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 |
|
|
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 |
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 |
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 |
|
|
|
|
|
|
|
|
|
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 |