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Registration number: 02887048

Precision Cutting Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2024

 

Precision Cutting Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Precision Cutting Ltd

Company Information

Directors

L J Hornby

J F Hornby-Gray

Registered office

Unit 2 Sunset Farm Mayfield Road
Cross In Hand
Heathfield
East Sussex
TN21 0UJ

Accountants

Chisnall Comer Ismail & Co
Chartered AccountantsMaria House
35 Millers Road
Brighton
BN1 5NP

 

Precision Cutting Ltd

(Registration number: 02887048)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

168,836

178,860

Current assets

 

Stocks

5

24,000

24,000

Debtors

6

50,212

157,509

Cash at bank and in hand

 

161,538

87,962

 

235,750

269,471

Creditors: Amounts falling due within one year

7

(117,023)

(151,558)

Net current assets

 

118,727

117,913

Total assets less current liabilities

 

287,563

296,773

Creditors: Amounts falling due after more than one year

7

(100,378)

(110,007)

Provisions for liabilities

(31,727)

(12,801)

Net assets

 

155,458

173,965

Capital and reserves

 

Called up share capital

10

102

100

Retained earnings

155,356

173,865

Shareholders' funds

 

155,458

173,965

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Precision Cutting Ltd

(Registration number: 02887048)
Balance Sheet as at 31 October 2024

Approved and authorised by the Board on 22 July 2025 and signed on its behalf by:



 

.........................................

J F Hornby-Gray

Director

 

Precision Cutting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 2 Sunset Farm Mayfield Road
Cross In Hand
Heathfield
East Sussex
TN21 0UJ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Precision Cutting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% on cost

Motor vehicles

25% reducing balance

Computer equipment

33% on cost

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Precision Cutting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 12).

 

Precision Cutting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2023

8,782

226,486

155,047

390,315

Additions

-

41,980

-

41,980

Disposals

-

(4,750)

-

(4,750)

At 31 October 2024

8,782

263,716

155,047

427,545

Depreciation

At 1 November 2023

8,782

86,149

116,524

211,455

Charge for the year

-

37,145

13,356

50,501

Eliminated on disposal

-

(3,247)

-

(3,247)

At 31 October 2024

8,782

120,047

129,880

258,709

Carrying amount

At 31 October 2024

-

143,669

25,167

168,836

At 31 October 2023

-

140,337

38,523

178,860

5

Stocks

2024
£

2023
£

Other inventories

24,000

24,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

49,762

142,427

Other debtors

450

15,082

 

50,212

157,509

7

Creditors

Creditors: amounts falling due within one year

 

Precision Cutting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

48,300

34,558

Trade creditors

 

45,462

91,421

Taxation and social security

 

12,954

15,042

Accruals and deferred income

 

6,450

6,385

Other creditors

 

3,857

4,152

 

117,023

151,558

 

Precision Cutting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

100,378

110,007

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

6,652

Hire purchase contracts

100,378

103,355

100,378

110,007

Current loans and borrowings

2024
£

2023
£

Bank borrowings

6,529

6,378

Hire purchase contracts

41,771

28,180

48,300

34,558

9

Dividends

2024

2023

£

£

Interim dividend of £1,057.66 (2023 - £647.16) per ordinary share

105,766

64,716

 

 

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100