Company Registration No. SC657129 (Scotland)
THE CUTTING EDGE (CUPAR) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
THE CUTTING EDGE (CUPAR) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
56,000
64,000
Tangible assets
4
6,177
4,025
62,177
68,025
Current assets
Stocks
6,500
6,500
Debtors
5
4,195
72
Cash at bank and in hand
49,207
31,885
59,902
38,457
Creditors: amounts falling due within one year
6
(39,289)
(43,012)
Net current assets/(liabilities)
20,613
(4,555)
Total assets less current liabilities
82,790
63,470
Provisions for liabilities
7
(1,173)
(765)
Net assets
81,617
62,705
Capital and reserves
Called up share capital
8
500
500
Profit and loss reserves
81,117
62,205
Total equity
81,617
62,705

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

THE CUTTING EDGE (CUPAR) LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 October 2023 and are signed on its behalf by:
Mr S Honeyman
Director
Company Registration No. SC657129
THE CUTTING EDGE (CUPAR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

The Cutting Edge (Cupar) Limited is a private company limited by shares incorporated in Scotland. The registered office is 59 Bonnygate, CUPAR, Fife, UK, KY15 4BY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises the invoiced value of hairdressing and other beauty treatment services provided by the company, net of Value Added Tax and trade discounts.

 

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks and work in progress including short term contracts are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost comprises direct expenditure and an appropriate proportion of fixed and variable overheads.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.

THE CUTTING EDGE (CUPAR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts paid by the company to the funds in respect of the year.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
10
10
THE CUTTING EDGE (CUPAR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
80,000
Amortisation and impairment
At 1 July 2022
16,000
Amortisation charged for the year
8,000
At 30 June 2023
24,000
Carrying amount
At 30 June 2023
56,000
At 30 June 2022
64,000
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022
6,463
Additions
4,211
At 30 June 2023
10,674
Depreciation and impairment
At 1 July 2022
2,438
Depreciation charged in the year
2,059
At 30 June 2023
4,497
Carrying amount
At 30 June 2023
6,177
At 30 June 2022
4,025
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,195
72
THE CUTTING EDGE (CUPAR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
54
Corporation tax
7,012
7,872
Other taxation and social security
9,039
8,266
Other creditors
6,000
-
Directors current accounts
13,991
22,779
Accruals and deferred income
3,247
4,041
39,289
43,012
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
1,173
765
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
500 Ordinary shares of £1 each
500
500
2023-06-302022-07-01false23 October 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMrs L A HoneymanMr S HoneymanSC6571292022-07-012023-06-30SC6571292023-06-30SC6571292022-06-30SC657129core:NetGoodwill2023-06-30SC657129core:NetGoodwill2022-06-30SC657129core:OtherPropertyPlantEquipment2023-06-30SC657129core:OtherPropertyPlantEquipment2022-06-30SC657129core:CurrentFinancialInstruments2023-06-30SC657129core:CurrentFinancialInstruments2022-06-30SC657129core:ShareCapital2023-06-30SC657129core:ShareCapital2022-06-30SC657129core:RetainedEarningsAccumulatedLosses2023-06-30SC657129core:RetainedEarningsAccumulatedLosses2022-06-30SC657129bus:Director22022-07-012023-06-30SC657129core:Goodwill2022-07-012023-06-30SC657129core:PlantMachinery2022-07-012023-06-30SC6571292021-07-012022-06-30SC657129core:NetGoodwill2022-06-30SC657129core:NetGoodwill2022-07-012023-06-30SC657129core:OtherPropertyPlantEquipment2022-06-30SC657129core:OtherPropertyPlantEquipment2022-07-012023-06-30SC657129bus:PrivateLimitedCompanyLtd2022-07-012023-06-30SC657129bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-30SC657129bus:FRS1022022-07-012023-06-30SC657129bus:AuditExemptWithAccountantsReport2022-07-012023-06-30SC657129bus:Director12022-07-012023-06-30SC657129bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP