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Registered Number: 04144372
England & Northern Ireland

 

 

 

CUTTING SYSTEMS UK LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
Directors J C Howe
P B Freeston
A J Howe
G C Howe
Registered Number 04144372
Registered Office 25 Francis Court
Norris Way
Rushden
Northants
NN10 6AY
Accountants Denton Tavara Ltd
61a High Street South
Rushden
NN10 0RA
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 31 March 2024.
Principal activities
Principal activity of the company during the financial year was of the design, manufacturing and selling of cutting machine for industry.
Directors
The directors who served the company throughout the year were as follows:
J C Howe
P B Freeston
A J Howe
G C Howe
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
J C Howe
Director

Date approved: 08 October 2024
2
Accountants report
You consider that the company is exempt from an audit for the year ended 31 March 2024 . You have acknowledged, on the Statement of Financial Position , your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.



....................................................

Denton Tavara Ltd

61a High Street South
Rushden
NN10 0RA
08 October 2024
3
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 92,047    37,155 
92,047    37,155 
Current assets      
Stocks 4 268,049    311,000 
Debtors 5 510,957    369,176 
Cash at bank and in hand 617,308    559,063 
1,396,314    1,239,239 
Creditors: amount falling due within one year 6 (582,696)   (569,894)
Net current assets 813,618    669,345 
 
Total assets less current liabilities 905,665    706,500 
Creditors: amount falling due after more than one year 7 (200,116)   (200,000)
Provisions for liabilities 8   (7,128)
Net assets 705,549    499,372 
 

Capital and reserves
     
Called up share capital 1,001    1,001 
Profit and loss account 704,548    498,371 
Shareholders' funds 705,549    499,372 
 


For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 08 October 2024 and were signed on its behalf by:


-------------------------------
J C Howe
Director
4
General Information
Cutting Systems UK Ltd is a private company, limited by shares, registered in England & Northern Ireland, registration number 04144372, registration address 25 Francis Court, Norris Way, Rushden, Northants, NN10 6AY.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 20% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 20% Reducing Balance
Computer Equipment 33% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 16 (2023 : 16).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 April 2023 26,343    77,841    10,944    10,446    125,574 
Additions 20,400    69,086        89,486 
Disposals (8,600)   (12,615)     (3,904)   (25,119)
At 31 March 2024 38,143    134,312    10,944    6,542    189,941 
Depreciation
At 01 April 2023 22,205    54,514    7,222    4,478    88,419 
Charge for year 4,909    19,946    829    926    26,610 
On disposals (6,796)   (10,339)       (17,135)
At 31 March 2024 20,318    64,121    8,051    5,404    97,894 
Net book values
Closing balance as at 31 March 2024 17,825    70,191    2,893    1,138    92,047 
Opening balance as at 01 April 2023 4,138    23,327    3,722    5,968    37,155 


4.

Stocks

2024
£
  2023
£
Closing Stocks and WIP 268,049    311,000 
268,049    311,000 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 510,957    369,176 
510,957    369,176 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 129,723    315,325 
Bank Loans & Overdrafts 25,000    25,000 
Corporation Tax 195,801    53,005 
PAYE & Social Security 8,847    10,890 
Other Creditors 79,669    74,050 
Hire Purchase/Financial Leases 18,765    5,900 
Directors' Current Accounts 5,952    3,375 
VAT 118,939    82,349 
582,696    569,894 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans and Overdrafts 151,978    200,000 
Hire Purchase / Financial Leases 48,138   
200,116    200,000 

8.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 7,128    8,853 
Deferred Tax Charged to Profit & Loss (7,128)   (1,725)
  7,128 

5