Company registration number 01871250 (England and Wales)
FINE CUT GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
FINE CUT GROUP LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
FINE CUT GROUP LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mrs C E Tyler
Mr P R Tyler
Secretary
Mrs C E Tyler
Company number
01871250
Registered office
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
Accountants
TC Group
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
FINE CUT GROUP LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
30 September 2023
- 2 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
143,917
186,760
Tangible assets
4
1,688,446
1,781,581
Investments
5
1
1
1,832,364
1,968,342
Current assets
Stocks
168,161
189,181
Debtors
6
391,691
569,700
Cash at bank and in hand
651,136
484,458
1,210,988
1,243,339
Creditors: amounts falling due within one year
7
(566,876)
(722,759)
Net current assets
644,112
520,580
Total assets less current liabilities
2,476,476
2,488,922
Creditors: amounts falling due after more than one year
8
(58,424)
(121,032)
Net assets
2,418,052
2,367,890
Capital and reserves
Called up share capital
9
15,636
15,636
Share premium account
61,544
61,544
Revaluation reserve
303,792
340,348
Profit and loss reserves
2,037,080
1,950,362
Total equity
2,418,052
2,367,890
FINE CUT GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023
30 September 2023
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 7 March 2024 and are signed on its behalf by:
Mr P R Tyler
Director
Company Registration No. 01871250
The notes on pages 4 to 10 form part of these financial statements
FINE CUT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
1
Accounting policies
Company information

Fine Cut Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Courtyard, Shoreham Road, Upper Beeding, Steyning, West Sussex, BN44 3TN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% on straight line
Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on cost and over the term of the lease
FINE CUT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

 

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

1.9
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

FINE CUT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

FINE CUT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 7 -
Deferred tax

Deferred tax has not been provided in these accounts as, in the opinion of the directors, there is reasonable probability that the liability will not arise in the foreseeable future. This does not comply with Section 1A ''Small Entities'' of Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland''. If full provision for deferred tax was made in these accounts, there would be a liability at 30 September 2023 £420,134 (2022: £336,902).

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
39
44
FINE CUT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2022 and 30 September 2023
513,060
Amortisation and impairment
At 1 October 2022
326,300
Amortisation charged for the year
42,843
At 30 September 2023
369,143
Carrying amount
At 30 September 2023
143,917
At 30 September 2022
186,760
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 October 2022
2,453,532
102,982
32,995
2,589,509
Additions
233,995
9,912
-
0
243,907
Disposals
(131,024)
-
0
-
0
(131,024)
At 30 September 2023
2,556,503
112,894
32,995
2,702,392
Depreciation and impairment
At 1 October 2022
722,029
69,862
16,037
807,928
Depreciation charged in the year
242,823
8,900
5,958
257,681
Eliminated in respect of disposals
(51,663)
-
0
-
0
(51,663)
At 30 September 2023
913,189
78,762
21,995
1,013,946
Carrying amount
At 30 September 2023
1,643,314
34,132
11,000
1,688,446
At 30 September 2022
1,731,503
33,120
16,958
1,781,581
FINE CUT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 9 -
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
317,122
453,645
Corporation tax recoverable
-
0
23,072
Other debtors
24,202
25,700
Prepayments and accrued income
50,367
67,283
391,691
569,700
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,648
10,648
Obligations under finance leases
52,781
65,437
Trade creditors
347,835
252,887
Corporation tax
38,821
32,511
Other taxation and social security
56,081
56,860
Other creditors
16,632
256,904
Accruals and deferred income
44,078
47,512
566,876
722,759
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
16,799
26,627
Obligations under finance leases
41,625
94,405
58,424
121,032
FINE CUT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 10 -
9
Called up share capital
2023
2022
£
£
Ordinary share capital
1 A Ordinary share of £1 each
1
1
1 B Ordinary share of £1 each
1
1
1 C Ordinary share of £1 each
1
1
1 D Ordinary share of £1 each
1
1
15,086 Ordinary share of £1 each
15,086
15,086
546 Ordinary share non voting of £1 each
546
546
15,636
15,636
10
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
462,000
550,000
2023-09-302022-10-01false07 March 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr P R TylerMr Peter R TylerMrs C E Tylerfalse018712502022-10-012023-09-3001871250bus:CompanySecretaryDirector12022-10-012023-09-3001871250bus:Director12022-10-012023-09-3001871250bus:CompanySecretary12022-10-012023-09-3001871250bus:Director22022-10-012023-09-3001871250bus:RegisteredOffice2022-10-012023-09-30018712502023-09-30018712502022-09-3001871250core:NetGoodwill2023-09-3001871250core:NetGoodwill2022-09-3001871250core:PlantMachinery2023-09-3001871250core:FurnitureFittings2023-09-3001871250core:MotorVehicles2023-09-3001871250core:PlantMachinery2022-09-3001871250core:FurnitureFittings2022-09-3001871250core:MotorVehicles2022-09-3001871250core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3001871250core:CurrentFinancialInstrumentscore:WithinOneYear2022-09-3001871250core:Non-currentFinancialInstrumentscore:AfterOneYear2023-09-3001871250core:Non-currentFinancialInstrumentscore:AfterOneYear2022-09-3001871250core:CurrentFinancialInstruments2023-09-3001871250core:CurrentFinancialInstruments2022-09-3001871250core:Non-currentFinancialInstruments2023-09-3001871250core:Non-currentFinancialInstruments2022-09-3001871250core:ShareCapital2023-09-3001871250core:ShareCapital2022-09-3001871250core:SharePremium2023-09-3001871250core:SharePremium2022-09-3001871250core:RevaluationReserve2023-09-3001871250core:RevaluationReserve2022-09-3001871250core:RetainedEarningsAccumulatedLosses2023-09-3001871250core:RetainedEarningsAccumulatedLosses2022-09-3001871250core:ShareCapitalOrdinaryShares2023-09-3001871250core:ShareCapitalOrdinaryShares2022-09-3001871250core:Goodwill2022-10-012023-09-3001871250core:PlantMachinery2022-10-012023-09-3001871250core:FurnitureFittings2022-10-012023-09-3001871250core:MotorVehicles2022-10-012023-09-30018712502021-10-012022-09-3001871250core:NetGoodwill2022-09-3001871250core:NetGoodwill2022-10-012023-09-3001871250core:PlantMachinery2022-09-3001871250core:FurnitureFittings2022-09-3001871250core:MotorVehicles2022-09-30018712502022-09-3001871250bus:PrivateLimitedCompanyLtd2022-10-012023-09-3001871250bus:SmallCompaniesRegimeForAccounts2022-10-012023-09-3001871250bus:FRS1022022-10-012023-09-3001871250bus:AuditExemptWithAccountantsReport2022-10-012023-09-3001871250bus:FullAccounts2022-10-012023-09-30xbrli:purexbrli:sharesiso4217:GBP