Registered number
08595734
CUSP SWANSEA LTD
Filleted Accounts
31 July 2024
CUSP SWANSEA LTD
Registered number: 08595734
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,696 7,595
Current assets
Stocks 1,657 1,425
Cash at bank and in hand 10,662 11,477
12,319 12,902
Creditors: amounts falling due within one year 4 (14,888) (7,134)
Net current (liabilities)/assets (2,569) 5,768
Net assets 3,127 13,363
Capital and reserves
Profit and loss account 3,127 13,363
3,127 13,363
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R. L. CARTWRIGHT
Director
Approved by the board on 25 April 2025
CUSP SWANSEA LTD
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
The company is limited by guarantee and a not for profit organisation.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2023 7,285 6,985 14,270
At 31 July 2024 7,285 6,985 14,270
Depreciation
At 1 August 2023 5,278 1,397 6,675
Charge for the year 502 1,397 1,899
At 31 July 2024 5,780 2,794 8,574
Net book value
At 31 July 2024 1,505 4,191 5,696
At 31 July 2023 2,007 5,588 7,595
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 2,932
Other taxes and social security costs 438 960
Other creditors 14,450 3,242
14,888 7,134
5 Contingent liabilities
There were no contingent liabilities at the year end.
6 Controlling party
The company is jointly controlled by the directors.
7 Other information
CUSP SWANSEA LTD is a private company limited by guarantee and incorporated in England. Its registered office is:
1, MOUNT PLEASANT
SWANSEA
SA1 6EE
8 Liability
The company is limited by guaranteeof members and does not have a share capital. The liability of members is limited to £1
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