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Registration number: 02887048

Precision Cutting Ltd.

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2021

 

Precision Cutting Ltd.

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Precision Cutting Ltd.

Company Information

Directors

L J Hornby-Gray

J F Hornby-Gray

Registered office

Unit 2 Sunset Farm Mayfield Road
Cross In Hand
Heathfield
East Sussex
TN21 0UJ

Accountants

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
BN1 5NP

 

Precision Cutting Ltd.

(Registration number: 02887048)
Balance Sheet as at 31 October 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

18,862

19,492

Current assets

 

Stocks

5

24,000

24,000

Debtors

6

231,101

124,508

Cash at bank and in hand

 

86,747

150,104

 

341,848

298,612

Creditors: Amounts falling due within one year

7

(136,954)

(139,617)

Net current assets

 

204,894

158,995

Total assets less current liabilities

 

223,756

178,487

Creditors: Amounts falling due after more than one year

7

(7,741)

(17,684)

Provisions for liabilities

(4,217)

(4,787)

Net assets

 

211,798

156,016

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

211,698

155,916

Shareholders' funds

 

211,798

156,016

For the financial year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Precision Cutting Ltd.

(Registration number: 02887048)
Balance Sheet as at 31 October 2021

Approved and authorised by the Board on 26 July 2022 and signed on its behalf by:



 

.........................................

J F Hornby-Gray

Director

 

Precision Cutting Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 2 Sunset Farm Mayfield Road
Cross In Hand
Heathfield
East Sussex
TN21 0UJ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Precision Cutting Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% on cost

Motor vehicles

25% reducing balance

Computer equipment

33% on cost

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Precision Cutting Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2020 - 11).

 

Precision Cutting Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2020

8,139

37,016

88,267

133,422

Additions

643

-

7,723

8,366

At 31 October 2021

8,782

37,016

95,990

141,788

Depreciation

At 1 November 2020

6,910

26,980

80,040

113,930

Charge for the year

829

2,509

5,658

8,996

At 31 October 2021

7,739

29,489

85,698

122,926

Carrying amount

At 31 October 2021

1,043

7,527

10,292

18,862

At 31 October 2020

1,229

10,036

8,227

19,492

5

Stocks

2021
£

2020
£

Other inventories

24,000

24,000

6

Debtors

2021
£

2020
£

Trade debtors

188,475

122,658

Prepayments

225

1,850

Other debtors

42,401

-

231,101

124,508

7

Creditors

Creditors: amounts falling due within one year

 

Precision Cutting Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

8

11,552

11,553

Trade creditors

 

72,343

39,098

Taxation and social security

 

43,977

70,665

Accruals and deferred income

 

6,100

5,324

Other creditors

 

2,982

12,977

 

136,954

139,617

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

8

7,741

17,684

8

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

7,741

17,684

2021
£

2020
£

Current loans and borrowings

Bank borrowings

11,552

11,553

9

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100