Cult Furniture Ltd

	Page
Strategic Report	1
Director's Report	2
Independent Auditor's Report	3—5
Profit and Loss Account	6
Statement of Comprehensive Income	7
Balance Sheet	8
Statement of Changes in Equity	9
Statement of Cash Flows	10
Notes to the Statement of Cash Flows	11
Notes to the Financial Statements	12—18

The director presents his strategic report for the year ended 31 December 2025.

Review of the Business

The Company continues to successfully attract new customers and continues to grow by serving its customers successfully by offering affordable designed furniture.

Financial key performance indicators

The company turnover for the year was £13,855,809 for the 12 months to 31st December 2025, significantly higher than the previous 12 months in the year despite difficult trading conditions.

The key performance indicators used by management are as follows:

	2025	2024
	£	£
Turnover	13,855,809	11,062,368
Gross profit	7,474,871	5,463,003
Gross profit margin	54%	49%
Profit before tax	1,186,773	62,103

Gross Profit increased to 54% from 49% last year and management are pleased with this performance given the current market challenges and it’s in the higher brackets for our industry.

The Directors are pleased with the Company's performance during the year. The successful execution of the Company's strategy, together with its ability to capitalise on emerging opportunities, has resulted in strong performance and has further advanced the Company towards the achievement of its long-term strategic objectives.

Principal Risks and Uncertainties

The principal risk to the company is the market risk. Changes in the market due to increased shipping costs, increased shipping times and changing environmental elements add uncertainty.

The other risk and uncertainties associated with an online furniture business is consistent stock availability of key products and launching new designs to keep attracting customers. Management work closely with various external partners to ensure that stock is always managed at optimum level and the product offering is updated regularly to develop a growing range of successful products.

The financial statements have been prepared on a going concern basis. The company has made a profit of £1,186,773 in the year. The directors have reviewed the company's forecast and projections, including assumptions concerning capital expenditure and expenditure commitments and their impact on cashflows and believe that the company has adequate financial resources.

Future Development & Outlook

The directors believe that the Company remains well positioned to grow its market position and will continue to invest in design, people and technology to remain at the forefront of the furniture sales sector. The company expects to grow the business in UK by adding new furniture categories and continue to launch its own exclusive designed products.

On behalf of the board

Mr Faisal Iqbal

Director

08/09/2026

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Cult Furniture Ltd

Company No. 07415993

Director's Report For The Year Ended 31 December 2025

Director's Report

The director presents his report and the financial statements for the year ended 31 December 2025.

Principal Activity

The company's principal activity continues to be the import and sale of furniture.

Directors

The director who held office during the year were as follows:

Mr Faisal Iqbal

Statement of Director's Responsibilities

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the director is required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Director's Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditors, RDH Accountants Ltd, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr Faisal Iqbal

Director

08/09/2026

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Independent Auditor's Report

to the Members of

Cult Furniture Ltd

Independent Auditor's Report

Opinion

We have audited the financial statements of Cult Furniture Ltd for the year ended 31 December 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit/(loss) for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records or returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

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Independent Auditor's Report (continued)

to the Members of

Cult Furniture Ltd

Responsibilities of Directors

As explained more fully in the Director's Responsibilities Statement set out on page 2, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks.

Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations. We considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure. Audit procedures performed by the engagement team included:

Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud; and

Assessment of identified fraud risk factors; and

Challenging assumptions and judgements made by management in its significant accounting estimates; and

Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and

Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transaction; and

Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
Identifying and testing journal entries, in particular any manual entries made at the year-end for financial statement preparation; and

Physical safeguarding controls for stock have been reviewed to ensure they are adequate for the business.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use Of Our Report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

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Independent Auditor's Report (continued)

to the Members of

Cult Furniture Ltd

Hemal Doshi (Senior Statutory Auditor)

for and on behalf of RDH Accountants Ltd , Statutory Auditor

08/09/2026

RDH Accountants Ltd

21 High Street

Harrow on the Hill

Middlesex

HA1 3HT

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Cult Furniture Ltd

Profit and Loss Account

For The Year Ended 31 December 2025

Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER	3	13,855,809	11,062,368
Cost of sales		(6,380,938 )	(5,599,364 )

