IRIS Accounts Production v24.2.0.383 08345989 director 1.2.23 31.1.24 31.1.24 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh083459892023-01-31083459892024-01-31083459892023-02-012024-01-31083459892022-01-31083459892022-02-012023-01-31083459892023-01-3108345989ns15:EnglandWales2023-02-012024-01-3108345989ns14:PoundSterling2023-02-012024-01-3108345989ns10:Director12023-02-012024-01-3108345989ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3108345989ns10:SmallEntities2023-02-012024-01-3108345989ns10:AuditExempt-NoAccountantsReport2023-02-012024-01-3108345989ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-3108345989ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-3108345989ns10:FullAccounts2023-02-012024-01-3108345989ns10:OrdinaryShareClass12023-02-012024-01-3108345989ns10:RegisteredOffice2023-02-012024-01-3108345989ns5:CurrentFinancialInstruments2024-01-3108345989ns5:CurrentFinancialInstruments2023-01-3108345989ns5:Non-currentFinancialInstruments2024-01-3108345989ns5:Non-currentFinancialInstruments2023-01-3108345989ns5:ShareCapital2024-01-3108345989ns5:ShareCapital2023-01-3108345989ns5:RetainedEarningsAccumulatedLosses2024-01-3108345989ns5:RetainedEarningsAccumulatedLosses2023-01-3108345989ns5:PlantMachinery2023-02-012024-01-3108345989ns5:FurnitureFittings2023-02-012024-01-3108345989ns5:MotorVehicles2023-02-012024-01-3108345989ns5:PlantMachinery2023-01-3108345989ns5:FurnitureFittings2023-01-3108345989ns5:MotorVehicles2023-01-3108345989ns5:PlantMachinery2024-01-3108345989ns5:FurnitureFittings2024-01-3108345989ns5:MotorVehicles2024-01-3108345989ns5:PlantMachinery2023-01-3108345989ns5:FurnitureFittings2023-01-3108345989ns5:MotorVehicles2023-01-3108345989ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-3108345989ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-01-3108345989ns5:LeasedAssetsHeldAsLessee2023-01-3108345989ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-02-012024-01-3108345989ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-02-012024-01-3108345989ns5:LeasedAssetsHeldAsLessee2023-02-012024-01-3108345989ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-01-3108345989ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-01-3108345989ns5:LeasedAssetsHeldAsLessee2024-01-3108345989ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-3108345989ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-01-3108345989ns5:LeasedAssetsHeldAsLessee2023-01-3108345989ns5:WithinOneYearns5:CurrentFinancialInstruments2024-01-3108345989ns5:WithinOneYearns5:CurrentFinancialInstruments2023-01-3108345989ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-01-3108345989ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-01-3108345989ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-01-3108345989ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-01-3108345989ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-01-3108345989ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-01-3108345989ns5:HirePurchaseContracts2024-01-3108345989ns5:HirePurchaseContracts2023-01-3108345989ns5:WithinOneYear2024-01-3108345989ns5:WithinOneYear2023-01-3108345989ns5:DeferredTaxation2023-01-3108345989ns5:DeferredTaxation2023-02-012024-01-3108345989ns5:DeferredTaxation2024-01-3108345989ns10:OrdinaryShareClass12024-01-3108345989ns5:RetainedEarningsAccumulatedLosses2023-01-3108345989ns5:RetainedEarningsAccumulatedLosses2023-02-012024-01-31083459891ns10:Director12023-01-31083459891ns10:Director12022-01-31083459891ns10:Director12023-02-012024-01-31083459891ns10:Director12022-02-012023-01-31083459891ns10:Director12024-01-31083459891ns10:Director12023-01-31
REGISTERED NUMBER: 08345989 (England and Wales)













CUTTING EDGE TRADING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2024






CUTTING EDGE TRADING LIMITED (REGISTERED NUMBER: 08345989)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


CUTTING EDGE TRADING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JANUARY 2024







DIRECTOR: J Masters





REGISTERED OFFICE: Unit 2
Central Ave
Cradley Heath
B64 7BY





REGISTERED NUMBER: 08345989 (England and Wales)





ACCOUNTANTS: CUTTER & CO LTD
CHARTERED ACCOUNTANTS
3 Lyttleton Court
Birmingham Street
Halesowen
West Midlands
B63 3HN

CUTTING EDGE TRADING LIMITED (REGISTERED NUMBER: 08345989)

BALANCE SHEET
31ST JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 131,743 174,806

