Sub Cult Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08717326 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

SUB CULT LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

7

DIRECTORS:

Mr B Chancellor

Mr G O Phillips

Mrs L K Troughton

REGISTERED OFFICE:

19 Abbots Business Park

Primrose Hill

Kings Langley

Hertfordshire

WD4 8FR

REGISTERED NUMBER:

08717326 (England and Wales)

ACCOUNTANTS:

Beyond Accounting Limited

19 Abbots Business Park

Primrose Hill

Kings Langley

Hertfordshire

WD4 8FR

FIXED ASSETS

Tangible assets

4

12,017

16,021

Investments

5

100

-

12,117

16,021

CURRENT ASSETS

Stocks

6

379

588

Debtors

7

302,119

41,072

Cash at bank and in hand

-

298,965

302,498

340,625

CREDITORS

Amounts falling due within one year

8

114,699

27,814

NET CURRENT ASSETS

187,799

312,811

TOTAL ASSETS LESS CURRENT LIABILITIES

199,916

328,832

CAPITAL AND RESERVES

Called up share capital

190

190

Share premium

485,904

485,904

Retained earnings

(286,178

)

(157,262

)

SHAREHOLDERS' FUNDS

199,916

328,832

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2020 and were signed on its behalf by:

Mr G O Phillips - Director

1.	STATUTORY INFORMATION

Sub Cult Ltd. is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2019

11,762

7,552

14,656

1,448

35,418

Additions

210

180

-

-

390

At 31 March 2020

11,972

7,732

14,656

1,448

35,808

DEPRECIATION

At 1 April 2019

4,675

2,827

11,178

717

19,397

Charge for year

1,822

1,221

872

479

4,394

At 31 March 2020

6,497

4,048

12,050

1,196

23,791

NET BOOK VALUE

At 31 March 2020

5,475

3,684

2,606

252

12,017

At 31 March 2019

7,087

4,725

3,478

731

16,021

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

Additions

100

At 31 March 2020

100

NET BOOK VALUE

At 31 March 2020

100

6.

STOCKS

31.3.20

31.3.19

£

£

Stocks

379

588

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

-

1,410

Amounts owed by group undertakings

247,877

11,262

Other debtors

-

3,318

Value added tax

829

-

Deferred tax asset

53,413

20,082

Called up share capital not paid

-

5,000

302,119

41,072

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans and overdrafts

21,948

-

Trade creditors

10,235

14,447

Social security and other taxes

4,277

2,151

Value added tax

-

807

Other creditors

357

5,727

Directors' current accounts

77,382

832

Deferred income

-

2,350

Accruals

500

1,500

114,699

27,814

9.	RELATED PARTY DISCLOSURES

The company provided loans to Sub Cult (Watling St) Ltd, the subsidiary company, amounting to £271,088 and

was recharged costs amounting to £23,211 from Sub Cult (Watling St) Ltd during the year. The balance due from

Sub Cult (Watling St) Ltd as at 31 March 2020 amounted to £247,877.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Sub Cult Ltd. for the year ended 31 March 2020 which comprise the Income Statement, Balance

Sheet and the related notes from the company's accounting records and from information and explanations you have

given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Sub Cult Ltd., as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sub Cult Ltd. and state those matters that we have agreed to state to the Board of Directors of Sub Cult Ltd., as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Sub Cult Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Sub Cult Ltd.. You consider that Sub Cult Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Sub Cult Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Beyond Accounting Limited

19 Abbots Business Park

Primrose Hill

Kings Langley

Hertfordshire

WD4 8FR

17 December 2020