GROSS PROFIT		7,474,871	5,463,004

Administrative expenses		(6,268,449 )	(5,393,050 )
Other operating income		27,911	-

OPERATING PROFIT	5	1,234,333	69,954
Other interest receivable and similar income	10	7,346	7,784
Interest payable and similar charges	11	(54,906 )	(15,635 )

PROFIT BEFORE TAXATION		1,186,773	62,103
Tax on Profit	12	(317,743 )	-

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		869,030	62,103

The notes on pages 11 to 18 form part of these financial statements.

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Cult Furniture Ltd

Statement of Comprehensive Income

For The Year Ended 31 December 2025

Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	869,030	62,103
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	869,030	62,103

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Cult Furniture Ltd

Balance Sheet

As At 31 December 2025

Balance Sheet

Registered number: 07415993

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	13		160,136		154,392
Tangible Assets	14		93,778		87,536

			253,914		241,928
CURRENT ASSETS
Stocks	15	1,802,897		1,678,895
Debtors	16	905,051		691,510
Cash at bank and in hand		1,889,696		664,784

		4,597,644		3,035,189
Creditors: Amounts Falling Due Within One Year	17	(2,931,240 )		(2,270,308 )

NET CURRENT ASSETS (LIABILITIES)			1,666,404		764,881

TOTAL ASSETS LESS CURRENT LIABILITIES			1,920,318		1,006,809

Creditors: Amounts Falling Due After More Than One Year	18		(181,000 )		-

PROVISIONS FOR LIABILITIES
Deferred Taxation	20		(63,479 )		-

NET ASSETS			1,675,839		1,006,809

CAPITAL AND RESERVES
Called up share capital	22		100		100
Profit and Loss Account			1,675,739		1,006,709

SHAREHOLDERS' FUNDS			1,675,839		1,006,809

On behalf of the board

Mr Faisal Iqbal

Director

08/09/2026

The notes on pages 11 to 18 form part of these financial statements.

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Cult Furniture Ltd

Statement of Changes in Equity

For The Year Ended 31 December 2025

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 January 2024	100	1,034,606	1,034,706
Profit for the year and total comprehensive income	-	62,103	62,103

Dividends paid	-	(90,000)	(90,000)

As at 31 December 2024 and 1 January 2025	100	1,006,709	1,006,809


Profit for the year and total comprehensive income	-	869,030	869,030

Dividends paid	-	(200,000)	(200,000)

As at 31 December 2025	100	1,675,739	1,675,839

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Cult Furniture Ltd

Statement of Cash Flows

For The Year Ended 31 December 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	1,635,448	1,073,142
Interest paid		(54,906 )	(15,635 )
Tax paid		(95,979 )	(214,213 )

Net cash generated from operating activities		1,484,563	843,294

Cash flows from investing activities
Purchase of intangible assets		(41,773 )	(140,439 )
Purchase of tangible assets		(58,495 )	(19,605 )
Interest received		7,346	7,784

Net cash used in investing activities		(92,922 )	(152,260 )

Cash flows from financing activities
Equity dividends paid		(170,000 )	(90,000 )
Repayment of bank borrowings		(131,689 )	(12,039 )
Proceeds from new other loans		181,000	-

Net cash used in financing activities		(120,689 )	(102,039 )



Increase in cash and cash equivalents		1,270,952	588,995
Cash and cash equivalents at beginning of year	2	664,784	115,768
Foreign exchange losses on cash and cash equivalents		(46,040 )	(39,979 )

