REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 January 2024 |
for |
Cutler & Woolf (Steel) Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 January 2024 |
for |
Cutler & Woolf (Steel) Limited |
Cutler & Woolf (Steel) Limited (Registered number: 00985842) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Cutler & Woolf (Steel) Limited |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Brigham House |
High Street |
Biggleswade |
Bedfordshire |
SG18 0LD |
Cutler & Woolf (Steel) Limited (Registered number: 00985842) |
Balance Sheet |
31 January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
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 |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
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 director and authorised for issue on |
Cutler & Woolf (Steel) Limited (Registered number: 00985842) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Cutler & Woolf (Steel) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company has outstanding amounts owed by the director to the company. The director has assured the company that he has the funds available to repay should it require them. |
The accounts have been prepared on a going concern basis on the assumption that the director has the capacity to repay the funds as and when required. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: |
Sale of goods |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
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. |
Cutler & Woolf (Steel) Limited (Registered number: 00985842) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
3. | 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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 February 2023 |
Additions |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Cutler & Woolf (Steel) Limited (Registered number: 00985842) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
9. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 18,515 | 23,222 |
Deferred |
tax |
£ |
Balance at 1 February 2023 |
Movement in year | (4,707 | ) |
Balance at 31 January 2024 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 10,000 | 10,000 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Cutler & Woolf (Steel) Limited (Registered number: 00985842) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
12. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Interest is not being charged on the outstanding balance. |
13. | ULTIMATE CONTROLLING PARTY |
The controlling party is Cutler & Woolf (Holdings) Limited. |
The ultimate controlling party is |
The parent company is Cutler & Woolf (Holdings) Limited by virtue of it's 100% share holding of the issued share capital. The registered office of Cutler & Woolf (Holdings) Limited is Unit 1b, Focus Four, Fourth Avenue, Letchworth SG6 2TU. |
14. | DEBTORS |
At the balance sheet date trade debtors totalled £1,060,449 against which £914,597 has been advanced from HSBC Invoice Finance (UK) Limited under a non-recourse finance agreement. The debtors with recourse total £111,687. The company is responsible for the first £500 of any undisputed and factor-approved debt. The factoring company can seek repayment of the finance, as both capital and interest, only to the extent that sufficient funds are generated by the specific debts it has factored and recourse will not be sought in any other form, except where such debts are unapproved by the factor, or in dispute between the parties, or where there is a breach of the agreement between the company and the factor. |