Cutting Edge Stuff Limited 10453288 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is retail sales Digita Accounts Production Advanced 6.30.9574.0 true true 10453288 2022-04-01 2023-03-31 10453288 2023-03-31 10453288 bus:OrdinaryShareClass1 2023-03-31 10453288 bus:Original 2023-03-31 10453288 core:CurrentFinancialInstruments 2023-03-31 10453288 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 10453288 core:OtherPropertyPlantEquipment 2023-03-31 10453288 bus:SmallEntities 2022-04-01 2023-03-31 10453288 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 10453288 bus:FullAccounts 2022-04-01 2023-03-31 10453288 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 10453288 bus:RegisteredOffice 2022-04-01 2023-03-31 10453288 bus:Director1 2022-04-01 2023-03-31 10453288 bus:Director2 2022-04-01 2023-03-31 10453288 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 10453288 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10453288 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 10453288 core:PlantMachinery 2022-04-01 2023-03-31 10453288 countries:England 2022-04-01 2023-03-31 10453288 2022-03-31 10453288 core:OtherPropertyPlantEquipment 2022-03-31 10453288 2021-04-01 2022-03-31 10453288 2022-03-31 10453288 bus:OrdinaryShareClass1 2022-03-31 10453288 core:CurrentFinancialInstruments 2022-03-31 10453288 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 10453288 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10453288

Cutting Edge Stuff Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Cutting Edge Stuff Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Cutting Edge Stuff Limited

Company Information

Directors

Mrs L S Budiartini

Mr A Austin

Registered office

Lytchett House
13 Freeland Park
Wareham Road
Lytchett Matravers
Dorset
BH16 6FA

Accountants

PGD Accountants
26 Spinney Close
Roundswell
Barnstaple
Devon
EX31 3RT

 

Cutting Edge Stuff Limited

(Registration number: 10453288)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

767

173

Current assets

 

Stocks

5

36,408

52,187

Debtors

6

1,283

-

Cash at bank and in hand

 

10,459

5,944

 

48,150

58,131

Creditors: Amounts falling due within one year

7

(40,334)

(36,770)

Net current assets

 

7,816

21,361

Net assets

 

8,583

21,534

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

8,582

21,533

Shareholders' funds

 

8,583

21,534

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 November 2023 and signed on its behalf by:
 

.........................................
Mr A Austin
Director

 

Cutting Edge Stuff 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.

The address of its registered office is:
Lytchett House
13 Freeland Park
Wareham Road
Lytchett Matravers
Dorset
BH16 6FA

These financial statements were authorised for issue by the Board on 28 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.

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.

Tax

The tax expense for the period comprises current 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.

 

Cutting Edge Stuff Limited

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

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

15% 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.

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.

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.

 

Cutting Edge Stuff Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Cutting Edge Stuff Limited

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

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

384

384

Additions

729

729

At 31 March 2023

1,113

1,113

Depreciation

At 1 April 2022

211

211

Charge for the year

135

135

At 31 March 2023

346

346

Carrying amount

At 31 March 2023

767

767

At 31 March 2022

173

173

5

Stocks

2023
£

2022
£

Other inventories

36,408

52,187

6

Debtors

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

39,614

34,732

Taxation and social security

 

-

1,283

Accruals and deferred income

 

720

755

 

40,334

36,770

8

Share capital

Allotted, called up and fully paid shares

 

Cutting Edge Stuff Limited

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

 

2023

2022

 

No.

£

No.

£

Ordinary share class 1 of £1 each

1

1

1

1

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

39,614

34,732

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £8,000.00 (2022 - £8,000.00) per ordinary share

 

8,000

 

8,000

         

11

Related party transactions

 

Cutting Edge Stuff Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

9,833

8,844