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COMPANY REGISTRATION NUMBER: 13111452
Cutting Edge (Latchingdon) Limited
Filleted Unaudited Financial Statements
31 January 2025
Cutting Edge (Latchingdon) Limited
Statement of Financial Position
31 January 2025
2025
2024
Note
£
£
£
£
Fixed assets
Tangible assets
5
146,697
142,537
Current assets
Stocks
12,852
11,976
Debtors
6
96,697
49,283
Cash at bank and in hand
37,094
89,552
---------
---------
146,643
150,811
Creditors: amounts falling due within one year
7
96,699
119,740
---------
---------
Net current assets
49,944
31,071
---------
---------
Total assets less current liabilities
196,641
173,608
Creditors: amounts falling due after more than one year
8
31,486
43,904
Provisions
27,872
31,096
---------
---------
Net assets
137,283
98,608
---------
---------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
137,183
98,508
---------
--------
Shareholders funds
137,283
98,608
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Cutting Edge (Latchingdon) Limited
Statement of Financial Position (continued)
31 January 2025
These financial statements were approved by the board of directors and authorised for issue on 25 May 2025 , and are signed on behalf of the board by:
Mr D C Moore
Director
Company registration number: 13111452
Cutting Edge (Latchingdon) Limited
Notes to the Financial Statements
Year ended 31 January 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 20, Mayfair Industrial Area, Maldon Road, Latchingdon, Essex, CM3 6LF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
20% straight line
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2024: 5 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 February 2024
192,707
2,188
25,843
7,781
228,519
Additions
69,472
69,472
Disposals
( 25,843)
( 25,843)
---------
-------
--------
-------
---------
At 31 January 2025
192,707
2,188
69,472
7,781
272,148
---------
-------
--------
-------
---------
Depreciation
At 1 February 2024
68,823
809
13,803
2,547
85,982
Charge for the year
38,542
437
18,205
1,556
58,740
Disposals
( 19,271)
( 19,271)
---------
-------
--------
-------
---------
At 31 January 2025
107,365
1,246
12,737
4,103
125,451
---------
-------
--------
-------
---------
Carrying amount
At 31 January 2025
85,342
942
56,735
3,678
146,697
---------
-------
--------
-------
---------
At 31 January 2024
123,884
1,379
12,040
5,234
142,537
---------
-------
--------
-------
---------
6. Debtors
2025
2024
£
£
Trade debtors
50,874
47,780
Other debtors
45,823
1,503
--------
--------
96,697
49,283
--------
--------
7. Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
2,981
Trade creditors
21,633
5,986
Accruals and deferred income
13,134
3,625
Corporation tax
8,003
17,256
Social security and other taxes
23,696
18,017
Obligations under finance leases and hire purchase contracts
17,277
12,791
Director loan accounts
55,141
Other creditors
9,975
6,924
--------
---------
96,699
119,740
--------
---------
8. Creditors: amounts falling due after more than one year
2025
2024
£
£
Obligations under finance leases and hire purchase contracts
31,486
43,904
--------
--------
9. Called up share capital
Issued, called up and fully paid
2025
2024
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. Director's advances, credits and guarantees
At the year end the director owed the company £44,452 (2024 - £Nil) which is shown amongst other debtors. Interest of £495 was charged on this loan.
11. Related party transactions
At the year end the company owed its director £Nil (2024 - £55,141) which is shown amongst creditors.