Company Registration No. NI031592 (Northern Ireland)
CUTTING INDUSTRIES LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CUTTING INDUSTRIES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
CUTTING INDUSTRIES LIMITED
COMPANY INFORMATION
- 1 -
Directors
Ms Claire Smiley
(Appointed 31 January 2024)
Ms Amy Smiley
(Appointed 31 January 2024)
Company secretary
Ms Claire Smiley
Company number
NI031592
Registered office
10 Pilots View
Heron Road
Belfast
BT3 9LE
Accountants
Johnston Kennedy DFK
Chartered Accountants
10 Pilots View
Heron Road
Belfast
BT3 9LE
Business address
Unit 3
206 Belsize Road
Lisburn
BT27 4DT
Bankers
Bank of Ireland
1 Donegall Square South
Belfast
BT1 5LR
CUTTING INDUSTRIES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,252
2,466
Tangible assets
4
380,960
370,719
382,212
373,185
Current assets
Stocks
5
263,215
255,758
Debtors
6
371,053
732,012
Cash at bank and in hand
291,716
589,549
925,984
1,577,319
Creditors: amounts falling due within one year
7
(380,266)
(321,273)
Net current assets
545,718
1,256,046
Total assets less current liabilities
927,930
1,629,231
Creditors: amounts falling due after more than one year
8
(45,210)
(20,833)
Provisions for liabilities
9
(80,300)
(89,100)
Deferred income
10
(2,072)
(2,590)
Net assets
800,348
1,516,708
Capital and reserves
Called up share capital
11
48,501
48,501
Profit and loss reserves
751,847
1,468,207
Total equity
800,348
1,516,708
The notes on pages 4 to 10 form part of these financial statements
Compiled without audit or independent verification
CUTTING INDUSTRIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 3 -
Directors' statement in respect of the financial statements

The directors of the company have 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 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.

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 of the Companies Act 2006.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard FRS 102 1A - Small Entities.

The financial statements were approved by the board of directors and authorised for issue on 16 April 2025 and are signed on its behalf by:
Ms Claire Smiley
Ms Amy Smiley
..............................
..............................
Ms Claire Smiley
Ms Amy Smiley
Director
Director
Company Registration No. NI031592
The notes on pages 4 to 10 form part of these financial statements
Compiled without audit or independent verification
CUTTING INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information

Cutting Industries Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 10 Pilots View, Heron Road, Belfast, BT3 9LE. The business address is Unit 3, 206 Belsize Road, Lisburn, BT27 4DT.

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 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.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Website Costs
33% straight line
1.5
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:

Production equipment
10%/20% reducing balance
Fixtures & fittings
20% reducing balance
Office equipment
20% reducing balance
Motor vehicles
25% reducing balance

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.

CUTTING INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price.

1.7
Cash at bank and in hand

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.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.9
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

CUTTING INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.10
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 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.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.13

Dividends

Dividends to the company's ordinary shareholders are recognised as a liability of the company when approved by the company's director.

1.14

Capital instruments

Shares are included in shareholders funds. Other instruments are classified as liabilities if not included in shareholders funds and if they contain an obligation to transfer economic benefits. The finance cost recognised in the profit and loss account in respect of the capital instruments other than equity shares is allocated to periods over the term of the instrument at a constant rate on the carrying amount.

CUTTING INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2
Employees

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

2024
2023
Number
Number
Total
13
12
3
Intangible fixed assets
Website Costs
£
Cost
At 1 January 2024 and 31 December 2024
8,240
Amortisation and impairment
At 1 January 2024
5,774
Amortisation charged for the year
1,214
At 31 December 2024
6,988
Carrying amount
At 31 December 2024
1,252
At 31 December 2023
2,466
4
Tangible fixed assets
Production equipment
Fixtures & fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
674,665
66,441
107,775
-
0
848,881
Additions
16,031
770
-
0
58,332
75,133
At 31 December 2024
690,696
67,211
107,775
58,332
924,014
Depreciation and impairment
At 1 January 2024
365,257
48,824
64,081
-
0
478,162
Depreciation charged in the year
43,217
3,801
9,124
8,750
64,892
At 31 December 2024
408,474
52,625
73,205
8,750
543,054
Carrying amount
At 31 December 2024
282,222
14,586
34,570
49,582
380,960
At 31 December 2023
309,408
17,617
43,694
-
0
370,719
CUTTING INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
5
Stocks
2024
2023
£
£
Stocks
263,215
255,758
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
187,224
268,927
Amounts owed by group undertakings
-
0
356,000
Director's current account
75,054
-
Other debtors
88,536
83,352
Prepayments and accrued income
20,239
23,733
371,053
732,012
7
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases
10,702
-
0
Trade creditors
117,455
94,131
Amounts due to group undertakings
8,812
-
0
Corporation tax
140,351
106,771
Other taxation and social security
67,479
83,471
Accruals and deferred income
25,467
26,900
380,266
321,273
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
10,833
20,833
Obligations under finance leases
34,377
-
0
45,210
20,833
CUTTING INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
80,300
89,100
2024
Movements in the year:
£
Liability at 1 January 2024
89,100
Credit to profit or loss
(8,800)
Liability at 31 December 2024
80,300
10
Deferred income
2024
2023
£
£
Arising from government grants
2,072
2,590
Movements in the year:
2024
£
Liability at 01 January 2024
2,590
Amortisation charged to profit or loss
(518)
Liability at 31 December 2024
2,072
11
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
48,501 Ordinary shares of £1 each
48,501
48,501
CUTTING INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
12
Operating lease commitments
Lessee

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

2024
2023
£
£
Land and buildings
28,092
28,092
13
Capital commitments

The company had no capital commitments at 31 December 2024 or 31 December 2023.

14
Control

The directors controls the company.

15
Related party transactions

The overdrawn balance on the directors' current account to the year end amounted to £75,054 (2023: £nil). Interest is charged on this balance at the official interest rate.

 

At the year end the amount owed to other related parties amounted to £8,812 (2023: £375,797 Dr). This is included within creditors due within one year. No interest is charged on these loans.

 

 

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