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REGISTERED NUMBER: 00985842 (England and Wales)


















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: S Catlin





REGISTERED OFFICE: Unit 1b
Focus 4
Fourth Avenue
Letchworth
Hertfordshire
SG6 2TU





REGISTERED NUMBER: 00985842 (England and Wales)





AUDITORS: George Hay Partnership LLP
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 96,101 118,486

CURRENT ASSETS
Stocks 1,046,279 1,673,334
Debtors 6 382,046 537,448
Cash at bank and in hand 14,212 47,316
1,442,537 2,258,098
CREDITORS
Amounts falling due within one year 7 703,786 1,421,678
NET CURRENT ASSETS 738,751 836,420
TOTAL ASSETS LESS CURRENT
LIABILITIES

834,852

954,906

PROVISIONS FOR LIABILITIES 9 18,515 23,222
NET ASSETS 816,337 931,684

CAPITAL AND RESERVES
Called up share capital 10 10,000 10,000
Retained earnings 806,337 921,684
SHAREHOLDERS' FUNDS 816,337 931,684

The 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.

The financial statements were approved by the director and authorised for issue on 8 October 2024 and were signed by:





S Catlin - Director


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 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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 9 (2023 - 10 ) .

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2023 2,316 412,552 414,868
Additions - 22,774 22,774
At 31 January 2024 2,316 435,326 437,642
DEPRECIATION
At 1 February 2023 2,316 294,066 296,382
Charge for year - 45,159 45,159
At 31 January 2024 2,316 339,225 341,541
NET BOOK VALUE
At 31 January 2024 - 96,101 96,101
At 31 January 2023 - 118,486 118,486

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 145,901 266,692
Amounts owed by group undertakings 90,620 119,090
Other debtors 145,525 151,666
382,046 537,448

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 646,068 1,187,397
Taxation and social security 13,922 190,149
Other creditors 43,796 44,132
703,786 1,421,678

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 56,000 56,000
Between one and five years 95,891 151,891
151,891 207,891

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 18,515 23,222

Deferred
tax
£   
Balance at 1 February 2023 23,222
Movement in year (4,707 )
Balance at 31 January 2024 18,515

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary £1 10,000 10,000

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

The Report of the Auditors was unqualified.

R C Dilley FCA FCCA (Senior Statutory Auditor)
for and on behalf of George Hay Partnership LLP

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
£    £   
S Catlin
Balance outstanding at start of year 18,764 85,262
Amounts advanced 62,464 33,502
Amounts repaid (50,000 ) (100,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 31,228 18,764

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 S Catlin.

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.