Cutting Technologies Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04598347 (England and Wales)

CUTTING TECHNOLOGIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH NOVEMBER 2023

Page

Balance Sheet

1

to

2

Notes to the Financial Statements

3

to

6

FIXED ASSETS

Tangible assets

4

1,715,709

1,885,157

CURRENT ASSETS

Stocks

36,045

30,338

Debtors

5

840,391

725,890

Cash at bank

657,119

915,073

1,533,555

1,671,301

CREDITORS

Amounts falling due within one year

6

1,960,166

2,096,831

NET CURRENT LIABILITIES

(426,611

)

(425,530

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,289,098

1,459,627

CREDITORS

Amounts falling due after more than one year

7

(219,975

)

(328,674

)

PROVISIONS FOR LIABILITIES

(232,836

)

(329,897

)

NET ASSETS

836,287

801,056

CAPITAL AND RESERVES

Called up share capital

10

50,000

50,000

Capital redemption reserve

10,001

10,001

Retained earnings

776,286

741,055

SHAREHOLDERS' FUNDS

836,287

801,056

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 28th February 2024 and were signed on its behalf by:

S Neville - Director

L Allen - Director

1.	STATUTORY INFORMATION

Cutting Technologies Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

04598347

Registered office:

Units G & H Zenith Park

Whaley Road

Barnsley

S75 1HT

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of laser cutting and laser engraving services on metals, wood, plastics and other materials is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant & machinery

10% - 50% Straight line

Fixtures, fittings & equipment

10% - 33.33% Straight line

Stocks

Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.

Hire purchase and leasing commitments

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2022 - 32 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st December 2022

2,984,850

Additions

23,857

At 30th November 2023

3,008,707

DEPRECIATION

At 1st December 2022

1,099,693

Charge for year

193,305

At 30th November 2023

1,292,998

NET BOOK VALUE

At 30th November 2023

1,715,709

At 30th November 2022

1,885,157

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

745,597

648,382

Other debtors

94,794

77,508

840,391

725,890

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

-

146,667

Hire purchase contracts (see note 8)

108,698

108,699

Trade creditors

881,592

976,257

Taxation and social security

151,573

84,466

Other creditors

818,303

780,742

1,960,166

2,096,831

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Hire purchase contracts (see note 8)

219,975

328,674

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2023

2022

£

£

Net obligations repayable:

Within one year

108,698

108,699

Between one and five years

219,975

328,674

328,673

437,373

Non-cancellable operating

leases

2023

2022

£

£

Within one year

114,404

133,357

Between one and five years

374,971

396,057

In more than five years

132,201

225,519

621,576

754,933

9.	SECURED DEBTS

Hire purchase loans totalling £328,673 (2022 - £437,373) are secured against the asset they relate to.

10.	CALLED UP SHARE CAPITAL

2023

2022

£

£

Allotted, called up and fully paid

12,500 Ordinary A Shares shares of £1 each

12,500

12,500

12,500 Ordinary B Shares shares of £1 each

12,500

12,500

12,500 Ordinary C Shares shares of £1 each

12,500

12,500

12,500 Ordinary D Shares shares of £1 each

12,500

12,500

50,000

50,000

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 30th November there was an overdrawn directors loan account of £9,645 (2022 £Nil).