Precious Cuts Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06399560 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2019

for

Precious Cuts Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

5

DIRECTOR:

Mrs N Smith

SECRETARY:

M J Cooper Esq

REGISTERED OFFICE:

Belfry House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

REGISTERED NUMBER:

06399560 (England and Wales)

ACCOUNTANTS:

Philip T. Chave & Co

Belfry House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

454

616

454

616

CURRENT ASSETS

Stocks

3,150

4,350

Debtors

1,358

-

Cash at bank and in hand

1,347

2,442

5,855

6,792

CREDITORS

Amounts falling due within one year

3,848

5,829

NET CURRENT ASSETS

2,007

963

TOTAL ASSETS LESS CURRENT LIABILITIES

2,461

1,579

PROVISIONS FOR LIABILITIES

6

86

117

NET ASSETS

2,375

1,462

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

8

2,275

1,362

SHAREHOLDERS' FUNDS

2,375

1,462

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 October 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 May 2020 and were signed by:

Mrs N Smith - Director

1.	STATUTORY INFORMATION

Precious Cuts Limited is a private company, limited by shares , registered in England and Wales. The company's registered

number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added

tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent

that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted

or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2018

and 31 October 2019

32,000

AMORTISATION

At 1 November 2018

and 31 October 2019

32,000

NET BOOK VALUE

At 31 October 2019

-

At 31 October 2018

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2018

and 31 October 2019

4,242

DEPRECIATION

At 1 November 2018

3,626

Charge for year

162

At 31 October 2019

3,788

NET BOOK VALUE

At 31 October 2019

454

At 31 October 2018

616

6.	PROVISIONS FOR LIABILITIES

31.10.19

31.10.18

£

£

Deferred tax

86

117

Deferred

tax

£

Balance at 1 November 2018

117

Provided during year

(31

)

Balance at 31 October 2019

86

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.19

31.10.18

value:

£

£

100

Ordinary

£1

100

100

8.

RESERVES

Retained

earnings

£

At 1 November 2018

1,362

Profit for the year

9,413

Dividends

(8,500

)

At 31 October 2019

2,275

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs N Smith.