Company registration number 08845394 (England and Wales)
Carbide Tooling Group Ltd
Unaudited financial statements
For the year ended 31 December 2024
Carbide Tooling Group Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Carbide Tooling Group Ltd
Statement of financial position
As at 31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
92,677
116,637
Current assets
Stocks
353,562
362,177
Debtors
4
85,139
127,130
Cash at bank and in hand
16,688
54,622
455,389
543,929
Creditors: amounts falling due within one year
5
(154,957)
(178,523)
Net current assets
300,432
365,406
Total assets less current liabilities
393,109
482,043
Creditors: amounts falling due after more than one year
6
(107,962)
(131,983)
Provisions for liabilities
(17,608)
(23,596)
Net assets
267,539
326,464
Capital and reserves
Called up share capital
7
350
350
Profit and loss reserves
267,189
326,114
Total equity
267,539
326,464
Carbide Tooling Group Ltd
Statement of financial position (continued)
As at 31 December 2024
- 2 -

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 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 30 May 2025 and are signed on its behalf by:
Mrs J  Beveridge
Director
Company registration number 08845394 (England and Wales)
Carbide Tooling Group Ltd
Notes to the financial statements
For the year ended 31 December 2024
- 3 -
1
Accounting policies
Company information

Carbide Tooling Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Victoria Court, Bank Square, Morley, Leeds, West Yorkshire, England, LS27 9SE.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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:

Plant and equipment
20% straight line
Fixtures and fittings
33% straight line
Motor vehicles
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Carbide Tooling Group Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Carbide Tooling Group Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
4
5
Carbide Tooling Group Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 6 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
12,989
9,116
114,117
136,222
Additions
1,593
-
0
-
0
1,593
Disposals
(1,821)
-
0
-
0
(1,821)
At 31 December 2024
12,761
9,116
114,117
135,994
Depreciation and impairment
At 1 January 2024
9,336
8,348
1,901
19,585
Depreciation charged in the year
2,500
227
22,823
25,550
Eliminated in respect of disposals
(1,818)
-
0
-
0
(1,818)
At 31 December 2024
10,018
8,575
24,724
43,317
Carrying amount
At 31 December 2024
2,743
541
89,393
92,677
At 31 December 2023
3,653
768
112,216
116,637
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
74,579
118,032
Corporation tax recoverable
-
0
5,830
Other debtors
3,918
-
0
Prepayments and accrued income
6,642
3,268
85,139
127,130
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,000
5,000
Obligations under finance leases
20,349
20,349
Trade creditors
89,857
132,786
Corporation tax
6,797
3,942
Other taxation and social security
29,321
10,392
Other creditors
483
2,114
Accruals and deferred income
3,150
3,940
154,957
178,523
Carbide Tooling Group Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 7 -
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
29,911
35,584
Obligations under finance leases
78,051
96,399
107,962
131,983

The amounts included within obligations under finance leases are secured against the motor vehicles held in tangible fixed assets.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary £1 shares of £1 each
100
100
100
100
Ordinary A shares of £1 each
100
100
100
100
Ordinary E shares of 10p each
1,500
1,500
150
150
1,700
1,700
350
350
8
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
2,473
4,946
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
A director
-
(684)
81,742
(77,140)
3,918
(684)
81,742
(77,140)
3,918
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