Cactus Tongue Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 08312643 (England and Wales)

Cactus Tongue Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr J D Taylor

Mr P R Haycocks

REGISTERED OFFICE:

Lakeside Offices

The Old Cattle Market

Coronation Park

Helston

Cornwall

TR13 0SR

REGISTERED NUMBER:

08312643 (England and Wales)

ACCOUNTANTS:

Atkins Ferrie Chartered Accountants

Lakeside Offices

The Old Cattle Market

Coronation Park

Helston

Cornwall

TR13 0SR

BANKERS:

National Westminster Bank plc

29-30 Market Street

Falmouth

Cornwall

TR11 3AH

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

547

643

547

643

CURRENT ASSETS

Stocks

13,191

15,489

Debtors

6

4,519

12,259

Cash at bank

6,464

242

24,174

27,990

CREDITORS

Amounts falling due within one year

7

9,037

19,478

NET CURRENT ASSETS

15,137

8,512

TOTAL ASSETS LESS CURRENT LIABILITIES

15,684

9,155

CREDITORS

Amounts falling due after more than one year

8

15,000

15,000

NET ASSETS/(LIABILITIES)

684

(5,845

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

584

(5,945

)

SHAREHOLDERS' FUNDS

684

(5,845

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 23 November 2022 and were signed on its behalf by:

Mr J D Taylor - Director

1.	STATUTORY INFORMATION

Cactus Tongue 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover consists of the sale of goods, and is recognised when goods have been delivered which is when the risks and rewards of ownership have been transferred.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intellectual Property are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Stocks

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

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Intellectual

Property

£

COST

At 1 April 2021

and 31 March 2022

7,424

AMORTISATION

At 1 April 2021

and 31 March 2022

7,424

NET BOOK VALUE

At 31 March 2022

-

At 31 March 2021

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2021

and 31 March 2022

2,360

DEPRECIATION

At 1 April 2021

1,717

Charge for year

96

At 31 March 2022

1,813

NET BOOK VALUE

At 31 March 2022

547

At 31 March 2021

643

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

4,252

5,211

Other debtors

267

7,048

4,519

12,259

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

-

8,784

Trade creditors

29

3,342

Taxation and social security

1,854

-

Other creditors

7,154

7,352

9,037

19,478

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Other creditors

15,000

15,000