IRIS Accounts Production v23.3.0.418 05761704 Board of Directors 1.4.22 31.3.23 31.3.23 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure057617042022-03-31057617042023-03-31057617042022-04-012023-03-31057617042021-03-31057617042021-04-012022-03-31057617042022-03-3105761704ns16:EnglandWales2022-04-012023-03-3105761704ns15:PoundSterling2022-04-012023-03-3105761704ns11:Director12022-04-012023-03-3105761704ns11:PrivateLimitedCompanyLtd2022-04-012023-03-3105761704ns11:SmallEntities2022-04-012023-03-3105761704ns11:AuditExempt-NoAccountantsReport2022-04-012023-03-3105761704ns11:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3105761704ns11:SmallCompaniesRegimeForAccounts2022-04-012023-03-3105761704ns11:FullAccounts2022-04-012023-03-310576170412022-04-012023-03-3105761704ns11:OrdinaryShareClass12022-04-012023-03-3105761704ns11:Director22022-04-012023-03-3105761704ns11:RegisteredOffice2022-04-012023-03-3105761704ns6:CurrentFinancialInstruments2023-03-3105761704ns6:CurrentFinancialInstruments2022-03-3105761704ns6:Non-currentFinancialInstruments2023-03-3105761704ns6:Non-currentFinancialInstruments2022-03-3105761704ns6:ShareCapital2023-03-3105761704ns6:ShareCapital2022-03-3105761704ns6:RetainedEarningsAccumulatedLosses2023-03-3105761704ns6:RetainedEarningsAccumulatedLosses2022-03-3105761704ns6:NetGoodwill2022-04-012023-03-3105761704ns6:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3105761704ns6:PlantMachinery2022-04-012023-03-3105761704ns6:FurnitureFittings2022-04-012023-03-3105761704ns6:MotorVehicles2022-04-012023-03-3105761704ns6:ComputerEquipment2022-04-012023-03-3105761704ns6:NetGoodwill2022-03-3105761704ns6:NetGoodwill2023-03-3105761704ns6:NetGoodwill2022-03-3105761704ns6:PlantMachinery2022-03-3105761704ns6:FurnitureFittings2022-03-3105761704ns6:MotorVehicles2022-03-3105761704ns6:ComputerEquipment2022-03-3105761704ns6:PlantMachinery2023-03-3105761704ns6:FurnitureFittings2023-03-3105761704ns6:MotorVehicles2023-03-3105761704ns6:ComputerEquipment2023-03-3105761704ns6:PlantMachinery2022-03-3105761704ns6:FurnitureFittings2022-03-3105761704ns6:MotorVehicles2022-03-3105761704ns6:ComputerEquipment2022-03-3105761704ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-3105761704ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-3105761704ns6:DeferredTaxation2022-03-3105761704ns6:DeferredTaxation2022-04-012023-03-3105761704ns6:DeferredTaxation2023-03-3105761704ns11:OrdinaryShareClass12023-03-31
REGISTERED NUMBER: 05761704 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

CUT IT OUT LIMITED

CUT IT OUT LIMITED (REGISTERED NUMBER: 05761704)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


CUT IT OUT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr M J O'Neill
Mrs J O'Neill





REGISTERED OFFICE: Unit 2.02
High Weald House
Glovers End
Bexhill
East Sussex
TN39 5ES





REGISTERED NUMBER: 05761704 (England and Wales)





ACCOUNTANTS: Acuity Professional Partnership LLP
Unit 2.02
High Weald House
Glovers End
Bexhill
East Sussex
TN39 5ES

CUT IT OUT LIMITED (REGISTERED NUMBER: 05761704)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 8,626 10,426
8,626 10,426

CURRENT ASSETS
Stocks - 540
Debtors 6 6,116 -
Cash at bank 38,503 70,358
44,619 70,898
CREDITORS
Amounts falling due within one year 7 26,437 33,506
NET CURRENT ASSETS 18,182 37,392
TOTAL ASSETS LESS CURRENT
LIABILITIES

26,808

47,818

CREDITORS
Amounts falling due after more than one year 8 (25,000 ) (25,000 )

PROVISIONS FOR LIABILITIES 9 (1,639 ) (1,981 )
NET ASSETS 169 20,837

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 69 20,737
SHAREHOLDERS' FUNDS 169 20,837

CUT IT OUT LIMITED (REGISTERED NUMBER: 05761704)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2023 and were signed on its behalf by:





Mrs J O'Neill - Director


CUT IT OUT LIMITED (REGISTERED NUMBER: 05761704)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Cut It Out Limited 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.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

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.

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 - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

STOCKS
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.


CUT IT OUT LIMITED (REGISTERED NUMBER: 05761704)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
Cost
At 1 April 2022
and 31 March 2023 24,400
Amortisation
At 1 April 2022
and 31 March 2023 24,400
Net book value
At 31 March 2023 -
At 31 March 2022 -

CUT IT OUT LIMITED (REGISTERED NUMBER: 05761704)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
Cost
At 1 April 2022 414 18,430 6,000 4,687 29,531
Additions - 472 - - 472
At 31 March 2023 414 18,902 6,000 4,687 30,003
Depreciation
At 1 April 2022 181 10,380 4,034 4,510 19,105
Charge for year 58 1,694 393 127 2,272
At 31 March 2023 239 12,074 4,427 4,637 21,377
Net book value
At 31 March 2023 175 6,828 1,573 50 8,626
At 31 March 2022 233 8,050 1,966 177 10,426

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 6,116 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 2,788 5,282
Other creditors 23,649 28,224
26,437 33,506

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 25,000 25,000

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 5,000 5,000

CUT IT OUT LIMITED (REGISTERED NUMBER: 05761704)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 1,639 1,981

Deferred
tax
£   
Balance at 1 April 2022 1,981
Provided during year (342 )
Balance at 31 March 2023 1,639

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100