Patrick Cutler Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03366910 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2017

for

Patrick Cutler Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P D Cutler

Mrs N A Cutler

SECRETARY:

Mrs N A Cutler

REGISTERED OFFICE:

107 North Street

Martock

Somerset

TA12 6EJ

REGISTERED NUMBER:

03366910 (England and Wales)

ACCOUNTANTS:

Read & Co.

107 North Street

Martock

Somerset

TA12 6EJ

FIXED ASSETS

Tangible assets

4

11,027

15,018

CURRENT ASSETS

Stocks

256

225

Debtors

5

80,561

28,687

Cash at bank

444

25,998

81,261

54,910

CREDITORS

Amounts falling due within one year

6

68,599

50,797

NET CURRENT ASSETS

12,662

4,113

TOTAL ASSETS LESS CURRENT LIABILITIES

23,689

19,131

PROVISIONS FOR LIABILITIES

7

2,095

2,322

NET ASSETS

21,594

16,809

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

9

21,592

16,807

SHAREHOLDERS' FUNDS

21,594

16,809

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 20 February 2018 and were signed on its behalf by:

Mrs N A Cutler - Director

1.	STATUTORY INFORMATION

Patrick Cutler 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 the provisions of Section 1A "Small Entities" 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 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.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance, 20% on reducing balance and 15% 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2016

114,889

Disposals

(20,732

)

At 31 May 2017

94,157

DEPRECIATION

At 1 June 2016

99,871

Charge for year

3,115

Eliminated on disposal

(19,856

)

At 31 May 2017

83,130

NET BOOK VALUE

At 31 May 2017

11,027

At 31 May 2016

15,018

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Trade debtors

79,759

28,362

Other debtors

802

325

80,561

28,687

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Bank loans and overdrafts

7,872

-

Trade creditors

4,457

9,649

Taxation and social security

4,682

21,137

Other creditors

51,588

20,011

68,599

50,797

7.	PROVISIONS FOR LIABILITIES

31.5.17

31.5.16

£

£

Deferred tax

2,095

2,322

Deferred

tax

£

Balance at 1 June 2016

2,322

Credit to Income Statement during year

(227

)

Balance at 31 May 2017

2,095

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.17

31.5.16

value:

£

£

2

Ordinary

£1

2

2

9.

RESERVES

Retained

earnings

£

At 1 June 2016

16,807

Profit for the year

11,785

Dividends

(7,000

)

At 31 May 2017

21,592

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £7,000 (2016 - £26,500) were paid to the directors .

TRANSACTIONS WITH DIRECTORS

The company operates a current account with the directors and the activity during the year was as follows:

31.5.17

31.5.16

Mr P D Cutler and Mrs N A Cutler

£

£

Amount owed to directors at end of year

47,635

17,713

Amount owed to directors at start of year

17,713

20,639

The amount owed to the directors is interest free and repayable on demand.

11.	ULTIMATE CONTROLLING PARTY

The company is under the control of Mr P D Cutler and Mrs N A Cutler , the two directors and shareholders.