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REGISTERED NUMBER: 04712302 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2023

for

Elite Cutters Ltd

Elite Cutters Ltd (Registered number: 04712302)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Elite Cutters Ltd

Company Information
for the Year Ended 31 July 2023







DIRECTORS: S R Watling
Mrs M P Watling
K S Watling





SECRETARY: Mrs M P Watling





REGISTERED OFFICE: The Robins
Pheasant Copse
Fleet
Hampshire
GU51 4LP





REGISTERED NUMBER: 04712302 (England and Wales)





ACCOUNTANTS: John Parratt Associates
94 Shortheath Road
Farnham
Surrey
GU9 8SQ

Elite Cutters Ltd (Registered number: 04712302)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 59,885 62,070

CURRENT ASSETS
Stocks 12,795 12,995
Debtors 5 134,547 182,606
Cash at bank 219,298 144,632
366,640 340,233
CREDITORS
Amounts falling due within one year 6 112,010 107,527
NET CURRENT ASSETS 254,630 232,706
TOTAL ASSETS LESS CURRENT
LIABILITIES

314,515

294,776

PROVISIONS FOR LIABILITIES 2,415 2,580
NET ASSETS 312,100 292,196

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 312,000 292,096
312,100 292,196

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

Elite Cutters Ltd (Registered number: 04712302)

Balance Sheet - continued
31 July 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2024 and were signed on its behalf by:





K S Watling - Director


Elite Cutters Ltd (Registered number: 04712302)

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

1. STATUTORY INFORMATION

Elite Cutters Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance, 25% on cost and 15% on reducing balance

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 Income Statement, 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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.

Elite Cutters Ltd (Registered number: 04712302)

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

2. ACCOUNTING POLICIES - continued

Going concern
The directors' of the Company are currently assessing the impact of COVID-19. The situation is evolving rapidly and it is not possible at this stage to determine with any certainty the impact on the Company. The directors are continually reviewing their plans and forecasts and believe that the going concern basis is appropriate for a period of at least 12 months from the date of approving these financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022 478,814
Additions 25,212
Disposals (45,614 )
At 31 July 2023 458,412
DEPRECIATION
At 1 August 2022 416,744
Charge for year 14,983
Eliminated on disposal (33,200 )
At 31 July 2023 398,527
NET BOOK VALUE
At 31 July 2023 59,885
At 31 July 2022 62,070

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 99,174 163,357
Other debtors 35,373 19,249
134,547 182,606

Elite Cutters Ltd (Registered number: 04712302)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade creditors 26,353 26,906
Taxation and social security 31,260 43,888
Other creditors 54,397 36,733
112,010 107,527