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REGISTERED NUMBER: 00948502 (England and Wales)















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: M K Fleeming
G R Fleeming
B Pritchard



SECRETARY: G R Fleeming



REGISTERED OFFICE: Unit 44 Crossgate Road
Park Farm Industrial Estate
Redditch
Worcestershire
B98 7SN



REGISTERED NUMBER: 00948502 (England and Wales)



AUDITORS: Derek Young & Co Accountants LLP
Statutory Auditors
Chartered Accountants
Estate House
Evesham Street
Redditch
Worcestershire
B97 4HP



BANKERS: HSBC Bank plc
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 1,502,206 1,310,501
Investments 5 1 1
1,502,207 1,310,502

CURRENT ASSETS
Stocks 426,338 613,464
Debtors 565,179 509,992
Cash at bank and in hand 888,520 768,312
1,880,037 1,891,768
CREDITORS
Amounts falling due within one year 528,580 534,116
NET CURRENT ASSETS 1,351,457 1,357,652
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,853,664

2,668,154

PROVISIONS FOR LIABILITIES 180,209 132,283
NET ASSETS 2,673,455 2,535,871

CAPITAL AND RESERVES
Called up share capital 6 750 750
Revaluation reserve 7 968,074 825,324
Retained earnings 1,704,631 1,709,797
SHAREHOLDERS' FUNDS 2,673,455 2,535,871

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 20 August 2024 and were signed on its behalf by:





M K Fleeming - Director


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 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 as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Electrical installations - 20% on reducing balance
Office equipment - 20% on reducing balance
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on reducing balance

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 25 (2023 - 34 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 April 2023 3,337,897
Additions 26,186
Disposals (40,070 )
Revaluations 190,000
At 31 March 2024 3,514,013
DEPRECIATION
At 1 April 2023 2,027,396
Charge for year 61,945
Eliminated on disposal (29,215 )
Revaluation adjustments (48,319 )
At 31 March 2024 2,011,807
NET BOOK VALUE
At 31 March 2024 1,502,206
At 31 March 2023 1,310,501

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: £    £   
250 Ordinary £1 250 250
500 '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 825,324
Revaluation of property 190,001
Amortisation of revalued property (10,620 )
Deferred tax on revalued property (36,631 )

At 31 March 2024 968,074

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen Young BSc FCA (Senior Statutory Auditor)
for and on behalf of Derek Young & Co Accountants LLP

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
£    £   
M K Fleeming
Balance outstanding at start of year - 4,500
Amounts repaid - (4,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

G R Fleeming
Balance outstanding at start of year 2,833 5,167
Amounts repaid (2,000 ) (2,334 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 833 2,833

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.