Registered number: 09439957 | ||||||||
FOR THE YEAR ENDED 31/03/2024 | ||||||||
Prepared By: | ||||||||
Samantha Kelly ACA | ||||||||
10 | ||||||||
Fernie FIelds | ||||||||
High Wycombe | ||||||||
Bucks | ||||||||
HP12 4SP |
Cutlist Limited | ||||||||
ACCOUNTS | ||||||||
FOR THE YEAR ENDED 31/03/2024 | ||||||||
DIRECTORS | ||||||||
REGISTERED OFFICE | ||||||||
Oxon | ||||||||
COMPANY DETAILS | ||||||||
Private company limited by shares registered in EW - England and Wales, registered number 09439957 | ||||||||
ACCOUNTANTS | ||||||||
Samantha Kelly ACA | ||||||||
10 | ||||||||
Fernie FIelds | ||||||||
High Wycombe | ||||||||
Bucks | ||||||||
HP12 4SP |
Cutlist Limited | ||||||||
ACCOUNTS | ||||||||
FOR THEYEARENDED31/03/2024 | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Directors' Report | - | |||||||
Accountants' Report | - | |||||||
Statement Of Comprehensive Income | - | |||||||
Balance Sheet | 3 | |||||||
Notes To The Accounts | 4 | |||||||
The following do not form part of the statutory financial statements: | ||||||||
Trading And Profit And Loss Account | - | |||||||
Profit And Loss Account Summaries | - |
Cutlist Limited | ||||||||
BALANCE SHEET AT | ||||||||||
2024 | 2023 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Intangible assets | 2 | |||||||||
Tangible assets | 3 | |||||||||
CURRENT ASSETS | ||||||||||
Stock | ||||||||||
Debtors | 5 | |||||||||
Cash at bank and in hand | ||||||||||
80,142 | 76,213 | |||||||||
CREDITORS: Amounts falling due within one year | 6 | |||||||||
NET CURRENT LIABILITIES | ( | (51,504) | ||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | ||||||||||
CREDITORS: Amounts falling due after more than one year | 7 | 6,549 | 26,555 | |||||||
NET ASSETS | ||||||||||
CAPITAL AND RESERVES | ||||||||||
Called up share capital | 9 | |||||||||
Profit and loss account | 7,433 | 41,448 | ||||||||
SHAREHOLDERS' FUNDS | ||||||||||
Approved by the board on | ||||||||||
............................. | ||||||||||
Director | ||||||||||
Cutlist Limited | ||||||||
NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 31/03/2024 | ||||||||||
1. ACCOUNTING POLICIES |
1a. Basis Of Accounting | ||||||||
The accounts have been prepared under the historical cost convention. | ||||||||
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 . |
1b. Depreciation | ||||||||
Short Leasehold Properties | reducing balance 15% | |||||||
Plant and Machinery | straight line 10 - 20% | |||||||
Commercial Vehicles | reducing balance 25% | |||||||
Fixtures and Fittings | reducing balance 15% | |||||||
Equipment | reducing balance 25% |
1c. Intangible Assets | ||||||||
Website development costs have been capitalised on the basis that the website will enable e-commerce and the directors have determined that it is probable that the expected future economic benefits that are attributable to the asset will flow to the company; and that the cost, or value, of the asset can be measured reliably | ||||||||
The asset will be amortised over it's expected useful life when it is brought into use. This is estimated to be 5 years |
1d. Stocks | ||||||||
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. | ||||||||
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs. |
1e. Pension Costs | ||||||||
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year. |
Cutlist Limited | ||||||||
1f. Basis Of Accounting FRS 1021 a | ||||||||
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A small entities. There were no material departures from that standard. | ||||||||
The currency in which the financial statements are presented is £ Sterling. |
1g. |
1h. Taxation | ||||||||
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Following the provisions of FRS102 Section 1A deferred tax is to be provided on fair value adjustments. Under other circumstances, deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and the carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
