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Registration number: 04711744

Cutting Bar Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Cutting Bar Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Cutting Bar Limited

(Registration number: 04711744)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

292,439

375,735

Current assets

 

Stocks

7

109,950

101,240

Debtors

8

211,052

190,030

Cash at bank and in hand

 

3,139,479

2,736,308

 

3,460,481

3,027,578

Creditors: Amounts falling due within one year

9

(542,940)

(437,029)

Net current assets

 

2,917,541

2,590,549

Total assets less current liabilities

 

3,209,980

2,966,284

Provisions for liabilities

-

(6,411)

Net assets

 

3,209,980

2,959,873

Capital and reserves

 

Called up share capital

16

16

Retained earnings

3,209,964

2,959,857

Shareholders' funds

 

3,209,980

2,959,873

 

Cutting Bar Limited

(Registration number: 04711744)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 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 30 July 2024
 

.........................................
Mr Roderick Anthony Griffin
Director

 

Cutting Bar Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
33 The Kennet Centre
Newbury
Berkshire
RG14 5EN
England

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of hairdressing. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

Cutting Bar Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Fixtures and fittings

25% reducing balance basis

Plant and equipment

25% reducing balance basis

Leasehold improvements

10% straight line basis

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Cutting Bar Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Taxation

2024

2023

£

£

Corporation tax

161,152

86,560

Deferred tax

(6,411)

(12,324)

154,741

74,236

4

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 118 (2023 - 117).

 

Cutting Bar Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

1,876

1,876

At 31 March 2024

1,876

1,876

Amortisation

At 1 April 2023

1,876

1,876

At 31 March 2024

1,876

1,876

Carrying amount

At 31 March 2024

-

-

6

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

687,803

269,473

51,353

1,008,629

Additions

-

-

1,942

1,942

At 31 March 2024

687,803

269,473

53,295

1,010,571

Depreciation

At 1 April 2023

386,395

197,471

49,028

632,894

Charge for the year

66,446

18,001

791

85,238

At 31 March 2024

452,841

215,472

49,819

718,132

Carrying amount

At 31 March 2024

234,962

54,001

3,476

292,439

At 31 March 2023

301,408

72,002

2,325

375,735

Included within the net book value of land and buildings above is £234,962 (2023 - £301,408) in respect of freehold land and buildings.
 

 

Cutting Bar Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Stocks

2024
£

2023
£

Other inventories

109,950

101,240

8

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

11

26

2,142

Prepayments

 

181,633

157,422

Other debtors

 

29,393

30,466

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

3,035

2,580

Taxation and social security

 

360,530

275,312

Other creditors

 

179,375

159,137

 

542,940

437,029

 

Cutting Bar Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,716,943 (2023 - £2,269,648).

11

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr Roderick Anthony Griffin

12,091

658,302

(650,000)

20,393

         
       

 

Summary of transactions with subsidiaries

During the peiord the company had an interest free loan account with Roderick Anthony Limited (a company under common control). At the balance sheet dated the amount due from Roderick Anthony Limited was £26 (2023 - £2,142).