Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302024-09-3011No description of principal activity2023-10-01false11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 01249330 2023-10-01 2024-09-30 01249330 2022-10-01 2023-09-30 01249330 2024-09-30 01249330 2023-09-30 01249330 c:CompanySecretary1 2023-10-01 2024-09-30 01249330 c:Director1 2023-10-01 2024-09-30 01249330 c:Director2 2023-10-01 2024-09-30 01249330 c:Director3 2023-10-01 2024-09-30 01249330 c:RegisteredOffice 2023-10-01 2024-09-30 01249330 d:PlantMachinery 2023-10-01 2024-09-30 01249330 d:PlantMachinery 2024-09-30 01249330 d:PlantMachinery 2023-09-30 01249330 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01249330 d:FurnitureFittings 2023-10-01 2024-09-30 01249330 d:FurnitureFittings 2024-09-30 01249330 d:FurnitureFittings 2023-09-30 01249330 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01249330 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01249330 d:CurrentFinancialInstruments 2024-09-30 01249330 d:CurrentFinancialInstruments 2023-09-30 01249330 d:Non-currentFinancialInstruments 2024-09-30 01249330 d:Non-currentFinancialInstruments 2023-09-30 01249330 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 01249330 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 01249330 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 01249330 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 01249330 d:ShareCapital 2024-09-30 01249330 d:ShareCapital 2023-09-30 01249330 d:RetainedEarningsAccumulatedLosses 2024-09-30 01249330 d:RetainedEarningsAccumulatedLosses 2023-09-30 01249330 c:FRS102 2023-10-01 2024-09-30 01249330 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 01249330 c:FullAccounts 2023-10-01 2024-09-30 01249330 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 01249330 2 2023-10-01 2024-09-30 01249330 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure
Company registration number: 01249330







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2024


THE GEAR CUTTING CO. LIMITED






































img5b8a.png                        

 


THE GEAR CUTTING CO. LIMITED
 


 
COMPANY INFORMATION


Directors
Mr A L Pendry 
Mr K M Curtis 
Mr T P G Pendry 




Company secretary
Mrs S E Pendry



Registered number
01249330



Registered office
Lynton House
7-12 Tavistock Square

London

WC1H 9LT




Trading Address
Kirby Works
122-123 Heston Raod

Heston

Middlesex

TW5 OQU






Accountants
Menzies LLP
Chartered Accountants

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


THE GEAR CUTTING CO. LIMITED
 



CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8


 


THE GEAR CUTTING CO. LIMITED
REGISTERED NUMBER:01249330



STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
112,009
131,429

  
112,009
131,429

Current assets
  

Stocks
  
2,500
2,500

Debtors: amounts falling due within one year
 5 
214,489
240,786

  
216,989
243,286

Creditors: amounts falling due within one year
 6 
(158,088)
(183,640)

Net current assets
  
 
 
58,901
 
 
59,646

Total assets less current liabilities
  
170,910
191,075

Creditors: amounts falling due after more than one year
 7 
(63,121)
(91,875)

Provisions for liabilities
  

Deferred tax
  
(26,055)
(30,358)

  
 
 
(26,055)
 
 
(30,358)

Net assets
  
81,734
68,842

Page 1

 


THE GEAR CUTTING CO. LIMITED
REGISTERED NUMBER:01249330


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024

2024
2023
£
£

Capital and reserves
  

Called up share capital 
  
3,055
3,055

Profit and loss account
  
78,679
65,787

  
81,734
68,842


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr A L Pendry
Director

Date: 2 February 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 


THE GEAR CUTTING CO. LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

The Gear Cutting Co. Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 


THE GEAR CUTTING CO. LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 


THE GEAR CUTTING CO. LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
Fixtures and fittings
-
15%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

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.

Page 5

 


THE GEAR CUTTING CO. LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2023 - 11).


4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 October 2023
455,478
31,218
486,696


Additions
-
339
339



At 30 September 2024

455,478
31,557
487,035



Depreciation


At 1 October 2023
331,826
23,441
355,267


Charge for the year on owned assets
18,546
1,213
19,759



At 30 September 2024

350,372
24,654
375,026



Net book value



At 30 September 2024
105,106
6,903
112,009



At 30 September 2023
123,652
7,777
131,429

Page 6

 


THE GEAR CUTTING CO. LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Debtors

2024
2023
£
£


Trade debtors
113,137
132,108

Other debtors
101,352
108,678

214,489
240,786



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
41,606
60,791

Bank loans
10,000
13,171

Trade creditors
55,010
31,156

Other taxation and social security
26,661
44,492

Obligations under finance lease and hire purchase contracts
18,137
16,212

Other creditors
49
1,258

Accruals and deferred income
6,625
16,560

158,088
183,640


Bank loans and overdrafts are secured over the assets of the company by way of a fixed and floating charge.


7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
7,740
18,333

Net obligations under finance leases and hire purchase contracts
55,381
73,542

63,121
91,875


Bank loans and overdrafts are secured over the assets of the company by way of a fixed and floating charge.

Page 7

 


THE GEAR CUTTING CO. LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Transactions with directors

At the year end, included within debtors falling due under one year were amounts due to the company from a director amounting to £3,195 (2023 - £6,362). No interest is charged on the loan balance which is repayable on demand.


9.


Related party transactions

At the year end date the company owed amounts to a company of which it holds a participating interest in
amounting to £98,156 (2023 - £99,300).

Page 8