Specialist Cutting Services Limited 03300243 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is Diamond drilling and engineering Digita Accounts Production Advanced 6.30.9574.0 true 03300243 2023-07-01 2024-06-30 03300243 2024-06-30 03300243 core:RetainedEarningsAccumulatedLosses 2024-06-30 03300243 core:ShareCapital 2024-06-30 03300243 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-06-30 03300243 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-06-30 03300243 core:CurrentFinancialInstruments 2024-06-30 03300243 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 03300243 core:Non-currentFinancialInstruments 2024-06-30 03300243 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 03300243 core:FurnitureFittings 2024-06-30 03300243 core:MotorVehicles 2024-06-30 03300243 core:OfficeEquipment 2024-06-30 03300243 core:PlantMachinery 2024-06-30 03300243 bus:SmallEntities 2023-07-01 2024-06-30 03300243 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 03300243 bus:FilletedAccounts 2023-07-01 2024-06-30 03300243 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 03300243 bus:RegisteredOffice 2023-07-01 2024-06-30 03300243 bus:Director1 2023-07-01 2024-06-30 03300243 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03300243 core:ComputerEquipment 2023-07-01 2024-06-30 03300243 core:FurnitureFittings 2023-07-01 2024-06-30 03300243 core:MotorVehicles 2023-07-01 2024-06-30 03300243 core:OfficeEquipment 2023-07-01 2024-06-30 03300243 core:PlantMachinery 2023-07-01 2024-06-30 03300243 core:Vehicles 2023-07-01 2024-06-30 03300243 countries:EnglandWales 2023-07-01 2024-06-30 03300243 2023-06-30 03300243 core:FurnitureFittings 2023-06-30 03300243 core:MotorVehicles 2023-06-30 03300243 core:OfficeEquipment 2023-06-30 03300243 core:PlantMachinery 2023-06-30 03300243 2022-07-01 2023-06-30 03300243 2023-06-30 03300243 core:RetainedEarningsAccumulatedLosses 2023-06-30 03300243 core:ShareCapital 2023-06-30 03300243 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-06-30 03300243 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-06-30 03300243 core:CurrentFinancialInstruments 2023-06-30 03300243 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 03300243 core:Non-currentFinancialInstruments 2023-06-30 03300243 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 03300243 core:FurnitureFittings 2023-06-30 03300243 core:MotorVehicles 2023-06-30 03300243 core:OfficeEquipment 2023-06-30 03300243 core:PlantMachinery 2023-06-30 iso4217:GBP xbrli:pure

Registration number: 03300243

Specialist Cutting Services Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 30 June 2024

 

Specialist Cutting Services Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Specialist Cutting Services Limited

(Registration number: 03300243)
Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,025,447

764,750

Current assets

 

Stocks

5

40,850

45,000

Debtors

6

1,013,499

650,567

Cash at bank and in hand

 

1,425,210

1,193,874

 

2,479,559

1,889,441

Creditors: Amounts falling due within one year

7

(962,227)

(650,746)

Net current assets

 

1,517,332

1,238,695

Total assets less current liabilities

 

2,542,779

2,003,445

Creditors: Amounts falling due after more than one year

7

(129,859)

(169,474)

Provisions for liabilities

(207,220)

(177,067)

Net assets

 

2,205,700

1,656,904

Capital and reserves

 

Called up share capital

6

6

Profit and loss account

2,205,694

1,656,898

Shareholders' funds

 

2,205,700

1,656,904

For the financial year ending 30 June 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Income Statement.

 

Specialist Cutting Services Limited

(Registration number: 03300243)
Statement of Financial Position as at 30 June 2024

Approved and authorised by the Board on 18 March 2025 and signed on its behalf by:
 

.........................................
Mr S Cook
Director

 

Specialist Cutting Services Limited

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

1

General information

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

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. England.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

Contract revenue recognition

Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion on the contract activity as at the year end.

Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is expensed immediately, with a provision for an onerous contract being recognised.

Where the collectability of an amount already recognised as contract revenue is no longer probable, the uncollectable amount is expensed rather than recognised as an adjustment to the amount of contract revenue.

The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.

 

Specialist Cutting Services Limited

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

Tax

The tax expense for the period comprises current and 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.

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.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Plant and machinery

20% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

25% 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.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

 

Specialist Cutting Services Limited

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

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 income statement 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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 statement of financial position as a finance lease obligation.

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

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.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 43 (2023 - 41).

 

Specialist Cutting Services Limited

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

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 July 2023

17,610

1,740,964

25,707

600,792

Additions

-

314,168

4,966

246,310

Disposals

-

(37,273)

(1,143)

-

At 30 June 2024

17,610

2,017,859

29,530

847,102

Depreciation

At 1 July 2023

8,107

1,281,354

17,463

313,399

Charge for the year

1,509

152,228

4,367

133,433

Eliminated on disposal

-

(24,635)

(571)

-

At 30 June 2024

9,616

1,408,947

21,259

446,832

Carrying amount

At 30 June 2024

7,994

608,912

8,271

400,270

At 30 June 2023

9,503

459,610

8,244

287,393

Total
£

Cost or valuation

At 1 July 2023

2,385,073

Additions

565,444

Disposals

(38,416)

At 30 June 2024

2,912,101

Depreciation

At 1 July 2023

1,620,323

Charge for the year

291,537

Eliminated on disposal

(25,206)

At 30 June 2024

1,886,654

Carrying amount

At 30 June 2024

1,025,447

At 30 June 2023

764,750

 

Specialist Cutting Services Limited

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

5

Stocks

2024
£

2023
£

Raw materials and consumables

40,850

45,000

6

Debtors

2024
£

2023
£

Trade debtors

584,029

314,859

Other debtors

294,398

187,462

Prepayments

6,204

6,590

Gross amount due from customers for contract work

128,868

141,656

1,013,499

650,567

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

8

272,248

163,628

Trade creditors

 

536,959

250,393

Taxation and social security

 

74,502

136,519

Accruals and deferred income

 

61,221

52,213

Other creditors

 

17,297

47,993

 

962,227

650,746


Creditors include net obligations under finance lease and hire purchase contracts which are secured by way of the specific assets to which they relate, and a bank loan which is secured by a debtenture placing a fixed and floating charges over the company's assets.

 

Specialist Cutting Services Limited

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

Creditors: amounts falling due after more than one year

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

9,397

115,768

Hire purchase contracts

120,462

53,706

129,859

169,474

Current loans and borrowings

2024
£

2023
£

Bank borrowings

107,311

99,907

Hire purchase contracts

164,937

63,721

272,248

163,628