Cultivist Limited
Unaudited Financial Statements
For the year ended 31 December 2024
Pages for Filing with Registrar
Company Registration No. 09413202 (England and Wales)
Cultivist Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Cultivist Limited
Balance Sheet
As at 31 December 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,597
1,952
2,597
1,952
Current assets
Debtors
4
4,626
4,538
Cash at bank and in hand
6,214
5,898
10,840
10,436
Creditors: amounts falling due within one year
5
(1,180,781)
(1,161,311)
Net current liabilities
(1,169,941)
(1,150,875)
Total assets less current liabilities
(1,167,344)
(1,148,923)
Creditors: amounts falling due after more than one year
6
(4,140)
(14,142)
Net liabilities
(1,171,484)
(1,163,065)
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
(1,171,486)
(1,163,067)
Total equity
(1,171,484)
(1,163,065)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Cultivist Limited
Balance Sheet (Continued)
As at 31 December 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 13 March 2025 and are signed on its behalf by:
M Verhoeven
Director
Company Registration No. 09413202
Cultivist Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 3
1
Accounting policies
Company information
Cultivist Limited is a private company limited by shares incorporated in England and Wales. The registered office is 61 Tottenham Court Road, London, England, W1T 2EP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 Section 1A “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the year end date the company has net liabilities of £1,171,484 after incurred a loss of £8,419.
The company is reliant upon the continued support of its parent company and the directors have confirmed that the intercompany loan will not be called in unless the company is in a position to repay. The directors therefore have prepared these accounts upon the going concern basis.
1.3
Turnover
Turnover represents amounts receivable for membership services net of VAT.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% Straight line method
Computer equipment
25% Straight line method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
Cultivist Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 4
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
Cultivist Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
10,200
Additions
1,566
At 31 December 2024
11,766
Depreciation and impairment
At 1 January 2024
8,248
Depreciation charged in the year
921
At 31 December 2024
9,169
Carrying amount
At 31 December 2024
2,597
At 31 December 2023
1,952
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
4,134
4,075
Prepayments and accrued income
492
463
4,626
4,538
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,020
10,020
Trade creditors
1,032
4,466
Amounts owed to group undertakings
1,143,885
1,133,961
Taxation and social security
11,779
6,659
Other creditors
9,190
1,712
Accruals and deferred income
4,875
4,493
1,180,781
1,161,311
Cultivist Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 6
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,140
14,142
7
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
22,000
9
Related party transactions
As at Balance Sheet date, the company owed £1,133,961 (2022: £1,173,131) to Cultivist Inc., the ultimate parent company.
10
Parent company
The company is under the immediate control of Cultivist Inc, by virtue of its majority shareholding. The registered address of Cultivist Inc. is 55 Fifth Avenue, Suite 1305, New York, NY 10003.