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Registration number: 10628702

Acumen CNC Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Acumen CNC Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Acumen CNC Ltd

Company Information

Directors

Mr D E G Lucken

Mr M Ellison

Registered office

8 St Martins Lane
Barnham
Thetford
Norfolk
IP24 2NQ

Accountants

Breckland Accountancy Ltd
64 Comfrey Way
Thetford
Norfolk
IP24 2UU

 

Acumen CNC Ltd

(Registration number: 10628702)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

12,638

38,720

Current assets

 

Stocks

5

2,700

2,400

Debtors

6

18,267

20,919

Cash at bank and in hand

 

6,910

5,436

 

27,877

28,755

Creditors: Amounts falling due within one year

7

(45,742)

(42,520)

Net current liabilities

 

(17,865)

(13,765)

Total assets less current liabilities

 

(5,227)

24,955

Creditors: Amounts falling due after more than one year

7

(17,241)

(27,381)

Net liabilities

 

(22,468)

(2,426)

Capital and reserves

 

Called up share capital

8

10

10

Retained earnings

(22,478)

(2,436)

Shareholders' deficit

 

(22,468)

(2,426)

For the financial year ending 28 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 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 29 November 2023 and signed on its behalf by:
 

.........................................
Mr M Ellison
Director

 

Acumen CNC Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
8 St Martins Lane
Barnham
Thetford
Norfolk
IP24 2NQ

The principal place of business is:
7 Napier Place
Stephenson Way Ind. Estate
Thetford
Norfolk
IP24 3RL

These financial statements were authorised for issue by the Board on 29 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.

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.

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.

 

Acumen CNC Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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

20% straight line

Office equipment

25% straight line

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.

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

 

Acumen CNC Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

3

Staff numbers

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

 

Acumen CNC Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

5,062

124,731

129,793

At 28 February 2023

5,062

124,731

129,793

Depreciation

At 1 March 2022

2,715

88,358

91,073

Charge for the year

1,136

24,946

26,082

At 28 February 2023

3,851

113,304

117,155

Carrying amount

At 28 February 2023

1,211

11,427

12,638

At 28 February 2022

2,347

36,373

38,720

5

Stocks

2023
£

2022
£

Other inventories

2,700

2,400

6

Debtors

Current

2023
£

2022
£

Trade debtors

17,141

20,209

Prepayments

1,126

710

 

18,267

20,919

7

Creditors

Creditors: amounts falling due within one year

 

Acumen CNC Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

10,273

16,913

trade creditors

 

9,854

11,539

Taxation and social security

 

4,548

3,058

Accruals and deferred income

 

1,530

1,530

Other creditors

 

19,537

9,480

 

45,742

42,520

 

Acumen CNC Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

17,241

27,381

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

10

10

10

10

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

9,611

13,478

Hire purchase contracts

7,630

13,903

17,241

27,381

2023
£

2022
£

Current loans and borrowings

Bank borrowings

4,000

4,000

Hire purchase contracts

6,273

12,913

10,273

16,913

10

Related party transactions

 

Acumen CNC Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

71,000

49,000