Sub Cult Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 08717326 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

FOR

SUB CULT LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

8

DIRECTORS:

Mr B Chancellor

Mr G O Phillips

Mr A M Hyman

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

33,396

7,663

CURRENT ASSETS

Stocks

5

2,100

-

Debtors

6

33,057

7,776

Cash in hand

250

-

35,407

7,776

CREDITORS

Amounts falling due within one year

7

45,252

32,079

NET CURRENT LIABILITIES

(9,845

)

(24,303

)

TOTAL ASSETS LESS CURRENT LIABILITIES

23,551

(16,640

)

CAPITAL AND RESERVES

Called up share capital

125

100

Share premium

95,969

14,994

Retained earnings

(72,543

)

(31,734

)

SHAREHOLDERS' FUNDS

23,551

(16,640

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 30 April 2018 and were signed on its behalf by:

Mr B Chancellor - Director

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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Short leasehold

-

Straight line over period of lease

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 4 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 April 2017

-

2,632

-

Additions

25,561

6,781

7,552

At 31 March 2018

25,561

9,413

7,552

DEPRECIATION

At 1 April 2017

-

1,152

-

Charge for year

10,650

1,496

1,251

At 31 March 2018

10,650

2,648

1,251

NET BOOK VALUE

At 31 March 2018

14,911

6,765

6,301

At 31 March 2017

-

1,480

-

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2017

14,656

-

17,288

Additions

-

1,088

40,982

At 31 March 2018

14,656

1,088

58,270

DEPRECIATION

At 1 April 2017

8,473

-

9,625

Charge for year

1,546

306

15,249

At 31 March 2018

10,019

306

24,874

NET BOOK VALUE

At 31 March 2018

4,637

782

33,396

At 31 March 2017

6,183

-

7,663

5.

STOCKS

31.3.18

31.3.17

£

£

Stocks

2,100

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

1,509

4,206

Other debtors

4,534

-

Directors' current accounts

-

3,570

Deferred tax asset

4,918

-

Prepayments

22,096

-

33,057

7,776

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans and overdrafts

7,363

8,500

Trade creditors

15,644

7,339

Social security and other taxes

3,033

213

Value added tax

8,691

12,108

Other creditors

6,998

1,924

Directors' current accounts

416

-

Accruals

3,107

1,995

45,252

32,079

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2018 and

31 March 2017:

31.3.18

31.3.17

£

£

Mr B Chancellor

Balance outstanding at start of year

1,785

-

Amounts advanced

-

1,785

Amounts repaid

(1,785

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

1,785

Mr G O Phillips

Balance outstanding at start of year

1,785

-

Amounts advanced

-

1,785

Amounts repaid

(1,785

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

1,785

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 2018 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

30 April 2018