REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
Accurate Cutting Services Ltd |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
Accurate Cutting Services Ltd |
Accurate Cutting Services Ltd (Registered number: 00948502) |
Contents of the Financial Statements |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Accurate Cutting Services Ltd |
Company Information |
for the year ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
Estate House |
Evesham Street |
Redditch |
Worcestershire |
B97 4HP |
BANKERS: |
Church Green West |
Redditch |
Worcestershire |
B97 4EA |
Accurate Cutting Services Ltd (Registered number: 00948502) |
Abridged Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Revaluation reserve | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
Accurate Cutting Services Ltd (Registered number: 00948502) |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Accurate Cutting Services Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Accurate Cutting Services Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover represents amounts derived from the provision of goods and services falling within the company's ordinary activities, after deduction of trade discounts, value added tax and any other tax based on the amounts so derived. |
Tangible fixed assets |
Freehold property | - |
Electrical installations | - |
Office equipment | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are included in the financial statements at cost or valuation less depreciation or amortisation. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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. |
Accurate Cutting Services Ltd (Registered number: 00948502) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
Revaluations |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
Revaluation adjustments | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Accurate Cutting Services Ltd (Registered number: 00948502) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31 March 2024 is represented by: |
Totals |
£ |
Valuation in 2002 | 206,220 |
Valuation in 2006 | 165,000 |
Valuation in 2009 | (151,250 | ) |
Valuation in 2011 | (98,750 | ) |
Valuation in 2014 | 67,500 |
Valuation in 2015 | 127,500 |
Valuation in 2018 | 154,686 |
Valuation in 2021 | 150,000 |
Valuation in 2024 | 190,000 |
Cost | 2,703,107 |
3,514,013 |
If freehold properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 489,094 | 489,094 |
Aggregate depreciation | 176,691 | 167,835 |
Freehold properties were valued on an open market basis on 21 May 2024 by John Truslove Chartered Surveyors . |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 | 1 |
NET BOOK VALUE |
At 31 March 2024 | 1 |
At 31 March 2023 | 1 |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 250 | 250 |
'A' Ordinary | £1 | 500 | 500 |
750 | 750 |
Accurate Cutting Services Ltd (Registered number: 00948502) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
6. | CALLED UP SHARE CAPITAL - continued |
The shares shall have the following voting rights (whether at a general meeting or by way of a written resolution) |
The Ordinary Shares shall have three votes per share, and |
The 'A' Ordinary Shares shall have one vote per share. |
7. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2023 |
Revaluation of property |
Amortisation of revalued property | (10,620 | ) |
Deferred tax on revalued property | (36,631 | ) |
At 31 March 2024 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
10. | ULTIMATE CONTROLLING PARTY |
The company was controlled throughout the period by Mr M K Fleeming by virtue of his 60% share of the voting rights. |