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Registered number: 04983406
Pro Cut Tooling Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 04983406
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 2,669
Tangible Assets 5 632,595 691,062
632,595 693,731
CURRENT ASSETS
Stocks 6 46,000 37,000
Debtors 7 212,448 238,783
Cash at bank and in hand 3,798 46
262,246 275,829
Creditors: Amounts Falling Due Within One Year 8 (372,496 ) (411,976 )
NET CURRENT ASSETS (LIABILITIES) (110,250 ) (136,147 )
TOTAL ASSETS LESS CURRENT LIABILITIES 522,345 557,584
Creditors: Amounts Falling Due After More Than One Year 9 (343,453 ) (386,073 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (120,194 ) (130,470 )
NET ASSETS 58,698 41,041
CAPITAL AND RESERVES
Called up share capital 11 60 60
Income Statement 58,638 40,981
SHAREHOLDERS' FUNDS 58,698 41,041
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Steven Weymes
Director
15/08/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Pro Cut Tooling Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04983406 . The registered office is Unit F Acorn Industrial Estate, Strawberry Street, Hull, East Yorkshire, HU9 1EN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15%/10% on cost
Motor Vehicles 25% on cost
Fixtures & Fittings 15% on cost
Computer Equipment 33% on cost
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. 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.
Deferred tax is recognised on 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. 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. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2022: 9)
10 9
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 137,742
As at 31 December 2023 137,742
Amortisation
As at 1 January 2023 135,073
Provided during the period 2,669
As at 31 December 2023 137,742
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 2,669
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5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 1,096,107 36,798 10,976 8,750 1,152,631
Additions 18,665 - 943 535 20,143
Disposals - - (6,984 ) - (6,984 )
As at 31 December 2023 1,114,772 36,798 4,935 9,285 1,165,790
Depreciation
As at 1 January 2023 432,116 11,134 10,402 7,917 461,569
Provided during the period 69,467 8,062 247 834 78,610
Disposals - - (6,984 ) - (6,984 )
As at 31 December 2023 501,583 19,196 3,665 8,751 533,195
Net Book Value
As at 31 December 2023 613,189 17,602 1,270 534 632,595
As at 1 January 2023 663,991 25,664 574 833 691,062
6. Stocks
2023 2022
£ £
Materials 46,000 37,000
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 180,109 148,781
Prepayments and accrued income 895 1,403
Other debtors 2,100 1,000
Corporation tax recoverable assets 29,344 56,408
VAT - 31,191
212,448 238,783
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 104,168 163,056
Trade creditors 86,364 116,090
Bank loans and overdrafts 28,562 37,929
Other taxes and social security 31,546 21,282
VAT 25,025 -
Other creditors (Current liabilities - creditors < 1 year) 83,157 61,552
...CONTINUED
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Accruals and deferred income 8,410 6,834
Government grants within one year 5,153 5,153
Director's loan account 111 80
372,496 411,976
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 326,632 320,989
Bank loans 15,000 59,917
Government grants after one year 1,821 5,167
343,453 386,073
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 104,168 163,056
Later than one year and not later than five years 326,632 320,989
430,800 484,045
430,800 484,045
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 60 60
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