Company registration number 00942880 (England and Wales)
ALLCUT MACHINE TOOLS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
ALLCUT MACHINE TOOLS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ALLCUT MACHINE TOOLS LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
30 April 2024
31 October 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
325,254
344,126
Investment property
5
276,671
276,671
601,925
620,797
Current assets
Stocks
-
55,480
Debtors
6
8,974
36,320
Cash at bank and in hand
580,258
801,335
589,232
893,135
Creditors: amounts falling due within one year
7
(101,920)
(142,637)
Net current assets
487,312
750,498
Total assets less current liabilities
1,089,237
1,371,295
Creditors: amounts falling due after more than one year
8
(12,500)
(27,500)
Provisions for liabilities
(392)
(489)
Net assets
1,076,345
1,343,306
Capital and reserves
Called up share capital
9
2,000
2,000
Profit and loss reserves
1,074,345
1,341,306
Total equity
1,076,345
1,343,306
ALLCUT MACHINE TOOLS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -
For the financial period ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 28 January 2025
Mr D J Crawford
Director
Company registration number 00942880 (England and Wales)
ALLCUT MACHINE TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Allcut Machine Tools Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, 201 Great Portland Street, Marylebone, London, W1W 5AB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
The company's reporting period has been extended by 6 months to 30 April 2024. The comparative amounts presented in the financial statements (including related notes) are not comparable.
1.3
Turnover
Turnover is recognised at the fair value of the consideration receivable for goods provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% per annum on cost
Plant and machinery
15% per annum on net book value
Fixtures, fittings & equipment
15% per annum on net book value
Computer Equipment
25% per annum on cost
Motor vehicles
20% per annum on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
ALLCUT MACHINE TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Investment properties
Investment properties, which are properties held to earn rentals and/or for capital appreciation, are measured initially at cost (purchase price and directly attributable expenditure) and subsequently are measured using the fair value model and stated at their fair value as at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
No depreciation is provided on investment properties which is a departure from the requirements of the Companies Act 2006. In the opinion of the director, these properties are held primarily for their investment potential and so their fair value is of more significance than any measure of consumption and to depreciate them would not give a true and fair view. The provisions of FRS 102 Section 16 "Investment Property" have therefore been adopted in order to give a true and fair view. If this departure from the Act had not been made, the profit for the year would have been reduced by depreciation. The amount of depreciation cannot reasonably be quantified and the amount which might otherwise has been shown cannot be separately identified or quantified.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ALLCUT MACHINE TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2022
Number
Number
Total
3
3
ALLCUT MACHINE TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 6 -
4
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Computer Equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 November 2022
595,638
28,882
3,185
583
20,091
648,379
Disposals
(14,882)
(2,752)
(20,091)
(37,725)
At 30 April 2024
595,638
14,000
433
583
610,654
Depreciation and impairment
At 1 November 2022
254,083
26,999
2,825
255
20,091
304,253
Depreciation charged in the period
17,869
424
360
219
18,872
Eliminated in respect of disposals
(14,882)
(2,752)
(20,091)
(37,725)
At 30 April 2024
271,952
12,541
433
474
285,400
Carrying amount
At 30 April 2024
323,686
1,459
109
325,254
At 31 October 2022
341,555
1,883
360
328
344,126
The carrying value of the freehold land and buildings held by the company has been reviewed by the director during the year with reference to fair value who considers that the fair value at the balance sheet date is consistent with the amount stated in the accounts.
5
Investment property
2024
£
Fair value
At 1 November 2022 and 30 April 2024
276,671
The carrying value of the investment property held by the company has been reviewed by the director during the year with reference to open market value who considers that the fair value at the balance sheet date is consistent with the amount stated in the accounts.
6
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
8,974
34,328
Other debtors
1,992
8,974
36,320
ALLCUT MACHINE TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2022
£
£
Bank loans and overdrafts
10,000
22,440
Trade creditors
2,147
9,398
Taxation and social security
1,717
3,761
Other creditors
88,056
107,038
101,920
142,637
8
Creditors: amounts falling due after more than one year
2024
2022
£
£
Bank loans
12,500
27,500
The bank loan of £50,000 was taken out in July 2020 with no capital or interest repayments for the first 12 months and carrying an interest rate of 2.5% applicable from July 2021 onwards.
9
Called up share capital
2024
2022
2024
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
-
2,000
-
2,000
A Ordinary shares of £1 each
1,020
-
1,020
-
B Ordinary shares of £1 each
980
-
980
-
2,000
2,000
2,000
2,000
During the period, the 2,000 Ordinary shares were reclassified as 1,020 A Ordinary shares and 980 B Ordinary shares respectively.