Company No: 08328434 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Intangible assets	3	6,750		9,000
Tangible assets	4	4,970		6,382
		11,720		15,382
Current assets
Debtors	5	208		344
Cash at bank and in hand		54,887		55,889
		55,095		56,233
Creditors: amounts falling due within one year	6	( 39,647)		( 37,586)
Net current assets		15,448		18,647
Total assets less current liabilities		27,168		34,029
Creditors: amounts falling due after more than one year	7	( 11,900)		( 20,300)
Provision for liabilities		( 944)		( 1,213)
Net assets		14,324		12,516
Capital and reserves
Called-up share capital		100		100
Profit and loss account		14,224		12,416
Total shareholder's funds		14,324		12,516

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of THE CUTTING CREW (WOOL) LIMITED (registered number: 08328434) were approved and authorised for issue by the Director on 15 April 2024. They were signed on its behalf by:

Natasha Marie Brown Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

THE CUTTING CREW (WOOL) LIMITED (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Cutting Crew Dorchester Road, Wool, Wareham, BH20 6EJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on ether a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	10 years straight line
Fixtures and fittings	25 % reducing balance
Office equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	7		7

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 January 2023	175,000		175,000
At 31 December 2023	175,000		175,000
Accumulated amortisation
At 01 January 2023	166,000		166,000
Charge for the financial year	2,250		2,250
At 31 December 2023	168,250		168,250
Net book value
At 31 December 2023	6,750		6,750
At 31 December 2022	9,000		9,000

4. Tangible assets

	Plant and machinery		Fixtures and fittings		Office equipment		Total
	£		£		£		£
Cost
At 01 January 2023	2,191		31,257		6,048		39,496
Additions	0		300		0		300
At 31 December 2023	2,191		31,557		6,048		39,796
Accumulated depreciation
At 01 January 2023	1,533		26,108		5,473		33,114
Charge for the financial year	189		1,337		186		1,712
At 31 December 2023	1,722		27,445		5,659		34,826
Net book value
At 31 December 2023	469		4,112		389		4,970
At 31 December 2022	658		5,149		575		6,382

5. Debtors

	2023		2022
	£		£
Prepayments	208		344

6. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans	8,400		8,400
Trade creditors	2,349		1,591
Amounts owed to director	455		626
Accruals	2,786		2,049
Taxation and social security	11,459		10,345
Other creditors	14,198		14,575
	39,647		37,586

7. Creditors: amounts falling due after more than one year

	2023		2022
	£		£
Bank loans	11,900		20,300

There are no amounts included above in respect of which any security has been given by the small entity.