REGISTERED NUMBER: |
CUTTER & CO LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
REGISTERED NUMBER: |
CUTTER & CO LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
CUTTER & CO LIMITED (REGISTERED NUMBER: 07252989) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 7 |
CUTTER & CO LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
CHARTERED ACCOUNTANTS |
3 Lyttleton Court |
Birmingham Street |
Halesowen |
West Midlands |
B63 3HN |
CUTTER & CO LIMITED (REGISTERED NUMBER: 07252989) |
BALANCE SHEET |
31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
CUTTER & CO LIMITED (REGISTERED NUMBER: 07252989) |
BALANCE SHEET - continued |
31ST MARCH 2024 |
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 |
CUTTER & CO LIMITED (REGISTERED NUMBER: 07252989) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | STATUTORY INFORMATION |
Cutter & Co Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the value of professional services performed and billed during the period. |
In addition to the amount billed an adjustment is made at each year end for work-in-progress which is valued by considering the stage of completion against the estimated final billable amount. |
All amounts are measured excluding value added tax. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of businesses in 2010 and 2020, is initially recorded at cost. |
Goodwill is then amortised evenly over its estimated useful life of 10 years but at each year end the directors consider any necessary impairment. |
Tangible fixed assets |
Improvements to property | - |
Motor vehicles | - |
Computer and office equipment | - |
Stock and work in progress |
Stock is valued at the lower of cost and net realisable value, after making due allowances for obsolete items. |
Work in progress is valued by considering the stage of completion against the estimated final billable amount of the job. |
Financial instruments |
The company has opted to apply the exemption from the provisions of Section 11 'Basic Financial Instruments' of FRS 102 in respect of all of its financial instruments. |
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. |
CUTTER & CO LIMITED (REGISTERED NUMBER: 07252989) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st April 2023 |
and 31st March 2024 |
AMORTISATION |
At 1st April 2023 |
Charge for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
CUTTER & CO LIMITED (REGISTERED NUMBER: 07252989) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
5. | TANGIBLE FIXED ASSETS |
Computer |
Improvements | and |
to | Motor | office |
property | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st April 2023 |
Additions |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Other creditors |
CUTTER & CO LIMITED (REGISTERED NUMBER: 07252989) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2024 | 2023 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans over 5 years by installments | 68,750 | 22,750 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Directors loans | 14,077 | 57,772 |
Bank loans | 260,756 | 109,751 |
Included in bank loans is an amount of £193,750 (2023: £87,750) secured by a floating charge over the assets of the company. |
Also included within bank loans is an amount of £67,006 (2023: £22,001) which is under a Hire Purchase Agreement and is secured on the asset to which it relates. |
The directors loans are also secured by a floating charge over the assets of the company. |
10. | OTHER FINANCIAL COMMITMENTS |
Total remaining obligations under non-cancellable operating leases are £36,452 (2023: £64,755). |
11. | RELATED PARTY DISCLOSURES |
There have been no transactions during the year with related parties which have not been conducted under normal market conditions. |
The company is controlled by it's directors. |