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Registration number: 08577106

Cattail Ventures Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Cattail Ventures Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Cattail Ventures Ltd

Company Information

Directors

Mr Anthony Payne-Neale

Mrs Pauline Payne-Neale

Registered office

42a Walnut Road
Chelston
Torquay
Devon
TQ2 6HS

Accountants

Neil Wilson & Co
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

Cattail Ventures Ltd

(Registration number: 08577106)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1

6,300

Tangible assets

5

6,992

9,322

 

6,993

15,622

Current assets

 

Debtors

6

425

629

Cash at bank and in hand

 

126,448

124,332

 

126,873

124,961

Creditors: Amounts falling due within one year

7

(166,530)

(175,075)

Net current liabilities

 

(39,657)

(50,114)

Net liabilities

 

(32,664)

(34,492)

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

(32,666)

(34,494)

Shareholders' deficit

 

(32,664)

(34,492)

For the financial year ending 29 February 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:
 

.........................................
Mr Anthony Payne-Neale
Director

 

Cattail Ventures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
42a Walnut Road
Chelston
Torquay
Devon
TQ2 6HS
United Kingdom

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Cattail Ventures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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

Furniture and fittings

25% reducing balance

Office equipment

25% reducing balance

Other property, plant and equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

25% reducing balance

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.

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.

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.

 

Cattail Ventures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Current versus non-current classification

I

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Cattail Ventures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 March 2023

63,000

2,000

65,000

At 29 February 2024

63,000

2,000

65,000

Amortisation

At 1 March 2023

56,700

2,000

58,700

Amortisation charge

6,299

-

6,299

At 29 February 2024

62,999

2,000

64,999

Carrying amount

At 29 February 2024

1

-

1

At 28 February 2023

6,300

-

6,300

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

71,530

47,247

118,777

At 29 February 2024

71,530

47,247

118,777

Depreciation

At 1 March 2023

66,573

42,882

109,455

Charge for the year

1,239

1,091

2,330

At 29 February 2024

67,812

43,973

111,785

Carrying amount

At 29 February 2024

3,718

3,274

6,992

At 28 February 2023

4,957

4,365

9,322

Included within the net book value of land and buildings above is £3,718 (2023 - £4,957) in respect of long leasehold land and buildings.
 

 

Cattail Ventures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Debtors

Current

2024
£

2023
£

Prepayments

425

629

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

612

844

Accruals and deferred income

1,270

1,620

Other creditors

164,648

172,611

166,530

175,075

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Share of £1 each

2

2

2

2

         

9

Related party transactions

 

Cattail Ventures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

At 29 February 2024
£

Mr Anthony Payne-Neale

loans from directors

(171,931)

7,963

(163,968)

       
     

 

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr Anthony Payne-Neale

loans from directors

(174,017)

6,586

(4,500)

(171,931)

         
       

 

 

Cattail Ventures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

16,290

16,043