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COMPANY REGISTRATION NUMBER: 01474904
Combicut Limited
Filleted Unaudited Financial Statements
31 July 2024
Combicut Limited
Financial Statements
Year ended 31 July 2024
Contents
Page
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Accounting policies
4
Notes to the financial statements
7
Combicut Limited
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Combicut Limited
Year ended 31 July 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 July 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
BODDINGTON & COMPANY LIMITED Chartered Certified Accountants
3 Churchmeadows Bulford Road Shipton Bellinger Tidworth Hampshire SP9 7RL
12 August 2025
Combicut Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
2,025,742
2,333,982
Investments
5
751
751
------------
------------
2,026,493
2,334,733
Current assets
Stocks
358,630
340,947
Debtors
6
4,453,510
4,755,264
Cash at bank and in hand
2,152,415
2,326,828
------------
------------
6,964,555
7,423,039
Creditors: amounts falling due within one year
7
502,498
1,187,900
------------
------------
Net current assets
6,462,057
6,235,139
------------
------------
Total assets less current liabilities
8,488,550
8,569,872
Provisions
Taxation including deferred tax
170,480
217,850
------------
------------
Net assets
8,318,070
8,352,022
------------
------------
Capital and reserves
Called up share capital
150
150
Capital redemption reserve
50
50
Profit and loss account
8,317,870
8,351,822
------------
------------
Shareholders funds
8,318,070
8,352,022
------------
------------
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 July 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Combicut Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 12 August 2025 , and are signed on behalf of the board by:
Mr. K. J. Walters
Director
Company registration number: 01474904
Combicut Limited
Accounting Policies
Year ended 31 July 2024
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover, which is stated net of value added tax, represents the sale of goods and is recognised as income when the goods are delivered to customers.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property
-
2% per annum on cost
Plant & machinery
-
15 - 25% per annum on cost
Fixtures & fittings
-
25 - 33.3% per annum on cost
Motor vehicles
-
25% per annum on cost
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
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 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 entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Combicut Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Foundation House, Paddock Road, Caversham, Reading, Berkshire, RG4 5BY, England.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2023: 20 ).
4. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
1,445,954
5,453,725
117,115
224,628
7,241,422
Additions
10,066
182,332
15,958
208,356
Disposals
( 61,001)
( 9,705)
( 70,706)
------------
------------
---------
---------
------------
At 31 July 2024
1,456,020
5,575,056
123,368
224,628
7,379,072
------------
------------
---------
---------
------------
Depreciation
At 1 August 2023
452,947
4,281,460
107,605
65,428
4,907,440
Charge for the year
29,836
421,852
8,808
56,100
516,596
Disposals
( 61,001)
( 9,705)
( 70,706)
------------
------------
---------
---------
------------
At 31 July 2024
482,783
4,642,311
106,708
121,528
5,353,330
------------
------------
---------
---------
------------
Carrying amount
At 31 July 2024
973,237
932,745
16,660
103,100
2,025,742
------------
------------
---------
---------
------------
At 31 July 2023
993,007
1,172,265
9,510
159,200
2,333,982
------------
------------
---------
---------
------------
5. Investments
Shares in group undertakings
£
Cost
At 1 August 2023 and 31 July 2024
751
----
Impairment
At 1 August 2023 and 31 July 2024
----
Carrying amount
At 31 July 2024
751
----
At 31 July 2023
751
----
Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
6. Debtors
2024
2023
£
£
Trade debtors
743,071
716,245
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,433,968
1,649,903
Other debtors
2,276,471
2,389,116
------------
------------
4,453,510
4,755,264
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
338,606
285,380
Social security and other taxes
91,805
685,504
Other creditors
72,087
217,016
---------
------------
502,498
1,187,900
---------
------------