Company registration number 05333462 (England and Wales)
CUTTLEFISH LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
CUTTLEFISH LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
CUTTLEFISH LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
1,398
712
Current assets
Inventories
41,536
23,217
Trade and other receivables
19,089
186,152
Cash and cash equivalents
122,803
156,696
183,428
366,065
Current liabilities
Taxation and social security
28,750
60,203
Other payables
59,583
148,801
88,333
209,004
Net current assets
95,095
157,061
Net assets
96,493
157,773
Equity
Called up share capital
5
100
100
Retained earnings
96,393
157,673
Total equity
96,493
157,773
CUTTLEFISH LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 14 July 2025
Mr G Parkinson
Director
Company registration number 05333462 (England and Wales)
CUTTLEFISH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Cuttlefish Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Fircroft, Blackberry Road, Felcourt, East Grinstead, West Sussex, RH19 2LH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

 

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.3
Property, plant and equipment

Property, plant and equipment 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:

Plant and machinery
Straight line over 2 years
Fixtures, fittings & equipment
Straight line over 2 years
Computer equipment
Straight line over 2 years
CUTTLEFISH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -

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.

1.4
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.

 

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

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.

CUTTLEFISH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

CUTTLEFISH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax for all timing differences in the current and preceding year is immaterial and has therefore not been included within the accounts.

1.10
Employee benefits

 

The cost of any unused holiday entitlement is immaterial for the current and preceding years. The accounts have therefore not been adjusted.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
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
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
4
4
CUTTLEFISH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
4
Property, plant and equipment
Total
£
Cost
At 1 April 2024
9,410
Additions
2,796
At 31 March 2025
12,206
Depreciation and impairment
At 1 April 2024
8,698
Depreciation charged in the year
2,110
At 31 March 2025
10,808
Carrying amount
At 31 March 2025
1,398
At 31 March 2024
712
5
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
6
Modern slavery and human trafficking policy statement

Introduction

 

The Modern Slavery Act came into effect in October 2015 and requires businesses in the UK (having annual turnover of £36 million or more) to disclose information regarding the steps they have taken to eradicate slavery and human trafficking from their business and supply chain.

 

Cuttlefish Limited is committed to acting ethically and with integrity and although our turnover is below the £36 million threshold, we have taken steps to ensure that modern slavery is not taking place anywhere in our organization or within our wider supply chain and are committed to producing a Modern Slavery Statement annually.

 

This statement refers to the financial year ending 31 March 2025 and sets out the steps we have taken to address modern slavery risks in our business and supply chains.

 

Organisation structure and supply chains

 

Cuttlefish Limited is a supplier of pharmaceutical, medical devices, food supplements and cosmetic products. Based in West Sussex in the United Kingdom, Cuttlefish procures and distributes products that have been sourced from carefully selected partner sites. We buy from wholesalers as well as directly from manufacturers.

CUTTLEFISH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
7
Policies in relation to slavery and human trafficking

We have a Modern Slavery and Labour Standards Assurance System Policy

1. Employment is freely chosen

2. Freedom of association and the right to collective bargaining are respected

3. Working conditions are safe and hygienic

4. Child labour shall not be used

5. Living wages are paid

6. Working hours are not excessive

7. No discrimination is practiced

8. Regular employment is provided

9. No harsh or inhumane treatment is allowed

The policy is derived from the Ethical Trading Initiative (ETI) Base Code, which is founded on the conventions of the International Labour Organisation (ILO) and is an internationally recognised code of labour practice.

We are committed to implementing this policy and will seek assurances from our suppliers that the policy standards are being met.

Due diligence processes

As part of our efforts to reduce the risk of slavery and human trafficking in our supply chains, we have adopted the following due diligence procedures:

 

We operate a Modern Slavery and Labour Standards Assurance System process to ensure that we are conducting business in an ethical manner. This procedure involves a process to be followed in assessing our suppliers and quantifying risk.

Risk assessment and management

During the current financial year, we have begun to conduct risk assessments of our first-tier suppliers.

 

We believe that the risk of modern slavery in our directly employed workforce and first-tier UK suppliers is low, but we will continue to monitor the response from our suppliers to the risk assessment process. Our exposure to the risk of modern slavery may increase when first-tier suppliers are outside of the UK or EU and when we consider second and third-tier suppliers.

Key performance indicators to measure effectiveness of steps being taken

We have not discovered and incidences of modern slavery or human trafficking in our organization or first-tier suppliers.

Our risk assessment process is ongoing, and we will continue to monitor suppliers in the 2025/2026 financial year, and we will review annually.

We will continue to develop and improve our approach to respecting human rights and preventing modern slavery. We will do this by learning from the experiences of our business and suppliers as they address modern slavery risks. In 2025/2026, we plan on conducting more due diligence, including risk assessment of more second-tier suppliers.

Training on modern slavery and human trafficking

Training is available to all staff involved in the modern slavery and labour standards assurance system and supplier risk assessment. Our Modern Slavery and Labour Standards Assurance System policy is communicated to all employees.

2025-03-312024-04-01falsefalsefalse14 July 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityGraeme ParkinsonMrs T Parkinson053334622024-04-012025-03-31053334622025-03-31053334622024-03-3105333462core:CurrentFinancialInstruments2025-03-3105333462core:CurrentFinancialInstruments2024-03-3105333462core:ShareCapital2025-03-3105333462core:ShareCapital2024-03-3105333462core:RetainedEarningsAccumulatedLosses2025-03-3105333462core:RetainedEarningsAccumulatedLosses2024-03-3105333462core:ShareCapitalOrdinaryShareClass12025-03-3105333462core:ShareCapitalOrdinaryShareClass12024-03-3105333462bus:Director12024-04-012025-03-3105333462core:PlantMachinery2024-04-012025-03-3105333462core:FurnitureFittings2024-04-012025-03-3105333462core:ComputerEquipment2024-04-012025-03-31053334622023-04-012024-03-31053334622024-03-3105333462bus:OrdinaryShareClass12024-04-012025-03-3105333462bus:OrdinaryShareClass12025-03-3105333462bus:OrdinaryShareClass12024-03-3105333462bus:PrivateLimitedCompanyLtd2024-04-012025-03-3105333462bus:FRS1022024-04-012025-03-3105333462bus:AuditExemptWithAccountantsReport2024-04-012025-03-3105333462bus:CompanySecretary12024-04-012025-03-3105333462bus:SmallCompaniesRegimeForAccounts2024-04-012025-03-3105333462bus:FullAccounts2024-04-012025-03-31xbrli:purexbrli:sharesiso4217:GBP