Cash and cash equivalents at end of year	2	1,889,696	664,784

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Cult Furniture Ltd

Notes to the Statement of Cash Flows

For The Year Ended 31 December 2025

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024
	£	£
Profit for the financial year	869,030	62,103
Adjustments for:
Tax on profit	317,743	-
Interest expense	54,906	15,635
Interest income	(7,346 )	(7,784 )
Amortisation of intangible assets	36,029	9,056
Depreciation of tangible assets	52,253	56,885
Foreign exchange losses	46,040	39,979
Movements in working capital:
(Increase)/decrease in stocks	(124,002 )	116,959
(Increase)/decrease in trade and other debtors	(213,541 )	152,728
Increase in trade and other creditors	604,336	627,581

Net cash generated from operations	1,635,448	1,073,142

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	1,889,696	664,784

3. Analysis of changes in net funds

	As at 1 January 2025	Cash flows	As at 31 December 2025
	£	£	£
Cash at bank and in hand	664,784	1,224,912	1,889,696
Debts falling due within one year	(158,231 )	131,689	(26,542 )
Debts falling due after more than one year	-	(181,000)	(181,000)

	506,553	1,175,601	1,682,154

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Cult Furniture Ltd

Notes to the Financial Statements

For The Year Ended 31 December 2025

Notes to the Financial Statements

1. General Information

Cult Furniture Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07415993 . The registered office is 2G Union Court, 20-22 Union Road, London, SW4 6JP.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The financial statements are presented in pounds sterling, which is the company's functional and presentation currency, and are rounded to the nearest £1.

The financial statements have been prepared on the going concern basis. In making this assessment the director has considered the company's trading performance, cash position and available facilities for a period of at least twelve months from the date of approval of these financial statements, and has concluded that the company will be able to meet its liabilities as they fall due. Accordingly, no material uncertainties relating to going concern have been identified.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets comprise website development costs and software. These are stated at cost less accumulated amortisation and any accumulated impairment losses, and are amortised to the profit and loss account on a straight line basis over their estimated useful economic life of 5 years. Amortisation is charged to administrative expenses.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	Straight line over useful life of the lease
Plant & Machinery	25% Reducing balance
Motor Vehicles	20% Reducing balance
Fixtures & Fittings	25% Reducing balance
Computer Equipment	25% Reducing balance

2.5. Stocks and Work in Progress

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.6. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

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Cult Furniture Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.7. 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 in full. All of the company's financial instruments are classified as basic financial instruments.

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument, and are derecognised when the contractual rights to or obligations for the cash flows expire, are discharged or are cancelled.

Basic financial assets, including trade and other debtors and cash at bank and in hand, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, in which case they are measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Basic financial liabilities, including trade and other creditors, bank loans and overdrafts and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, in which case they are measured at the present value of the future payments discounted at a market rate of interest. Such liabilities are subsequently carried at amortised cost using the effective interest method.

2.8. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.9. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.10. Pensions

The company operates a defined contribution pension scheme. Contributions payable to the scheme are charged to the profit and loss account in the period to which they relate. Differences between contributions payable and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

2.11. Leases

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the term of the lease. Lease incentives are recognised over the lease term on a straight line basis.

3. Turnover

Turnover comprises revenue recognised by the company in respect of goods supplied during the year, exclusive of value added tax and trade discounts.

4. Other Operating Income

	2025	2024
	£	£
Other operating income	27,911	-

	27,911	-

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Cult Furniture Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

5. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Depreciation of tangible fixed assets	52,253	56,885
Amortisation of intangible fixed assets	36,029	9,056

6. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	12,275	11,850

7. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	2,030,666	1,927,627
Social security costs	228,739	186,658
Other pension costs	42,524	38,691

	2,301,929	2,152,976

8. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2025	2024
Office and administration	15	15
Sales, marketing and distribution	50	49

	65	64

9. Director's remuneration

	2025	2024
	£	£
Emoluments	25,000	16,713

10. Interest Receivable and Similar Income

	2025	2024
	£	£
Other interest receivable	7,346	7,784

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Cult Furniture Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

11. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	54,906	15,635

12. Tax on Profit

The tax charge on the profit for the year was as follows:

