Cactus Food Limited 10864206 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is licensed restaurant Digita Accounts Production Advanced 6.30.9574.0 true 10864206 2022-11-01 2023-10-31 10864206 2023-10-31 10864206 bus:OrdinaryShareClass1 bus:OtherShareType 2023-10-31 10864206 core:CurrentFinancialInstruments 2023-10-31 10864206 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 10864206 core:Non-currentFinancialInstruments 2023-10-31 10864206 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 10864206 core:FurnitureFittingsToolsEquipment 2023-10-31 10864206 core:LandBuildings 2023-10-31 10864206 bus:SmallEntities 2022-11-01 2023-10-31 10864206 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 10864206 bus:FullAccounts 2022-11-01 2023-10-31 10864206 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 10864206 bus:RegisteredOffice 2022-11-01 2023-10-31 10864206 bus:Director1 2022-11-01 2023-10-31 10864206 bus:OrdinaryShareClass1 bus:OtherShareType 2022-11-01 2023-10-31 10864206 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 10864206 core:FurnitureFittings 2022-11-01 2023-10-31 10864206 core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 10864206 core:LandBuildings 2022-11-01 2023-10-31 10864206 core:LeaseholdImprovements 2022-11-01 2023-10-31 10864206 core:OfficeEquipment 2022-11-01 2023-10-31 10864206 countries:England 2022-11-01 2023-10-31 10864206 2022-10-31 10864206 core:FurnitureFittingsToolsEquipment 2022-10-31 10864206 core:LandBuildings 2022-10-31 10864206 2021-11-01 2022-10-31 10864206 2022-10-31 10864206 bus:OrdinaryShareClass1 bus:OtherShareType 2022-10-31 10864206 core:CurrentFinancialInstruments 2022-10-31 10864206 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 10864206 core:Non-currentFinancialInstruments 2022-10-31 10864206 core:Non-currentFinancialInstruments core:AfterOneYear 2022-10-31 10864206 core:FurnitureFittingsToolsEquipment 2022-10-31 10864206 core:LandBuildings 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10864206

Cactus Food Limited

trading as Bullgogi

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Cactus Food Limited

trading as Bullgogi

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Cactus Food Limited

trading as Bullgogi

Company Information

Director

J Cho

Registered office

3 Lanark Place
London
W9 1BT

Accountants

AIMS Accountants for Business
Chartered Certified Accountant
103 Friern Barnet Road
Friern Barnet
London
N11 3EU

 

Cactus Food Limited

trading as Bullgogi

(Registration number: 10864206)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

261,964

189,495

Current assets

 

Stocks

5

7,000

7,000

Debtors

6

64,222

65,986

Cash at bank and in hand

 

56,897

79,826

 

128,119

152,812

Creditors: Amounts falling due within one year

7

(126,045)

(130,045)

Net current assets

 

2,074

22,767

Total assets less current liabilities

 

264,038

212,262

Creditors: Amounts falling due after more than one year

7

(105,054)

(58,500)

Net assets

 

158,984

153,762

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

157,984

152,762

Shareholders' funds

 

158,984

153,762

 

Cactus Food Limited

trading as Bullgogi

(Registration number: 10864206)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 15 October 2024
 

.........................................
J Cho
Director

 

Cactus Food Limited

trading as Bullgogi

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

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

The address of its registered office is:
3 Lanark Place
London
W9 1BT

These financial statements were authorised for issue by the director on 15 October 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.

 

Cactus Food Limited

trading as Bullgogi

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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

Short leasehold

On cost 5%

Fixtures & fittings

Reducing balance 15%

Equipment

Reducing balance 15%

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 debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Cactus Food Limited

trading as Bullgogi

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 28 (2022 - 22).

 

Cactus Food Limited

trading as Bullgogi

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

189,209

80,343

269,552

Additions

17,251

83,327

100,578

At 31 October 2023

206,460

163,670

370,130

Depreciation

At 1 November 2022

40,404

39,653

80,057

Charge for the year

11,182

16,927

28,109

At 31 October 2023

51,586

56,580

108,166

Carrying amount

At 31 October 2023

154,874

107,090

261,964

At 31 October 2022

148,805

40,690

189,495

Included within the net book value of land and buildings above is £154,874 (2022 - £148,805) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

7,000

7,000

6

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

17,400

28,900

Prepayments

 

19,214

15,000

Other debtors

 

27,608

22,086

   

64,222

65,986

 

Cactus Food Limited

trading as Bullgogi

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

80,697

159,580

Accruals and deferred income

8,000

7,801

Other creditors

37,348

(37,336)

126,045

130,045

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

105,054

58,500

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1,000 each

1

1,000

1

1,000

         
 

Cactus Food Limited

trading as Bullgogi

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

27,500

37,500

Other borrowings

77,554

21,000

105,054

58,500

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £160,000.00 (2022 - £160,000.00) per ordinary share

 

160,000

 

160,000