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REGISTERED NUMBER: 02356439 (England and Wales)







Unaudited Financial Statements

for the Year Ended

30 June 2024

for

White Rose Cutting Formes Limited

White Rose Cutting Formes Limited (Registered number: 02356439)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


White Rose Cutting Formes Limited (Registered number: 02356439)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 309,097 420,705

CURRENT ASSETS
Stocks 27,570 26,970
Debtors 5 417,205 448,293
Cash at bank and in hand 403,412 356,677
848,187 831,940
CREDITORS
Amounts falling due within one year 6 257,046 296,495
NET CURRENT ASSETS 591,141 535,445
TOTAL ASSETS LESS CURRENT
LIABILITIES

900,238

956,150

CREDITORS
Amounts falling due after more than one
year

7

(44,000

)

(77,560

)

PROVISIONS FOR LIABILITIES (75,921 ) (61,189 )
NET ASSETS 780,317 817,401

CAPITAL AND RESERVES
Called up share capital 10 5,000 5,000
Capital redemption reserve 5,000 5,000
Retained earnings 770,317 807,401
780,317 817,401

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

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.

White Rose Cutting Formes Limited (Registered number: 02356439)

Balance Sheet - continued
30 June 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 October 2024 and were signed on its behalf by:





Mr P Turner - Director


White Rose Cutting Formes Limited (Registered number: 02356439)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

White Rose Cutting Formes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02356439

Registered office: Unit 5 Riparian Way
The Crossing Business Park
Cross Hills
Keighley
West Yorkshire
BD20 7BW

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 UK and Republic of Ireland" and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS102 have been applied other than where additional disclosure is required to give a true and fair view.

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

Turnover
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised on delivery.

Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.

Grants receivable
Grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to both assets and revenue are recognised in income over the period in which the related costs are recognised.

Tangible fixed assets
Tangible fixed assets are stated at purchase cost together with any incidental expenses of acquisition, net of depreciation and any provision for impairment.

Depreciation is provided on all tangible assets at rates calculated to write off the cost less estimated residual value of each asset on a straight line basis over its expected useful life as follows:

Plant and machinery- 15% and 20% straight line
Motor vehicles - 25% reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset after deducting estimated costs of disposal, if the asset were already at an age and in the condition expected at the end of its estimated useful life.

The gain or loss arising on the disposal of an asset is determined on the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

White Rose Cutting Formes Limited (Registered number: 02356439)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Taxation
Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply to the reversal of the timing difference.

Hire purchase and leasing commitments
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

White Rose Cutting Formes Limited (Registered number: 02356439)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Financial liabilities and assets and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

The following assets and liabilities are classified as basic financial instruments - trade debtors, other debtors, cash and bank balances, trade creditors, other creditors and directors' current accounts and are all measured at the amortised cost equivalent to the undiscounted amount of cash or other consideration expected to be paid or received.

Impairment of assets
Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit and loss as described below.

Non financial assets
An asset is impaired when there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Financial assets
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had impairment not been recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 27 ) .

White Rose Cutting Formes Limited (Registered number: 02356439)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS
Plant and
equipment
£   
COST
At 1 July 2023 1,617,467
Additions 270
Disposals (12,406 )
At 30 June 2024 1,605,331
DEPRECIATION
At 1 July 2023 1,196,762
Charge for year 108,172
Eliminated on disposal (8,700 )
At 30 June 2024 1,296,234
NET BOOK VALUE
At 30 June 2024 309,097
At 30 June 2023 420,705

The net book value of tangible fixed assets includes £ 127,111 (2023 - £ 188,126 ) in respect of assets held under hire purchase contracts.

5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 335,920 344,210
Other debtors 53,461 76,255
389,381 420,465

Amounts falling due after more than one year:
Other debtors 27,824 27,828

Aggregate amounts 417,205 448,293

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 33,560 37,511
Trade creditors 124,297 161,961
Taxation and social security 70,341 66,192
Other creditors 28,848 30,831
257,046 296,495

White Rose Cutting Formes Limited (Registered number: 02356439)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 44,000 77,560

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 33,560 37,511
Between one and five years 44,000 77,560
77,560 115,071

Non-cancellable operating leases
2024 2023
£    £   
Within one year 111,210 81,085
Between one and five years 433,323 20,284
544,533 101,369

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 77,560 115,071

Hire purchase contracts are secured against the assets to which they relate.

10. CALLED UP SHARE CAPITAL

2024 2023
£ £
Allotted, issued and fully paid 5,000 5,000

White Rose Cutting Formes Limited (Registered number: 02356439)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
Mr P Turner and Mrs S E Turner
Balance outstanding at start of year 37,828 38,023
Amounts advanced 57,257 46,760
Amounts repaid (57,260 ) (46,955 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 37,825 37,828

Interest, totalling £855 (2023 : £760) was charged by the company to Mr P Turner, director during the year on his outstanding loan account.