CURRENT ASSETS
Stocks 5 10,002 10,002
Debtors 6 81,274 197,364
Cash at bank 10,453 12,200
101,729 219,566
CREDITORS
Amounts falling due within one year 7 245,994 181,703
NET CURRENT (LIABILITIES)/ASSETS (144,265 ) 37,863
TOTAL ASSETS LESS CURRENT
LIABILITIES

(12,522

)

212,669

CREDITORS
Amounts falling due after more than one
year

8

(48,266

)

(74,937

)

PROVISIONS FOR LIABILITIES 10 (25,052 ) (41,412 )
NET (LIABILITIES)/ASSETS (85,840 ) 96,320

CAPITAL AND RESERVES
Called up share capital 11 4 4
Retained earnings 12 (85,844 ) 96,316
SHAREHOLDERS' FUNDS (85,840 ) 96,320

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

CUTTING EDGE TRADING LIMITED (REGISTERED NUMBER: 08345989)

BALANCE SHEET - continued
31ST JANUARY 2024


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 25th October 2024 and were signed by:





J Masters - Director


CUTTING EDGE TRADING LIMITED (REGISTERED NUMBER: 08345989)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2024

1. STATUTORY INFORMATION

Cutting Edge Trading 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. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on 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.

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.

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.

CUTTING EDGE TRADING LIMITED (REGISTERED NUMBER: 08345989)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 12 (2023 - 14 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1st February 2023
and 31st January 2024 287,627 12,247 114,859 414,733
DEPRECIATION
At 1st February 2023 178,948 5,854 55,125 239,927
Charge for year 27,170 959 14,934 43,063
At 31st January 2024 206,118 6,813 70,059 282,990
NET BOOK VALUE
At 31st January 2024 81,509 5,434 44,800 131,743
At 31st January 2023 108,679 6,393 59,734 174,806

CUTTING EDGE TRADING LIMITED (REGISTERED NUMBER: 08345989)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st February 2023
and 31st January 2024 81,184 104,859 186,043
DEPRECIATION
At 1st February 2023 55,497 45,876 101,373
Charge for year 6,422 14,746 21,168
At 31st January 2024 61,919 60,622 122,541
NET BOOK VALUE
At 31st January 2024 19,265 44,237 63,502
At 31st January 2023 25,687 58,983 84,670

5. STOCKS
2024 2023
£    £   
Stocks 10,002 10,002

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 61,274 57,116
Masters Outdoor Leisure Loan 20,000 80,000
Directors' current accounts - 60,248
81,274 197,364

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 8,464 25,268
Hire purchase contracts (see note 9) 18,286 25,385
Trade creditors 7,400 11,539
Corporation tax 37,459 37,332
Social security and other taxes 16,740 5,864
VAT 10,799 19,969
Other creditors 69,521 56,346
Directors' current accounts 73,626 -
Accrued expenses 3,699 -
245,994 181,703

CUTTING EDGE TRADING LIMITED (REGISTERED NUMBER: 08345989)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 2-5 years - 8,333
Hire purchase contracts (see note 9) 48,266 66,604
48,266 74,937

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 18,286 25,385
Between one and five years 48,266 66,604
66,552 91,989

Non-cancellable operating leases
2024 2023
£    £   
Within one year 2,042 2,042

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 25,052 41,412

Deferred
tax
£   
Balance at 1st February 2023 41,412
Credit to Income Statement during year (16,360 )
Balance at 31st January 2024 25,052

11. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
4 Ordinary shares £1 4 4

CUTTING EDGE TRADING LIMITED (REGISTERED NUMBER: 08345989)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

12. RESERVES
Retained
earnings
£   

At 1st February 2023 96,316
Deficit for the year (26,160 )
Dividends (156,000 )
At 31st January 2024 (85,844 )

13. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st January 2024 and 31st January 2023:

2024 2023
£    £   
J Masters
Balance outstanding at start of year 60,248 55,170
Amounts advanced - 5,078
Amounts repaid (60,248 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 60,248

14. RELATED PARTY DISCLOSURES

At the balance sheet date, a shareholder loan within debtors existed between the company and Mr R and Mrs L Masters. The amount owed at 31 January 2024 was £61,274 (2023 £57,116). Interest has been charged on this loan in the financial period at a rate of 2%.

At the balance sheet date Mr R Masters, a shareholder of the business, had made a loan to the company totalling £61,545 to help finance a machinery purchase. This loan is repayable on demand and no interest is being charged.

During the year sales were made to Masters Outdoor Leisure Limited, a company where J Masters is also a director and shareholder. During the year these sales totalled £484,590 (2023 £1,023,489).