Caseware UK (AP4) 2024.0.164 2024.0.164 2024-05-312024-05-312025-05-21The principal activity of the company continued to be that of the sale of bait boats related to fishing equipment.truefalsetrue2023-06-0122The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11375860 2023-06-01 2024-05-31 11375860 2022-06-01 2023-05-31 11375860 2024-05-31 11375860 2023-05-31 11375860 c:Director1 2023-06-01 2024-05-31 11375860 d:MotorVehicles 2023-06-01 2024-05-31 11375860 d:MotorVehicles 2024-05-31 11375860 d:MotorVehicles 2023-05-31 11375860 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 11375860 d:FurnitureFittings 2023-06-01 2024-05-31 11375860 d:FurnitureFittings 2024-05-31 11375860 d:FurnitureFittings 2023-05-31 11375860 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 11375860 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 11375860 d:PatentsTrademarksLicencesConcessionsSimilar 2023-06-01 2024-05-31 11375860 d:PatentsTrademarksLicencesConcessionsSimilar 2024-05-31 11375860 d:PatentsTrademarksLicencesConcessionsSimilar 2023-05-31 11375860 d:CurrentFinancialInstruments 2024-05-31 11375860 d:CurrentFinancialInstruments 2023-05-31 11375860 d:Non-currentFinancialInstruments 2024-05-31 11375860 d:Non-currentFinancialInstruments 2023-05-31 11375860 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 11375860 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 11375860 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 11375860 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 11375860 d:ShareCapital 2024-05-31 11375860 d:ShareCapital 2023-05-31 11375860 d:RetainedEarningsAccumulatedLosses 2024-05-31 11375860 d:RetainedEarningsAccumulatedLosses 2023-05-31 11375860 c:OrdinaryShareClass1 2023-06-01 2024-05-31 11375860 c:OrdinaryShareClass1 2024-05-31 11375860 c:OrdinaryShareClass1 2023-05-31 11375860 c:FRS102 2023-06-01 2024-05-31 11375860 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 11375860 c:FullAccounts 2023-06-01 2024-05-31 11375860 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 11375860 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 11375860 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 11375860 d:TaxLossesCarry-forwardsDeferredTax 2024-05-31 11375860 d:TaxLossesCarry-forwardsDeferredTax 2023-05-31 11375860 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-06-01 2024-05-31 11375860 e:PoundSterling 2023-06-01 2024-05-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 11375860














CULT TACKLE LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
CULT TACKLE LIMITED
REGISTERED NUMBER:11375860

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
4,214
4,816

Tangible assets
 5 
7,151
8,790

  
11,365
13,606

Current assets
  

Stocks
 6 
230,861
303,482

Debtors: amounts falling due within one year
 7 
305,385
294,292

Cash at bank
 8 
96,251
70,049

  
632,497
667,823

Creditors: amounts falling due within one year
 9 
(362,780)
(396,032)

Net current assets
  
 
 
269,717
 
 
271,791

Total assets less current liabilities
  
281,082
285,397

Creditors: amounts falling due after more than one year
 10 
(13,333)
(23,333)

Provisions for liabilities
  

Deferred tax
 11 
(1,352)
(1,653)

  
 
 
(1,352)
 
 
(1,653)

Net assets
  
266,397
260,411


Capital and reserves
  

Called up share capital 
 12 
150,000
150,000

Profit and loss account
  
116,397
110,411

  
266,397
260,411

Page 1

 
CULT TACKLE LIMITED
REGISTERED NUMBER:11375860
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A C Gilbert
Director

Date: 21 May 2025

The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
CULT TACKLE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Cult Tackle Limited is a private company, limited by shares, registered in England and Wales, registration number 11375860. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
 
The principal activity of the company continued to be that of the sale of bait boats related to fishing equipment. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of the Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash are presented in the Profit and loss account within 'administrative expenses'. All other foreign exchange gains and losses are presented in profit or loss statement.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

Turnover from the sale of bait boats related to fishing equipment is recognised when the significant risks and rewards of ownership have been transferred to the buyer.

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

 
CULT TACKLE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. 

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

 Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Trademarks
-
10
years

Page 4

 
CULT TACKLE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.10

 Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
4 years straight-line
Fixtures and fittings
-
10 years straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

 Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.13

 Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.14

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.15

 Financial instrument

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, such as trade and other debtors, trade and other creditors, loans from banks and other third parties, and loans with related parties.

Page 5

 
CULT TACKLE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

3.


Employees

The average monthly number of employees, including the director, during the year was 2 (2023 - 2).


4.


Intangible assets




Trademarks

£



Cost


At 1 June 2023
6,020



At 31 May 2024

6,020



Amortisation


At 1 June 2023
1,204


Charge for the year
602



At 31 May 2024

1,806



Net book value



At 31 May 2024
4,214



At 31 May 2023
4,816



Page 6

 
CULT TACKLE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost 


At 1 June 2023
2,250
10,760
13,010



At 31 May 2024

2,250
10,760
13,010



Depreciation


At 1 June 2023
657
3,563
4,220


Charge for the year
563
1,076
1,639



At 31 May 2024

1,220
4,639
5,859



Net book value



At 31 May 2024
1,030
6,121
7,151



At 31 May 2023
1,593
7,197
8,790


6.


Stocks

2024
2023
£
£

Finished goods and goods for resale
230,861
303,482



7.


Debtors

2024
2023
£
£


Trade debtors
20,461
12,339

Amounts owed by connected companies
283,218
281,358

Prepayments
1,706
595

305,385
294,292



8.


Cash

2024
2023
£
£

Cash at bank
96,251
70,049


Page 7

 
CULT TACKLE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
10,000

Trade creditors
1,836
7,406

Corporation tax
1,713
767

Other taxation and social security
6,725
7,068

Amounts owed to connected companies
337,798
367,791

Accruals
4,708
3,000

362,780
396,032


The bank loan of £10,000 (2023 - £10,000) is a Coronavirus bounce back loan which is fully guaranteed by the government.


10.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Bank loan
13,333
23,333


The bank loan of £13,333 (2023 - £23,333) is a Coronavirus bounce back loan which is fully guaranteed by the government.


11.


Deferred taxation




2024


£






At beginning of year
1,653


Charged to profit or loss
301



At end of year
1,352

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
1,359
1,670

Short term timing differences
(7)
(17)

1,352
1,653


12.


Share capital

Page 8

 
CULT TACKLE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2024
2023
£
£
Allotted, called up and fully paid



150,000 (2023 - 150,000) Ordinary  shares of £1.00 each
150,000
150,000



13.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £435 (2023 - £404). Contributions totalling £97 (2023 - £92) were payable to the fund at the balance sheet date and are included in creditors.


14.


Commitments under operating leases

As at the year end the company had future non-cancellable operating lease commitments of £22,900 (2023 - £7,927). 


15.


Related party transactions

Included within debtors at the year end, the company was owed £283,218 (2023 - £281,358) by its associates. These loans are interest free and repayable on demand.
Included within creditors at the year end, the company owed £337,700 (2023 - £367,700) to its associates. These loans are interest free and repayable on demand.

 
Page 9