Ernest Cutts Limited
Unaudited Financial Statements
For the year ended 31 December 2024
Pages for Filing with Registrar
Company Registration No. 00549065 (England and Wales)
Ernest Cutts Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
Ernest Cutts Limited
Balance Sheet
As at 31 December 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,160
Investment properties
4
142,390
147,550
Current assets
Debtors
5
65,357
Cash at bank and in hand
2,981,118
2,747,220
2,981,118
2,812,577
Creditors: amounts falling due within one year
6
(17,992)
(14,929)
Net current assets
2,963,126
2,797,648
Net assets
2,963,126
2,945,198
Capital and reserves
Called up share capital
7
100
100
Capital redemption reserve
148,425
148,425
Profit and loss reserves
2,814,601
2,796,673
Total equity
2,963,126
2,945,198
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Ernest Cutts Limited
Balance Sheet (Continued)
As at 31 December 2024
Page 2
The financial statements were approved and signed by the director and authorised for issue on 17 March 2025
Mr P. Cutts
Director
Company Registration No. 00549065
Ernest Cutts Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 3
1
Accounting policies
Company information
Ernest Cutts Limited is a private company limited by shares incorporated in England and Wales. The registered office is Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rent receivable from the company's investments. Turnover is attributable to the principal activity of the company which arose wholly in the United Kingdom.
1.3
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:
Fixtures and fittings
5% reducing balance
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.6
Financial instruments
All of the company's financial assets and liabilities are basic and measured at amortised cost.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Ernest Cutts Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 4
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2023: 2).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
14,689
Disposals
(14,689)
At 31 December 2024
Depreciation and impairment
At 1 January 2024
9,529
Eliminated in respect of disposals
(9,529)
At 31 December 2024
Carrying amount
At 31 December 2024
At 31 December 2023
5,160
4
Investment property
2024
£
Fair value
At 1 January 2024
142,390
Disposals
(142,390)
At 31 December 2024
Ernest Cutts Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
4
Investment property
(Continued)
Page 5
Investment property comprises a residential property. In the director's opinion, the value of the properties at the balance sheet date is not materially different to the purchase price paid.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
65,000
Other debtors
357
-
65,357
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
13,774
10,552
Other creditors
218
377
Accruals and deferred income
4,000
4,000
17,992
14,929
7
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100