Registered number
04527097
John Cutmore Builds Ltd
Filleted Accounts
31 March 2023
John Cutmore Builds Ltd
Registered number: 04527097
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 198,717 273,445
Current assets
Stocks 326,344 317,040
Trade debtors 4 344,862 313,914
Cash at bank and in hand 118,265 35,713
789,471 666,667
Creditors: amounts falling due within one year 5 (292,599) (272,532)
Net current assets 496,872 394,135
Total assets less current liabilities 695,589 667,580
Creditors: amounts falling due after more than one year 6 (77,947) (107,088)
Provisions for liabilities (37,756) (18,901)
Net assets 579,886 541,591
Capital and reserves
Called up share capital 100 100
Profit and loss account 579,786 541,491
Shareholder's funds 579,886 541,591
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J Cutmore
Director
Approved by the board on 22 December 2023
John Cutmore Builds Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% reducing balaknce
Motor vehicles 25% reducing balance
Grant income
Covid grants recevied from the Local Authority and HMRC CJRS grants have been shown as other operating income within the profit & loss statement and have not been netted off.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 29 30
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 347,261 363,910 711,171
Additions 9,507 - 9,507
Disposals - (54,635) (54,635)
At 31 March 2023 356,768 309,275 666,043
Depreciation
At 1 April 2022 237,244 200,482 437,726
Charge for the year 29,542 36,247 65,789
On disposals - (36,189) (36,189)
At 31 March 2023 266,786 200,540 467,326
Net book value
At 31 March 2023 89,982 108,735 198,717
At 31 March 2022 110,017 163,428 273,445
4 Debtors 2023 2022
£ £
Trade debtors 51,023 117,747
Amounts owed by associated company 76,984 47,683
Director's current account 126,158 90,915
Other debtors 57,569 57,569
344,862 313,914
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 20,047 40,478
Trade creditors 106,380 176,440
Other taxes and social security costs 96,759 25,144
Accrued expenses 750 750
Other creditors 3,331 19,720
292,599 272,532
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,667 31,667
Obligations under finance lease and hire purchase contracts 56,280 75,421
77,947 107,088
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
J H Cutmore
Owed to company - 105,141 (40,800) 64,341
P C Cutmore
Owed to company 90,915 101,017 (130,115) 61,817
90,915 206,158 (170,915) 126,158
8 Controlling party
The company is controlled by the director, Mr J H Cutmore by virtue of his 51% shareholding.
9 Other information
John Cutmore Builds Ltd is a private company limited by shares and incorporated in England. Its registered office is:
15 Woodlands Business Park
Rougham Industrial Estate
Bury St Edmunds
Suffolk
IP30 9ND
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