Company registration number 00942880 (England and Wales)
ALLCUT MACHINE TOOLS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
ALLCUT MACHINE TOOLS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ALLCUT MACHINE TOOLS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
31 March 2025
30 April 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
314,024
325,254
Investment property
5
276,671
314,024
601,925
Current assets
Debtors
6
1,453
8,974
Cash at bank and in hand
871,392
580,258
872,845
589,232
Creditors: amounts falling due within one year
7
(74,548)
(101,920)
Net current assets
798,297
487,312
Total assets less current liabilities
1,112,321
1,089,237
Creditors: amounts falling due after more than one year
8
-
(12,500)
Provisions for liabilities
(314)
(392)
Net assets
1,112,007
1,076,345
Capital and reserves
Called up share capital
9
2,000
2,000
Profit and loss reserves
1,110,007
1,074,345
Total equity
1,112,007
1,076,345
ALLCUT MACHINE TOOLS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -
For the financial period ended 31 March 2025 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 period 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 profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 25 July 2025 and are signed on its behalf by:
Mr D J Crawford
Director
Company registration number 00942880 (England and Wales)
ALLCUT MACHINE TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information
Allcut Machine Tools Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, 201 Great Portland Street, Marylebone, London, W1W 5AB.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
The company's reporting period has been shortened by 1 month to 31 March 2025. The comparative amounts presented in the financial statements (including related notes) are not comparable.
1.3
Turnover
Turnover is recognised at the fair value of the consideration receivable for goods provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts.
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 dispatch 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.
1.4
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:
Freehold land and buildings
2% per annum on cost
Plant and machinery
15% per annum on net book value
Fixtures, fittings & equipment
15% per annum on net book value
Computer Equipment
25% per annum on cost
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.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
ALLCUT MACHINE TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.6
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.
1.7
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.
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 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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
ALLCUT MACHINE TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2025
2024
Number
Number
Total
2
3
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2024 and 31 March 2025
595,638
15,016
610,654
Depreciation and impairment
At 1 May 2024
271,952
13,448
285,400
Depreciation charged in the period
10,920
310
11,230
At 31 March 2025
282,872
13,758
296,630
Carrying amount
At 31 March 2025
312,766
1,258
314,024
At 30 April 2024
323,686
1,568
325,254
The carrying value of the freehold land and buildings held by the company has been reviewed by the director during the year with reference to fair value who considers that the fair value at the balance sheet date is consistent with the amount stated in the accounts.
ALLCUT MACHINE TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 6 -
5
Investment property
2025
£
Fair value
At 1 May 2024
276,671
Disposals
(276,671)
At 31 March 2025
The investment property was sold during the period.
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
8,974
Other debtors
1,453
1,453
8,974
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
10,000
Trade creditors
2,592
2,147
Taxation and social security
689
1,717
Other creditors
71,267
88,056
74,548
101,920
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans
12,500
The bank loan of £50,000 was taken out in July 2020 with no capital or interest repayments for the first 12 months and carrying an interest rate of 2.5% applicable from July 2021 onwards. The bank loan was fully repaid in the period.
ALLCUT MACHINE TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 7 -
9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
1,020
1,020
1,020
1,020
B Ordinary shares of £1 each
980
980
980
980
2,000
2,000
2,000
2,000