities 168,128 (994,663)
Cash used in investing activities (95,746) (46,345)
Cash used in financing activities (135,343) (200,247)
Net cash used (62,961) (1,241,255)
Cash and cash equivalents at 1 October 9,356 1,250,611
Cash and cash equivalents at 31 December (53,605) 9,356
Cash and cash equivalents comprise:
Cash at bank 116,664 9,356
Bank overdrafts 12 (170,269) -
(53,605) 9,356
CULT FURNITURE LIMITED
Notes to the Accounts
for the period from 1 October 2022 to 31 December 2023
1 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Going concern
The financial statements have been prepared on a going concern basis. Whilst the impact of Brexit is continuing this has been assessed by the director, so far as reasonably possible taking into consideration the UK Government's response and the company's planning, the director has a reasonable expection that the company will continue in operational existence for the foreseeable future.
Turnover
Turnover comprises revenue recongnised by the company in respect of goods supplied during the year, exclusive of value added tax and trade discounts.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and Machinery 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Analysis of turnover 2023 2022
£ £
Sale of goods 12,878,945 13,744,267
By geographical market:
UK 12,501,350 11,869,864
Europe 342,036 1,859,815
Rest of world 35,559 14,588
12,878,945 13,744,267
3 Operating profit 2023 2022
£ £
This is stated after charging:
Depreciation of owned fixed assets 79,167 63,947
Amortisation of goodwill 10,031 4,383
Operating lease rentals - plant and machinery 1,104 9,500
Operating lease rentals - land and buildings 865,549 683,398
Directors Remuneration 15,713 12,570
Auditors' remuneration for audit services 10,000 10,000
Foreign exchange losses (21,949) (41,462)
Carrying amount of stock sold 4,909,010 5,831,441
4 Director's emoluments 2023 2022
£ £
Company contributions to defined contribution pension plans - 15,000
5 Staff costs 2023 2022
£ £
Wages and salaries 2,461,136 2,452,054
Social security costs 202,265 226,269
Other pension costs 50,145 62,165
2,713,546 2,740,488
Average number of employees during the year Number Number
Administration 15 36
Distribution 28 41
Sales 27 18
70 95
6 Interest payable 2023 2022
£ £
Bank loans and overdrafts 39,000 20,486
7 Taxation 2023 2022
£ £
Analysis of charge in period
Current tax:
Adjustments in respect of previous periods (24,717) -
Deferred tax:
Origination and reversal of timing differences - 24,717
Tax on (loss)/profit on ordinary activities (24,717) 24,717
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2023 2022
£ £
Loss on ordinary activities before tax (260,330) (13,909)
Standard rate of corporation tax in the UK 19% 19%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax (49,463) (2,643)
Effects of:
Expenses not deductible for tax purposes 74,180 27,360
Capital allowances for period in excess of depreciation (24,717) (24,717)
Adjustments to tax charge in respect of previous periods (24,717) -
Current tax charge for period (24,717) -
Factors that may affect future tax charges
During the accounting period, Finance Bill 2021 was substantively enacted, increasing the rate of corporation tax that will apply for the financial year 2023 onwards to 25% (on taxable profit above £250,000).
8 Intangible fixed assets £
Website & Software
Cost
At 1 October 2022 59,807
Additions 1,148
At 31 December 2023 60,955
Amortisation
At 1 October 2022 27,914
Provided during the period 10,031
At 31 December 2023 37,945
Carrying amount
At 31 December 2023 23,010
At 30 September 2022 31,893
9 Tangible fixed assets
Plant and machinery and website
At cost
£
Cost or valuation
B/fwd 277,551
Additions 94,598
Disposals (1,349)
C/fwd 370,800
Depreciation
B/fwd 167,500
Charge for the year 79,167
On disposals (683)
C/fwd 245,984
Carrying amount
C/fwd 124,816
B/fwd 110,051
10 Stocks 2023 2022
£ £
Finished goods and goods for resale 1,795,854 2,542,506
11 Debtors 2023 2022
£ £
Trade debtors 55,106 138,672
Other debtors 288,087 104,029
Prepayments and accrued income 501,045 446,533
844,238 689,234
12 Creditors: amounts falling due within one year 2023 2022
£ £
Bank overdrafts 170,269 -
Obligations under finance lease and hire purchase contracts - 5,343
Trade creditors 387,609 497,782
Corporation tax 316,087 121,255
Other taxes and social security costs 267,928 342,065
Other creditors 727,982 991,558
1,869,875 1,958,003
13 Obligations under finance leases and hire purchase 2023 2022
contracts £ £
Amounts payable:
Within one year - 5,343
14 Deferred taxation 2023 2022
£ £
Accelerated capital allowances - 24,717
2023 2022
£ £
At 1 October 24,717 -
(Credited)/charged to the profit and loss account (24,717) 24,717
At 31 December - 24,717
The company has a deferred tax liability of £24,717 from the prior year. During the current year, accelerated capital allowances have resulted in a deferred tax charge of £59,030. However, due to the company incurring a tax loss of £324,728 for the year, management has decided to write back the deferred tax liability of £24,717 and has not recognised a deferred tax asset in respect of the current year losses.
15 Share capital Nominal 2023 2023 2022
value Number £ £
Allotted, called up and fully paid:
A Ordinary shares £0.01 each 6,000 60 60
B Ordinary shares £0.01 each 2,000 20 20
C Ordinary shares £0.01 each 2,000 20 20
100 100
16 Profit and loss account 2023 2022
£ £
At 1 October 1,400,220 1,628,846
Loss for the period (235,613) (38,626)
Dividends (130,000) (190,000)
At 31 December 1,034,607 1,400,220
17 Dividends 2023 2022
£ £
Dividends on ordinary shares (note 16) 130,000 190,000
18 Related party transactions
2023 2022
Boutique Camping Ltd
Amount from (to) the related party (Director in common) 230,664 16,854
Loans made during the year: £722,707; net interest charged: £9,921; loans repaid: £518,818
Director's loan account
Amount due from (to) the related party 5,313 (8,461)
Famous Designs Ltd
Amount from (to) the related party (Major shareholder) (1,244) 24,947
Loans made during the year: £54,798; net interest charged: £0; loans repaid: £80,989
Lost Angel/South West Bars Ltd
Amount from (to) the related party (Director in common who is major shareholder) (200,759) (45,644)
Loans made during the year: £3,168; net interest charged: £0; loans repaid: £158,282 - (6,419)
Myhaus Ltd
Amount due from (to) the related party (Director in common) (2,084) (2,459)
Loans made during the year: £105,375; net interest charged: £0; loans repaid: £105,000
19 Controlling party
The Company is owned by Mr F Iqbal, Mrs R Iqbal and Miss T Witham and is registered at 1st Floor Quadrant House, 9 Heath Road, Weybridge KT13 8SX
20 Presentation currency
The financial statements are presented in Sterling.
21 Legal form of entity and country of incorporation
CULT FURNITURE LIMITED is a private company limited by shares and incorporated in England.
22 Principal place of business
The address of the company's principal place of business is:
2G Union Court
20-22 Union Road
Clapham
SW4 6JP
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