2022-12-012023-11-302023-11-30false09318063CUTTS TRANSPORT 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CUTTS TRANSPORT LIMITED

Registered Number
09318063
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2023

CUTTS TRANSPORT LIMITED
Company Information
for the year from 1 December 2022 to 30 November 2023

Directors

Mr M P Cutts
Mr T B Cutts
Mrs L A Cutts
Mr D J Cutts

Registered Address

12 Tentercroft Street
Lincoln
LN5 7DB

Place of Business

7 Smithy Lane

Bigby

Barnetby

Lincolnshire

DN38 6ES


Registered Number

09318063 (England and Wales)
CUTTS TRANSPORT LIMITED
Balance Sheet as at
30 November 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets32,134,6361,184,858
2,134,6361,184,858
Current assets
Stocks436,43342,539
Debtors5529,178625,251
Cash at bank and on hand129,86672,741
695,477740,531
Creditors amounts falling due within one year6(919,077)(654,134)
Net current assets (liabilities)(223,600)86,397
Total assets less current liabilities1,911,0361,271,255
Creditors amounts falling due after one year7(889,800)(406,396)
Provisions for liabilities9(235,525)(184,197)
Net assets785,711680,662
Capital and reserves
Called up share capital150150
Profit and loss account785,561680,512
Shareholders' funds785,711680,662
The financial statements were approved and authorised for issue by the Board of Directors on 7 August 2024, and are signed on its behalf by:
Mr M P Cutts
Director
Registered Company No. 09318063
CUTTS TRANSPORT LIMITED
Notes to the Financial Statements
for the year ended 30 November 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Revenue from rendering of services
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
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.
Borrowing costs
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Current taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. 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
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 fixed assets and depreciation
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. 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:

Reducing balance (%)
Plant and machinery25
Vehicles20
Office Equipment33
Finance leases and hire purchase contracts
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation. Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Stocks and work in progress
Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Trade and other debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
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.
Trade and other creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Government grants or assistance
Government grants are accounted for using either the performance model or the accruals model, depending on the class of the grant. Income from grants classed under the performance model is recognised when any performance conditions are met, which may be immediately if there are no performance conditions. Income from grants classed under the accruals model is recognised systematically over the period in which related costs are recognised or, if related to an asset, over the useful life of that asset.
2.Average number of employees

20232022
Average number of employees during the year2823
3.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 December 2286,1331,361,05517,0271,464,215
Additions124,7641,170,5677,0101,302,341
Disposals-(357,723)-(357,723)
At 30 November 23210,8972,173,89924,0372,408,833
Depreciation and impairment
At 01 December 2225,344241,07212,941279,357
Charge for year13,41792,7504,450110,617
On disposals-(115,777)-(115,777)
At 30 November 2338,761218,04517,391274,197
Net book value
At 30 November 23172,1361,955,8546,6462,134,636
At 30 November 2260,7891,119,9834,0861,184,858
4.Stocks

2023

2022

££
Work in progress36,43342,539
Total36,43342,539
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables469,860527,556
Other debtors30,00053,309
Prepayments and accrued income29,31844,386
Total529,178625,251
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables106,73199,810
Bank borrowings and overdrafts10,00010,000
Taxation and social security67,62638,804
Finance lease and HP contracts455,809251,034
Other creditors272,807226,794
Accrued liabilities and deferred income6,10427,692
Total919,077654,134
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts15,00025,000
Other creditors874,800381,396
Total889,800406,396
8.Obligations under finance leases

2023

2022

££
Finance lease and HP contracts874,800381,396
HIre purchase contracts with a carrying amount of £1,330,609 (2022 - £632,430) are denominated in £ with a nominal interest rate of market rate. The final instalment is due on 27 January 2028. The final instalment dates vary amongst the borrowings, the date disclosed relates to the final date on the last borrowing agreement. The hire purchase liabilities are secured on the related assets.
9.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)235,525184,197
Total235,525184,197
10.Other commitments
Bank borrowings Bounce back loan is denominated in £ with a nominal interest rate of 2.5%. The final instalment is due on 11 May 2026. The carrying amount at year end is £25,000 (2022 - £35,000).