Cutsburn Holdings Ltd 11373589 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is Retail of furniture, lighting and similar Digita Accounts Production Advanced 6.30.9574.0 true true 11373589 2023-06-01 2024-05-31 11373589 2024-05-31 11373589 bus:Director1 1 2024-05-31 11373589 core:CurrentFinancialInstruments 2024-05-31 11373589 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 11373589 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 11373589 core:Goodwill 2024-05-31 11373589 core:FurnitureFittingsToolsEquipment 2024-05-31 11373589 core:MotorVehicles 2024-05-31 11373589 bus:SmallEntities 2023-06-01 2024-05-31 11373589 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 11373589 bus:FilletedAccounts 2023-06-01 2024-05-31 11373589 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 11373589 bus:RegisteredOffice 2023-06-01 2024-05-31 11373589 bus:Director1 2023-06-01 2024-05-31 11373589 bus:Director1 1 2023-06-01 2024-05-31 11373589 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 11373589 core:Goodwill 2023-06-01 2024-05-31 11373589 core:LicencesFranchises 2023-06-01 2024-05-31 11373589 core:FurnitureFittings 2023-06-01 2024-05-31 11373589 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 11373589 core:MotorVehicles 2023-06-01 2024-05-31 11373589 core:OfficeEquipment 2023-06-01 2024-05-31 11373589 core:Vehicles 2023-06-01 2024-05-31 11373589 countries:AllCountries 2023-06-01 2024-05-31 11373589 2023-05-31 11373589 bus:Director1 1 2023-05-31 11373589 core:Goodwill 2023-05-31 11373589 core:FurnitureFittingsToolsEquipment 2023-05-31 11373589 core:MotorVehicles 2023-05-31 11373589 2022-06-01 2023-05-31 11373589 2023-05-31 11373589 bus:Director1 1 2023-05-31 11373589 core:CurrentFinancialInstruments 2023-05-31 11373589 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 11373589 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 11373589 core:Goodwill 2023-05-31 11373589 core:FurnitureFittingsToolsEquipment 2023-05-31 11373589 core:MotorVehicles 2023-05-31 11373589 bus:Director1 1 2022-06-01 2023-05-31 11373589 bus:Director1 1 2022-05-31 iso4217:GBP xbrli:pure

Registration number: 11373589

Cutsburn Holdings Ltd

trading as Dream Doors Ayrshire

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Cutsburn Holdings Ltd

trading as Dream Doors Ayrshire

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Cutsburn Holdings Ltd

trading as Dream Doors Ayrshire

(Registration number: 11373589)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

3,610

Tangible assets

5

92,214

120,741

 

92,214

124,351

Current assets

 

Stocks

6

94,763

54,262

Debtors

7

15,120

17,653

Cash at bank and in hand

 

4,332

22,766

 

114,215

94,681

Creditors: Amounts falling due within one year

8

(93,566)

(118,622)

Net current assets/(liabilities)

 

20,649

(23,941)

Total assets less current liabilities

 

112,863

100,410

Creditors: Amounts falling due after more than one year

8

(102,862)

(88,712)

Provisions for liabilities

(9,770)

(9,770)

Net assets

 

231

1,928

Capital and reserves

 

Called up share capital

100

100

Retained earnings

131

1,828

Shareholders' funds

 

231

1,928

 

Cutsburn Holdings Ltd

trading as Dream Doors Ayrshire

(Registration number: 11373589)
Balance Sheet as at 31 May 2024

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 February 2025 and signed on its behalf by:
 

.........................................
Mr Wilson Robert Craig
Director

 

Cutsburn Holdings Ltd

trading as Dream Doors Ayrshire

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
20-22 Wenlock Road
London
N1 7GU
England

These financial statements were authorised for issue by the Board on 10 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Cutsburn Holdings Ltd

trading as Dream Doors Ayrshire

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change
attributable to an item of income or expense recognised as other comprehensive income is also recognised
directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the
financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% Cost

Fixtures and fittings

15% Reducing balance

Motor vehicles

25% Reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business
combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less
accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Cutsburn Holdings Ltd

trading as Dream Doors Ayrshire

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Asset class

Amortisation method and rate

Franchise fee

20% Straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Cutsburn Holdings Ltd

trading as Dream Doors Ayrshire

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 3).

 

Cutsburn Holdings Ltd

trading as Dream Doors Ayrshire

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Franchise fee
 £

Total
£

Cost or valuation

At 1 June 2023

18,050

18,050

At 31 May 2024

18,050

18,050

Amortisation

At 1 June 2023

14,440

14,440

Amortisation charge

3,610

3,610

At 31 May 2024

18,050

18,050

Carrying amount

At 31 May 2024

-

-

At 31 May 2023

3,610

3,610

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

38,332

151,139

189,471

Additions

400

-

400

At 31 May 2024

38,732

151,139

189,871

Depreciation

At 1 June 2023

23,014

45,716

68,730

Charge for the year

2,572

26,355

28,927

At 31 May 2024

25,586

72,071

97,657

Carrying amount

At 31 May 2024

13,146

79,068

92,214

At 31 May 2023

15,318

105,423

120,741

 

Cutsburn Holdings Ltd

trading as Dream Doors Ayrshire

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Stocks

2024
£

2023
£

Work in progress

94,763

54,262

7

Debtors

Current

2024
£

2023
£

Trade debtors

1,370

2,325

Prepayments

1,083

1,684

Other debtors

12,667

13,644

 

15,120

17,653

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

31,735

30,353

Trade creditors

 

31,165

2,929

Taxation and social security

 

29,518

29,802

Accruals and deferred income

 

1,000

55,262

Other creditors

 

148

276

 

93,566

118,622

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £31,735.56 (2023: £30,353.79).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

102,862

88,712

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £102,861.82 (2023: £88,711.61).

9

Related party transactions

 

Cutsburn Holdings Ltd

trading as Dream Doors Ayrshire

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Transactions with directors

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 May 2024
£

Mr Wilson Robert Craig

Directors loan account

(613)

37,990

(24,709)

12,668

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Mr Wilson Robert Craig

Directors loan account

42,590

86,170

(129,373)

(613)