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Registration number: 04751962

Cuff & Co Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Cuff & Co Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Cuff & Co Limited

Company Information

Director

Mr W J O Cuff

Registered office

The Mews
Waithe Lane Brigsley
Grimsby N.E Lincs
DN37 0RU

Bankers

National Westminster Bank
Victoria St. Grimsby
66 Victoria Street
Grimsby
N E Lincolnshire
DN31 1GA

 

Cuff & Co Limited

(Registration number: 04751962)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

-

299

Other financial assets

6

193,830

238,579

 

193,830

238,878

Current assets

 

Cash at bank and in hand

 

77,934

69,052

Creditors: Amounts falling due within one year

7

(7,513)

(18,915)

Net current assets

 

70,421

50,137

Total assets less current liabilities

 

264,251

289,015

Provisions for liabilities: Deferred tax

-

(1,359)

Net assets

 

264,251

287,656

Capital and reserves

 

Called up share capital

100

100

Other reserves

-

5,792

Profit and loss account

264,151

281,764

Total equity

 

264,251

287,656

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 Director acknowledges his 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 director on 16 February 2024
 

.........................................
Mr W J O Cuff
Director

 

Cuff & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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 Mews
Waithe Lane Brigsley
Grimsby N.E Lincs
DN37 0RU

These financial statements were authorised for issue by the director on 16 February 2024.

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 are prepared in sterling and rounded to the nearest whole pound.

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 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 represents the future tax consequences of transactions and events recognised in the financial statements of current and previous accounting 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 investments is measured using the rates and allowances that apply to the sale of the asset.
 

 

Cuff & Co Limited

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

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.

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

Improvements to leasehold property

20% straight line method

Fixtures and fittings

15% reducing balance method

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in the fair value recognised in profit or loss.

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 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.

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.

 

Cuff & Co Limited

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

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 1 (2022 - 1).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2022

30,000

30,000

At 31 May 2023

30,000

30,000

Amortisation

At 1 June 2022

30,000

30,000

At 31 May 2023

30,000

30,000

Carrying amount

At 31 May 2023

-

-

5

Tangible assets

Improvements to leasehold property
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

13,046

3,341

16,387

At 31 May 2023

13,046

3,341

16,387

Depreciation

At 1 June 2022

13,046

3,042

16,088

Charge for the year

-

299

299

At 31 May 2023

13,046

3,341

16,387

Carrying amount

At 31 May 2023

-

-

-

At 31 May 2022

-

299

299

 

Cuff & Co Limited

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

6

Investments

Investments at fair value through profit and loss
£

Cost or valuation

At 1 June 2022

238,579

Fair value adjustments

(2,197)

Additions

210,336

Disposals

(252,888)

At 31 May 2023

193,830

Carrying amount

At 31 May 2023

193,830

At 31 May 2022

238,579

The fair value of the investments has been determined by using the market value provided by the investment providers at the year end.

The change in fair value included in the profit and loss is a debit of £2,197 (2022: debit of £14,197).

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

3,638

2,256

Accruals and deferred income

2,413

1,900

Other creditors

1,462

14,759

7,513

18,915