IRIS Accounts Production v24.1.0.578 SC197961 Board of Directors 1.1.23 31.12.23 31.12.23 true false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC1979612022-12-31SC1979612023-12-31SC1979612023-01-012023-12-31SC1979612021-12-31SC1979612022-01-012022-12-31SC1979612022-12-31SC197961ns15:Scotland2023-01-012023-12-31SC197961ns14:PoundSterling2023-01-012023-12-31SC197961ns10:Director12023-01-012023-12-31SC197961ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC197961ns10:SmallEntities2023-01-012023-12-31SC197961ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-31SC197961ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC197961ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC197961ns10:FullAccounts2023-01-012023-12-31SC197961ns10:OrdinaryShareClass12023-01-012023-12-31SC197961ns10:Director22023-01-012023-12-31SC197961ns10:Director32023-01-012023-12-31SC197961ns10:CompanySecretary12023-01-012023-12-31SC197961ns10:RegisteredOffice2023-01-012023-12-31SC197961ns5:CurrentFinancialInstruments2023-12-31SC197961ns5:CurrentFinancialInstruments2022-12-31SC197961ns5:ShareCapital2023-12-31SC197961ns5:ShareCapital2022-12-31SC197961ns5:RetainedEarningsAccumulatedLosses2023-12-31SC197961ns5:RetainedEarningsAccumulatedLosses2022-12-31SC197961ns5:PlantMachinery2022-12-31SC197961ns5:PlantMachinery2023-01-012023-12-31SC197961ns5:PlantMachinery2023-12-31SC197961ns5:PlantMachinery2022-12-31SC197961ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC197961ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC197961ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2023-12-31SC197961ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2022-12-31SC197961ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: SC197961 (Scotland)















Financial Statements for the Year Ended 31 December 2023

for

Cutting Underwater Technologies Ltd.

Cutting Underwater Technologies Ltd. (Registered number: SC197961)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Cutting Underwater Technologies Ltd.

Company Information
for the Year Ended 31 December 2023







DIRECTORS: L de Martino
C de Martino
G B Miller





SECRETARY: LC Secretaries Ltd





REGISTERED OFFICE: Ledingham Chalmers
Johnstone House
52-54 Rose Street
Aberdeen
AB10 1HA





REGISTERED NUMBER: SC197961 (Scotland)





ACCOUNTANTS: Tawse & Partners
Chartered Accountants
18 North Silver Street
Aberdeen
AB10 1JU

Cutting Underwater Technologies Ltd. (Registered number: SC197961)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 2,000,952 1,983,320

CURRENT ASSETS
Stocks 925,723 784,927
Debtors 6 1,288,573 1,007,163
Cash at bank and in hand 2,517,433 2,964,312
4,731,729 4,756,402
CREDITORS
Amounts falling due within one year 7 726,767 801,538
NET CURRENT ASSETS 4,004,962 3,954,864
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,005,914

5,938,184

PROVISIONS FOR LIABILITIES 325,472 165,626
NET ASSETS 5,680,442 5,772,558

CAPITAL AND RESERVES
Called up share capital 8 891,296 891,296
Retained earnings 4,789,146 4,881,262
SHAREHOLDERS' FUNDS 5,680,442 5,772,558

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Cutting Underwater Technologies Ltd. (Registered number: SC197961)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2024 and were signed on its behalf by:





L de Martino - Director


Cutting Underwater Technologies Ltd. (Registered number: SC197961)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Cutting Underwater Technologies Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The company's principal place of business is Aberdeen Science and Energy Park, Claymore Drive, Bridge of Don, Aberdeen, AB23 8GD.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There are no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated.

Preparation of consolidated financial statements
The financial statements contain information about Cutting Underwater Technologies Ltd. as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover and other income
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services
Turnover from our Diamond Wire Cutting services is recognised based on agreed daily rates for personnel, equipment and cuts whilst carrying out the clients agreed work scope. Days on site and number of cuts are agreed with the client before invoicing. Turnover in regards to engineering and design work are recognised with reference to agreed milestones, based on client agreed performance and/or timescales.

Rent receivable
Rental income is recognised based on quarterly rental periods, in accordance with property rental agreements.

Interest receivable
Interest income is recognised once it has been received by the company.

Cutting Underwater Technologies Ltd. (Registered number: SC197961)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery10 - 15 % reducing balance
Furniture, fixtures and equipment15 - 20% reducing balance
Motor vehiclesstraight line over 12 months

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Tangible fixed assets acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtor and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 27 ) .

Cutting Underwater Technologies Ltd. (Registered number: SC197961)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 5,982,578
Additions 264,320
Disposals (35,251 )
At 31 December 2023 6,211,647
DEPRECIATION
At 1 January 2023 3,999,258
Charge for year 243,788
Eliminated on disposal (32,351 )
At 31 December 2023 4,210,695
NET BOOK VALUE
At 31 December 2023 2,000,952
At 31 December 2022 1,983,320

6. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 972,057 474,233
Other debtors 315,938 520,381
1,287,995 994,614

Amounts falling due after more than one year:
Other debtors 578 12,549

Aggregate amounts 1,288,573 1,007,163

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 400,367 679,125
Taxation and social security 124,101 26,284
Other creditors 202,299 96,129
726,767 801,538

Cutting Underwater Technologies Ltd. (Registered number: SC197961)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
891,296 Ordinary £1 891,296 891,296

9. PENSION COMMITMENTS

At 31 December 2023 the company had pension commitments payable to a defined contribution scheme of £10,828 (2022 - £9,389), which are included in other creditors.

10. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £1,139,569 (2022 - £1,323,192).

11. ULTIMATE PARENT COMPANY

T S Tecnospamec s.r.l. (incorporated in Italy) is regarded by the directors as being the company's ultimate parent company.