Cutting Edge Laser Limited,Ltd - AccountsLtd - Accounts

Cutting Edge Laser Limited,Ltd - AccountsLtd - Accounts

CUTTING EDGE LASER LIMITED - Company Information

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2016-08-01 08598054 2017-07-31 08598054 2016-08-01 2017-07-31 08598054 2016-07-31 08598054 2015-08-01 2016-07-31 08598054 uk-core:WithinOneYear 2016-07-31 08598054 uk-core:WithinOneYear 2017-07-31 08598054 uk-core:AfterOneYear 2016-07-31 08598054 uk-core:AfterOneYear 2017-07-31 08598054 uk-core:ShareCapital 2017-07-31 08598054 uk-core:ShareCapital 2016-07-31 08598054 uk-core:RetainedEarningsAccumulatedLosses 2017-07-31 08598054 uk-core:RetainedEarningsAccumulatedLosses 2016-07-31 08598054 uk-bus:Director1 2016-08-01 2017-07-31 08598054 uk-core:LeaseholdImprovements 2016-08-01 2017-07-31 08598054 uk-core:PlantMachinery 2016-08-01 2017-07-31 08598054 uk-core:ToolsEquipment 2016-08-01 2017-07-31 08598054 uk-core:CommercialMotorVehicles 2016-08-01 2017-07-31 08598054 uk-core:ToolsEquipment 2016-07-31 08598054 uk-core:CommercialMotorVehicles 2016-07-31 08598054 uk-core:PlantMachinery 2016-07-31 08598054 uk-core:LeaseholdImprovements 2016-07-31 08598054 uk-core:PlantMachinery 2017-07-31 08598054 uk-core:CommercialMotorVehicles 2017-07-31 08598054 uk-core:ToolsEquipment 2017-07-31 08598054 uk-core:LeaseholdImprovements 2017-07-31 08598054 uk-core:WithinOneYear 2016-08-01 2017-07-31 08598054 uk-core:AfterOneYear 2016-08-01 2017-07-31 iso4217:GBP 08598054 uk-bus:AuditExemptWithAccountantsReport 2016-08-01 2017-07-31 08598054 uk-bus:FRS102 2016-08-01 2017-07-31 08598054 uk-bus:FullAccounts 2016-08-01 2017-07-31 08598054 uk-bus:PrivateLimitedCompanyLtd 2016-08-01 2017-07-31
Cutting Edge Laser Limited
Registered Number:08598054
For the year ended 31 July 2017
England and Wales
Unaudited Financial Statements
2
For the year ended 31 July 2017
Cutting Edge Laser Limited
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
3
As at 31 July 2017
Cutting Edge Laser Limited
Statement of Financial Position
Registered Number :
08598054
£
£
2016
2017
Notes
Fixed assets
Property, plant and equipment
863,956
421,702
2
863,956
421,702
Current assets
Inventories
20,760
32,000
3
Trade and other receivables
531,293
706,168
4
285,105
Cash and cash equivalents
419,360
1,157,528
837,158
Trade and other payables: amounts falling due within one
year
(706,122)
(835,110)
5
131,036
322,418
Net current assets
Total assets less current liabilities
1,186,374
552,738
Trade and other payables: amounts falling due after more
than one year
(172,228)
(441,141)
6
(106,377)
(75,907)
Provisions for liabilities
638,856
Net assets
304,603
Capital and reserves
Called up share capital
2
2
Retained earnings
638,854
304,601
638,856
304,603
Shareholders' funds
For the year ended 31 July 2017 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 year ended 31 July 2017 in accordance with Section 476 of the Companies Act 2006
The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper 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
Section 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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
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4
For the year ended 31 July 2017
Cutting Edge Laser Limited
Statement of Financial Position Continued
Mr D Stones Director
These financial statements were approved and authorised for issue by the Board on 12 March 2018 and were signed by:
The notes form part of these financial statements
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5
For the year ended 31 July 2017
Cutting Edge Laser Limited
Notes to the Financial Statements
Statutory Information
Cutting Edge Laser Limited is a private limited company, limited by shares, domiciled in England and Wales,
registration number 08598054.
Registered address:
Old Waleswood Colliery
Mansfield Road
Waleswood
Sheffield
S26 5PQ
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and buildings
25% Straight line
Plant and machinery
15% Reducing balance
33% Straight line
Computer equipment
25% Reducing balance
Motor vehicles
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
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6
For the year ended 31 July 2017
Cutting Edge Laser Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Total
Computer
equipment
Motor vehicles
Plant and
machinery
Land and
buildings
£
£
£
£
£
Cost or valuation
At 01 August 2016
523,475
1,625
5,974
515,876
-
532,185
3,874
-
485,000
43,311
Additions
At 31 July 2017
1,000,876
5,974
5,499
1,055,660
43,311
Provision for depreciation and impairment
At 01 August 2016
101,773
701
1,845
99,227
-
Charge for year
89,931
627
1,031
81,055
7,218
At 31 July 2017
191,704
1,328
2,876
180,282
7,218
At 31 July 2017
Net book value
36,093
820,594
3,098
4,171
863,956
At 31 July 2016
-
416,649
4,129
924
421,702
3. Inventories
2016
2017
£
£
Stocks
32,000
20,760
4. Trade and other receivables
2016
2017
£
£
Trade debtors
617,967
428,951
Other debtors
88,201
102,342
531,293
706,168
Other debtors include loans of £81,250 (2016: £100,000) and prepayments of £6,951 (2016: £2,342).
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7
For the year ended 31 July 2017
Cutting Edge Laser Limited
Notes to the Financial Statements Continued
5. Trade and other payables: amounts falling due within one year
2016
2017
£
£
Trade creditors
356,718
310,337
Taxation and social security
110,589
71,619
Other creditors
367,803
324,166
835,110
706,122
Other creditors include Accruals £11,641 (2016: £27,949) Deferred grants £14,600 (2016: £14,600) Invoice discounting facility £166,981 (2016: £84,009) Hire purchase £141,896 (2016: £76,406) and Directors loan account £32,685 (£121,202). Included in other creditors is the company's invoice discounting facility. This facility is secured by a charge in favour of Aldermore invoice finance registered 9th October 2013, against trade debtors. The creditor at the year end date was £166,981 (2016: £84,009). Obligations under finance leases and hire purchase contracts are secured on the assets thereunder.
6. Trade and other payables: amounts falling due after more than one year
2016
2017
£
£
Other creditors
441,141
172,228
Other creditors include Hire purchase £420,458 (2016: £136,945) and deferred grants £20,683 (2016: £35,283). Obligations under finance leases and hire purchase contracts are secured on the assets thereunder.
7. Related party transactions
During the period dividends of £40,000 were paid to the directors D Stones and T Adams.
At the the year end there was a loan balance outstanding of £81,250 (2016: £100,000) to the Cutting Edge Laser
pension scheme of which D Stones and T Adams are a beneficiary. Interest of 3.5% is receivable on this loan.
Mr D Stones and Mr T Adams have personally guaranteed the amounts payable under hire purchase contracts.
The ultimate controlling party is the directors.
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