3 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 22,625 3,427 26,052 14,279 1,432 15,711 10,341 8,346 xbrli:pure xbrli:shares iso4217:GBP 04333742 2023-01-01 2023-12-31 04333742 2023-12-31 04333742 2022-12-31 04333742 2022-01-01 2022-12-31 04333742 2022-12-31 04333742 2021-12-31 04333742 core:FurnitureFittings 2023-01-01 2023-12-31 04333742 bus:RegisteredOffice 2023-01-01 2023-12-31 04333742 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 04333742 bus:Director1 2023-01-01 2023-12-31 04333742 bus:Director2 2023-01-01 2023-12-31 04333742 bus:CompanySecretary1 2023-01-01 2023-12-31 04333742 core:FurnitureFittings 2022-12-31 04333742 core:FurnitureFittings 2023-12-31 04333742 core:WithinOneYear 2023-12-31 04333742 core:WithinOneYear 2022-12-31 04333742 core:ShareCapital 2023-12-31 04333742 core:ShareCapital 2022-12-31 04333742 core:RetainedEarningsAccumulatedLosses 2023-12-31 04333742 core:RetainedEarningsAccumulatedLosses 2022-12-31 04333742 core:FurnitureFittings 2022-12-31 04333742 bus:SmallEntities 2023-01-01 2023-12-31 04333742 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 04333742 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04333742 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04333742 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 04333742
The Cutting Rooms Limited
Filleted Unaudited Financial Statements
31 December 2023
The Cutting Rooms Limited
Financial Statements
Year Ended 31 December 2023
Contents
Page
Officers and Professional Advisers
1
Statement of Financial Position
2
Notes to the Financial Statements
4
The Cutting Rooms Limited
Officers and Professional Advisers
The Board of Directors
Mrs W D Thompson
Mr G R Thompson
Company Secretary
Mrs W D Thompson
Registered Office
41 Greek Street
Stockport
Cheshire
SK3 8AX
Accountants
Downham Mayer Clarke Limited
Chartered Accountants
41 Greek Street
Stockport
Cheshire
SK3 8AX
Bankers
Petty Cash
33 Wimborne Street
Dorchester
Dorsetshire
BA2 7PC
The Cutting Rooms Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
10,341
8,346
Current Assets
Stocks
2,321
1,993
Debtors
6
613
263
Cash at bank and in hand
10,500
16,094
--------
--------
13,434
18,350
Creditors: amounts falling due within one year
7
21,681
25,931
--------
--------
Net Current Liabilities
8,247
7,581
--------
-------
Total Assets Less Current Liabilities
2,094
765
-------
----
Net Assets
2,094
765
-------
----
Capital and Reserves
Called up share capital
100
100
Profit and loss account
1,994
665
-------
----
Shareholders Funds
2,094
765
-------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Cutting Rooms Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 28 March 2024 , and are signed on behalf of the board by:
Mrs W D Thompson
Director
Company registration number: 04333742
The Cutting Rooms Limited
Notes to the Financial Statements
Year Ended 31 December 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 41 Greek Street, Stockport, Cheshire, SK3 8AX.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 2 ).
5. Tangible Assets
Fixtures and fittings
Total
£
£
Cost
At 1 January 2023
22,625
22,625
Additions
3,427
3,427
--------
--------
At 31 December 2023
26,052
26,052
--------
--------
Depreciation
At 1 January 2023
14,279
14,279
Charge for the year
1,432
1,432
--------
--------
At 31 December 2023
15,711
15,711
--------
--------
Carrying amount
At 31 December 2023
10,341
10,341
--------
--------
At 31 December 2022
8,346
8,346
--------
--------
6. Debtors
2023
2022
£
£
Other debtors
613
263
----
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,690
10,119
Trade creditors
212
Corporation tax
3,949
3,048
Other creditors
967
967
Other creditors
9,863
11,797
--------
--------
21,681
25,931
--------
--------
8. Directors' Advances, Credits and Guarantees
There were no directors advances, credits or guarantees in the current or previous period.
9. Related Party Transactions
The company is controlled by GR & Mrs W D Thompson , directors, by virtue of their controlling interest. During the year dividends of £17,500 (2022 - £20,000) were paid to the directors.