1i. Leases | ||||||||
Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet at their fair value and depreciated over their expected useful lives. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease. All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term. |
2. INTANGIBLE FIXED ASSETS | |||||||||
Development | |||||||||
Costs | Total | ||||||||
£ | £ | ||||||||
Cost | |||||||||
At 01/04/2023 | 8,891 | 8,891 | |||||||
Additions | 9,985 | 9,985 | |||||||
At 31/03/2024 | 18,876 | 18,876 | |||||||
Depreciation | |||||||||
For the year | 3,775 | 3,775 | |||||||
At 31/03/2024 | 3,775 | 3,775 | |||||||
Net Book Amounts | |||||||||
At 31/03/2024 | |||||||||
At 31/03/2023 | |||||||||
The company has committed to further expenditure of £6865 upon completion of the website development | |||||||||
Cutlist Limited | ||||||||
3. TANGIBLE FIXED ASSETS | ||||||||||||
Short Leasehold | Plant and | Commercial | Fixtures | |||||||||
Properties | Machinery | Vehicles | and Fittings | Equipment | Total | |||||||
£ | £ | £ | £ | £ | £ | |||||||
Cost | ||||||||||||
At 01/04/2023 | 5,045 | 156,306 | 44,038 | 5,198 | 10,588 | 221,175 | ||||||
Additions | 10,000 | - | - | 406 | 583 | 10,989 | ||||||
Disposals | (3,723) | (3,899) | (1,976) | - | (1,401) | (10,999) | ||||||
At 31/03/2024 | 11,322 | 152,407 | 42,062 | 5,604 | 9,770 | 221,165 | ||||||
Depreciation | ||||||||||||
At 01/04/2023 | 2,177 | 80,751 | 16,739 | 3,754 | 7,038 | 110,459 | ||||||
Disposals | (2,415) | (1,867) | (1,251) | - | (1,261) | (6,794) | ||||||
For the year | 931 | 16,749 | 9,383 | 989 | 2,182 | 30,234 | ||||||
At 31/03/2024 | 693 | 95,633 | 24,871 | 4,743 | 7,959 | 133,899 | ||||||
Net Book Amounts | ||||||||||||
At 31/03/2024 | 10,629 | 87,266 | ||||||||||
At 31/03/2023 | 2,868 | 110,716 | ||||||||||
4. STOCK | 2024 | 2023 | ||||
£ | £ | |||||
Stock comprises: | ||||||
Stock | ||||||
5. DEBTORS | 2024 | 2023 | ||||||
£ | £ | |||||||
Amounts falling due within one year | ||||||||
Trade debtors | 16,011 | 15,484 | ||||||
Amounts due from group companies | 12 | - | ||||||
Prepayments | 8,816 | 13,301 | ||||||
Directors current account | 711 | 711 | ||||||
Directors current account | 700 | 700 | ||||||
26,250 | 30,196 | |||||||
Cutlist Limited | ||||||||
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2024 | 2023 | |||||||
£ | £ | |||||||
UK corporation tax | - | 23,473 | ||||||
Other tax | 95 | 313 | ||||||
VAT | 12,563 | 13,942 | ||||||
Amounts due from group companies | - | 443 | ||||||
Loans | 12,257 | 13,562 | ||||||
Hire purchase | 7,075 | 8,445 | ||||||
Payments received on account | 4,108 | 5,634 | ||||||
Trade creditors | 129,540 | 59,574 | ||||||
Pension schemes | 1,338 | 1,827 | ||||||
Accruals | 1,451 | 504 | ||||||
168,427 | 127,717 | |||||||
7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||||||
2024 | 2023 | |||||||
£ | £ | |||||||
Loans >1yr | - | 12,257 | ||||||
Hire purchase >1yr | 6,549 | 14,298 | ||||||
6,549 | 26,555 | |||||||
8. EMPLOYEES | ||||||
2024 | 2023 | |||||
No. | No. | |||||
Average number of employees | 9 | |||||
9. SHARE CAPITAL | 2024 | 2023 | ||||||
£ | £ | |||||||
Allotted, issued and fully paid: | ||||||||
100 | 100 | |||||||
100 | 100 | |||||||
New shares issued during period: | ||||||||
100 | 100 | 100 | ||||||
Cutlist Limited | ||||||||
10. CONTROLLING PARTY | ||||||||
During the period to 31/3/24 the company was under the control of the Directors via their shareholdings in Hem Group Holdings Limited - the company's parent undertaking. | ||||||||
11. RELATED PARTY TRANSACTIONS | |||||||||||||||||||||||||||||||||||||
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12. FINANCIAL COMMITMENTS | ||||||||
Financial commitments in the coming year, guarantees and contingencies which are not included in the balance sheet amount to £25,400 (2023 £15,840) and are in relation to commitments under operating leases. | ||||||||