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Unaudited Financial Statements for the Year Ended 31 March 2022 |
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Oliver Cutts Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2022 |
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Oliver Cutts Limited |
Oliver Cutts Limited (Registered number: 04197648) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Oliver Cutts Limited |
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Company Information |
for the Year Ended 31 March 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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17 Donnelly Road |
Bournemouth |
Dorset |
BH6 5NW |
Oliver Cutts Limited (Registered number: 04197648) |
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Balance Sheet |
31 March 2022 |
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31.3.22 | 31.3.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
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PROVISIONS FOR LIABILITIES | 8 | ( |
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NET ASSETS |
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Oliver Cutts Limited (Registered number: 04197648) |
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Balance Sheet - continued |
31 March 2022 |
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31.3.22 | 31.3.21 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Oliver Cutts Limited (Registered number: 04197648) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2022 |
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1. | STATUTORY INFORMATION |
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Oliver Cutts Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery | - |
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Office equipment | - |
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Motor vehicles | - |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
Oliver Cutts Limited (Registered number: 04197648) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have been passed to the company are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Office | Motor |
property | machinery | equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2021 |
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Additions |
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Disposals |
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At 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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Included within the net book value of tangible fixed assets is £1,375,521 (2021 - £1,047,979) in respect of assets held under finance lease agreements and hire purchase contracts. Depreciation for the year on these assets was £458,507 (2021 - £349,326). |
Oliver Cutts Limited (Registered number: 04197648) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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8. | PROVISIONS FOR LIABILITIES |
31.3.22 | 31.3.21 |
£ | £ |
Deferred tax | 318,798 | 271,615 |
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Deferred |
tax |
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Balance at 1 April 2021 |
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Provided during year |
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Balance at 31 March 2022 |
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Oliver Cutts Limited (Registered number: 04197648) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.22 | 31.3.21 |
value: | £ | £ |
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Ordinary | £1 | 1 | 1 |
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10. | RELATED PARTY DISCLOSURES |
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Earlcoate Construction and Plant Hire Limited |
(A company under common control) |
During the year the company traded with Earlcoate Construction and Plant Hire Limited. The transactions represented charges for the provision of management and administration services totalling £504,000 (2021 - £629,000) and sales for the hire of plant and equipment totalling £1,601,831 (2021 - £1,354,551). |
The company also operated an inter-company account with Earlcoate Construction and Plant Hire Limited. At the balance sheet date the amount due from Earlcoate Construction and Plant Hire Limited was £864,546 (2021 - £411,285) and this is included within other debtors (note 6). |
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Oliver Cutts Agriculture Limited |
(A company under common control) |
During the year the company traded with Oliver Cutts Limited, a company controlled by O A S Cutts, the transactions represented land maintenance costs. At the balance sheet date the amount owed to Oliver Cutts Agriculture Limited was nil (2021 - £24,000) and this is included within other creditors (note 7). |
The company also operated an inter-company account with Oliver Cutts Agriculture Limited. At the balance sheet date the amount due to Oliver Cutts Agriculture limited was £35,700 (2021 - £8,000) and this is included within other creditors (note 7). |