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Registration number: 01252491

Cutting Realisations Co. Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 September 2022 to 2 February 2023

 

Cutting Realisations Co. Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Cutting Realisations Co. Ltd

Company Information

Directors

S L Cutting

M J Cutting

C M Cutting

Company secretary

S L Cutting

Registered office

Suite 2 Stable Court
Hesslewood Country Office Park
Hessle
HU13 0LH

 

Cutting Realisations Co. Ltd

(Registration number: 01252491)
Balance Sheet as at 2 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,568

1,568

Current assets

 

Debtors

5

47,707

65,915

Cash at bank and in hand

 

878,705

952,245

 

926,412

1,018,160

Creditors: Amounts falling due within one year

6

(80,305)

(112,796)

Net current assets

 

846,107

905,364

Net assets

 

847,675

906,932

Capital and reserves

 

Called up share capital

7

2,000

2,000

Retained earnings

845,675

904,932

Shareholders' funds

 

847,675

906,932

For the financial period ending 2 February 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 period 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.

Approved and authorised by the Board on 6 November 2023 and signed on its behalf by:
 

.........................................
M J Cutting
Director

.........................................
C M Cutting
Director

 

Cutting Realisations Co. Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 2 February 2023

1

General information

The company is a private company limited by share capital incorporated in England & Wales and the company registration number is 01252491.

The address of its registered office is:
Suite 2 Stable Court
Hesslewood Country Office Park
Hessle
HU13 0LH

These financial statements were authorised for issue by the Board on 6 November 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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Going concern

The financial statements have not been prepared on a going concern basis as the company ceased to trade on 31 August 2022.

Revenue recognition

Turnover arises from the provision of services. Turnover is measured at the fair value of the consideration received or receivable and represents amounts forr the rendering of services in the normal course of business, net of discounts and other sales-related taxes.

Turnover from the provision of services is recognised when the service is performed.

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 of each of the companies activities.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

Tax

The tax expense for the period comprises 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.

 

Cutting Realisations Co. Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 2 February 2023

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 represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measure using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

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

Motor vehicles

25% reducing balance

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 the sale of goods and the provision of services in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. 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.

 

Cutting Realisations Co. Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 2 February 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.

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.

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 period, was 3 (2022 - 23).

 

Cutting Realisations Co. Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 2 February 2023

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

16,358

16,358

At 2 February 2023

16,358

16,358

Depreciation

At 1 September 2022

14,790

14,790

At 2 February 2023

14,790

14,790

Carrying amount

At 2 February 2023

1,568

1,568

At 31 August 2022

1,568

1,568

5

Debtors

Current

2023
£

2022
£

Trade debtors

-

2,762

Other debtors

47,707

63,153

 

47,707

65,915

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

-

2,220

Taxation and social security

 

63,006

75,929

Other creditors

 

302

9,144

Accruals and deferred income

 

5,633

15,835

Other borrowings

8

11,364

9,668

 

80,305

112,796

 

Cutting Realisations Co. Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 2 February 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,500

1,500

1,500

1,500

Ordinary shares of £1 each

250

250

250

250

Ordinary shares of £1 each

250

250

250

250

 

2,000

2,000

2,000

2,000

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

11,364

9,668

9

Related party transactions

Transactions with Directors

2023

At 1 September 2022
£

Advances to Director
£

Repayments by Director
£

At 2 February 2023
£

S L Cutting

Unsecured, interest free and repayable on demand

(21,384)

(13,752)

15,054

(20,082)

         
       

M J Cutting

Unsecured, interest free and repayable on demand

(9,665)

(18,862)

14,171

(14,356)

         
       

 

Other transactions with Directors

At the period end the directors owed the company £23,074 (2022: £21,382) in respect of a loan account balance. Loans made to the directors by the company are unsecured, interest free and repayable on demand.