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Registration number: 04562858

Cutler Communications Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Cutler Communications Solutions Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Cutler Communications Solutions Limited

(Registration number: 04562858)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

284,018

31,225

Current assets

 

Debtors

5

301,829

149,917

Cash at bank and in hand

 

85,060

575,632

 

386,889

725,549

Creditors: Amounts falling due within one year

6

(366,528)

(496,534)

Net current assets

 

20,361

229,015

Total assets less current liabilities

 

304,379

260,240

Creditors: Amounts falling due after more than one year

6

(62,416)

-

Provisions for liabilities

(9,768)

(5,749)

Net assets

 

232,195

254,491

Capital and reserves

 

Called up share capital

10,000

10,000

Retained earnings

222,195

244,491

Shareholders' funds

 

232,195

254,491

For the financial year ending 31 March 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 October 2023 and signed on its behalf by:
 

 

Cutler Communications Solutions Limited

(Registration number: 04562858)
Balance Sheet as at 31 March 2023

.........................................
Mr L Palmer
Director

.........................................
Mrs L Palmer
Director

 
     
 

Cutler Communications Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
The Point
Bradmarsh Business Park
Bradmarsh Way
Rotherham
South Yorkshire
S60 1BP

These financial statements were authorised for issue by the Board on 17 October 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

 

Cutler Communications Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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

Freehold property

2% straight line per annum

Plant and machinery

15% reducing balance per annum

Computer equipment

25% reducing balance per annum

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Cutler Communications Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

 

Cutler Communications Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2022 - 29).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

-

86,047

86,047

Additions

249,946

17,628

267,574

At 31 March 2023

249,946

103,675

353,621

Depreciation

At 1 April 2022

-

54,822

54,822

Charge for the year

4,998

9,783

14,781

At 31 March 2023

4,998

64,605

69,603

Carrying amount

At 31 March 2023

244,948

39,070

284,018

At 31 March 2022

-

31,225

31,225

Included within the net book value of land and buildings above is £244,948 (2022 - £Nil) in respect of freehold land and buildings.
 

 

Cutler Communications Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Debtors

2023
£

2022
£

Other debtors

1,001

37,368

Prepayments and accrued income

300,828

112,549

301,829

149,917

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

16,685

-

Trade creditors

 

8,217

482

Amounts owed to related parties

219,490

291,580

Taxation and social security

 

35,348

66,922

Income tax liability

 

39,040

98,765

Other creditors

 

3,069

-

Accrued expenses

 

44,679

38,785

 

366,528

496,534


Creditors include bank loans which are secured of £16,685 (2022 - £Nil).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

62,416

-

Creditors include bank loans which are secured of £62,416 (2022 - £Nil).

 

Cutler Communications Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

16,685

-

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

62,416

-

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £58,380 (2022 - £42,774).

9

Parent and ultimate parent undertaking

The company's immediate parent is Cutler Communications Holdings Limited, incorporated in England and Wales.

 The ultimate parent is Cutler SYH Ltd, incorporated in England and Wales.
 

Cutler SYH Ltd was incorporated on 27 February 2023 and purchased the shares in the previous ultimate parent company Cutler Communications Group Limited on 1 March 2023.