	Tax Rate		2025	2024
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	254,264	-
Deferred Tax
Deferred taxation			63,479	-


Total tax charge for the period			317,743	-

The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:

	2025	2024
	£	£
Profit before tax	1,186,773	62,103

Tax on profit at 25% (UK standard rate)	296,693	15,525
Goodwill/depreciation not allowed for tax	22,070	16,485
Expenses not deductible for tax purposes	-	718
Tax losses utilised	(39,432 )	(27,032 )
Capital allowances	(25,067 )	(5,696 )
Short term timing differences	63,479	-

Total tax charge for the period	317,743	-

13. Intangible Assets

	Website & Software
	£
Cost
As at 1 January 2025	201,394
Additions	41,773

As at 31 December 2025	243,167

Amortisation
As at 1 January 2025	47,002
Provided during the period	36,029

As at 31 December 2025	83,031

...CONTINUED

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Cult Furniture Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

Net Book Value
As at 31 December 2025	160,136

As at 1 January 2025	154,392

14. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost
As at 1 January 2025	93,761	252,274	13,748	30,623	390,406
Additions	44,750	13,745	-	-	58,495

As at 31 December 2025	138,511	266,019	13,748	30,623	448,901

Depreciation
As at 1 January 2025	40,975	226,503	6,856	28,536	302,870
Provided during the period	32,328	14,958	3,437	1,530	52,253

As at 31 December 2025	73,303	241,461	10,293	30,066	355,123

Net Book Value
As at 31 December 2025	65,208	24,558	3,455	557	93,778

As at 1 January 2025	52,786	25,771	6,892	2,087	87,536

15. Stocks

	2025	2024
	£	£
Stock	1,802,897	1,678,895

16. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	74,097	24,680
Other debtors	830,954	666,830

	905,051	691,510

17. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	453,619	420,447
Bank loans and overdrafts	26,542	158,231
Other creditors	1,345,584	1,020,238
Corporation tax	260,159	101,874
Taxation and social security	845,336	569,518

	2,931,240	2,270,308

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Cult Furniture Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

18. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Other loans	181,000	-

19. Loans

An analysis of the maturity of loans is given below:

	2025	2024
	£	£
Amounts falling due within one year or on demand:
Bank loans	26,542	158,231

	2025	2024
	£	£
Amounts falling due between one and five years:
Other loans	181,000	-

20. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	63,479	-

21. Provisions for Liabilities


	Deferred Tax	Total
	£	£
Additions	63,479	63,479

Balance at 31 December 2025	63,479	63,479

22. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
6,000 Ordinary A shares of £ 0.01 each	60	60
2,000 Ordinary B shares of £ 0.01 each	20	20
2,000 Ordinary C shares of £ 0.01 each	20	20

	100	100

23. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £42,524 (2024: £38,691).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

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Cult Furniture Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

24. Dividends

	2025	2024
	£	£
On equity shares:
Interim dividend paid	200,000	90,000

25. Related Party Disclosures

During the year, the company made purchases of £632 (2024: £NIL) from Boutique Camping Supplies Ltd, a company in which Faisal Iqbal is a director.

At the year end, other creditors include £178,759 (2024: £210,759) owed to Southwest Bars Ltd, a company of which Faisal Iqbal is also a director. The balance is unsecured, interest-free and repayable on demand, unless otherwise agreed.

Other creditors include loan funding of £181,000 (2024: £Nil) received from Iqbal Family SSAS, a small self administered pension scheme whose trustee include Mr Faisal Iqbal, a director of the company, and members of the director's close family. The SSAS is therefore considered a related party of the company.

The loan bears interest at 8% per annum, is repayable in accordance with an agreed repayment schedule and is secured by a charge over 80% of the company's issued share capital, comprising 6,000 Ordinary A Shares and 2,000 Ordinary B Shares.

26. Controlling Parties

The company's ultimate controlling party is Mr F Iqbal, Mrs R Iqbal and Miss T Witham by virtue of their interest in the share capital of the company.

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