Registered number
12430677
Cut 'N' Edge Solid Surface Ltd
Filleted Accounts
31 January 2024
Cut 'N' Edge Solid Surface Ltd
Registered number: 12430677
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 36,316 44,630
Current assets
Stocks 4,000 4,000
Debtors 4 261,877 197,484
Cash at bank and in hand 347 3,309
266,224 204,793
Creditors: amounts falling due within one year 5 (303,624) (249,292)
Net current liabilities (37,400) (44,499)
Net (liabilities)/assets (1,084) 131
Capital and reserves
Called up share capital 20 20
Profit and loss account (1,104) 111
Shareholders' funds (1,084) 131
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Brian Whitcombe
Director
Approved by the board on 31 October 2024
Cut 'N' Edge Solid Surface Ltd
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 62,543 3,900 66,443
Additions 611 - 611
At 31 January 2024 63,154 3,900 67,054
Depreciation
At 1 February 2023 20,409 1,404 21,813
Charge for the year 8,426 499 8,925
At 31 January 2024 28,835 1,903 30,738
Net book value
At 31 January 2024 34,319 1,997 36,316
At 31 January 2023 42,134 2,496 44,630
4 Debtors 2024 2023
£ £
Trade debtors 173,846 (2,457)
HMRC Debtors 7,204 4,835
Joinery P.I Paid by Solid Surface - 114,279
Solid Surface S.I Recvd in Joinery Bank 80,827 80,827
261,877 197,484
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 24,375 249
CIS 39 39
Nest Pension 9,697 -
Trade creditors 208,070 136,985
Taxation and social security costs 74,783 43,889
Stock Transfer from Joinery (233,057) (77,883)
Other creditors 219,717 146,013
303,624 249,292
6 Other information
Cut 'N' Edge Solid Surface Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Palmers Estate The Dicker
Lower Dicker
Hailsham
East Sussex
BN27 4BG
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