Country Kitchenware Supplies Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01431283 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2018

for

Country Kitchenware Supplies Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Directors:

R H M Bartleet

Mrs J M Bartleet

J H M Bartleet

Secretary:

Mrs J M Bartleet

Registered office:

Willow End Park

Blackmore Park Road

Malvern

Worcestershire

WR13 6NN

Registered number:

01431283 (England and Wales)

Accountants:

Crowthers Chartered Accountants

10 The Southend

Ledbury

Herefordshire

HR8 2EY

FIXED ASSETS

Intangible assets

4

82,132

6,056

Property, plant and equipment

5

83,395

79,388

165,527

85,444

CURRENT ASSETS

Inventories

1,426,872

1,429,097

Debtors

6

317,236

408,787

Cash at bank and in hand

220,612

188,317

1,964,720

2,026,201

CREDITORS

Amounts falling due within one year

7

815,124

826,324

NET CURRENT ASSETS

1,149,596

1,199,877

TOTAL ASSETS LESS CURRENT LIABILITIES

1,315,123

1,285,321

PROVISIONS FOR LIABILITIES

5,063

2,694

NET ASSETS

1,310,060

1,282,627

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

1,309,960

1,282,527

SHAREHOLDERS' FUNDS

1,310,060

1,282,627

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 25 February 2019 and were signed on its behalf by:

Mrs J M Bartleet - Director

R H M Bartleet - Director

J H M Bartleet - Director

1.	STATUTORY INFORMATION

Country Kitchenware Supplies 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.

The functional currency of Country Kitchenware Supplies Limited is considered to be pounds sterling because

that is the currency of the primary economic environment in which the company operates.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates

and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other

sources. The estimates and associated assumptions are based on historical experience and other factors that are

considered to be relevant. Therefore actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognised in the period in which the estimate is revised if the revision affects only that period, or in the

period of the revision and future periods if the revision affects both current and future periods.

Within the company, the area where significant judgements and estimates are made by the directors is in the

stock valuation. Stock of materials is valued on an average cost price basis but is subject to ongoing reviews and

a provision made where the directors are of the opinion that specific items are slow moving and require being

written down to net realisable value. At the year-end, the directors have no concerns over the recoverability of

the company's stock balance as shown on The Statement of Financial Position.

Turnover

Turnover represents the value of goods sold during the period net of VAT. Turnover is recognised when goods

are physically delivered to the customer.

Uninvoiced deliveries at the year end are included in accrued income. Invoiced deliveries are included in

debtors. Where customers pay in advance for goods, the amount is recorded as deferred income until the goods

have been delivered.

Intangible assets

Trademarks and designs are being amortised evenly over their estimated useful lives of 10 and 5 years.

Website infrastructure costs within intangible assets are comprised of the costs associated with building and

developing the company's own online presence. In particular, this relates to the building of a digital image

library for all of the company's product lines. All studio photography, image management and associated costs

are capitalised and are to be amortised over 5 to 10 years depending on the estimated useful life of the image

assets.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

10% on reducing balance

Plant and machinery etc

-

25% on reducing balance

Stocks

Stock of goods is valued at the lower of average cost price and net realisable value.

Cost represents the purchase price of goods plus an apportionment of the relevant costs in transporting the goods

to the company's storage locations. This would include relevant duty charges, dock charges and handling fees

for imports, apportioned per item that the costs relate to.

Net realisable value represents the selling price of completed goods less any costs necessary to complete the

goods. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than

cost.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Foreign currencies

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary

assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at

the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement in the period in which they arise.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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.

Operating lease commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Derivative financial instruments

The company uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate

movements. The company does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are

subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the

Income Statement immediately unless the derivative is designated and effective as a hedging instrument, in which

event the timing of the recognition in the Income Statement depends on the nature of the hedge relationship.

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices

are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as

there has not been a significant change in economic circumstances or a significant lapse of time since the

transaction took place. If the market is not active and recent transactions of an identical asset on their own are

not a good estimate of fair value, the fair value is estimated by using a valuation technique.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2017 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

Cost

At 1 June 2017

52,154

Additions

95,981

At 31 May 2018

148,135

Amortisation

At 1 June 2017

46,098

Charge for year

19,905

At 31 May 2018

66,003

Net book value

At 31 May 2018

82,132

At 31 May 2017

6,056

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Cost

At 1 June 2017

98,387

281,299

379,686

Additions

-

21,008

21,008

Disposals

-

(1,391

)

(1,391

)

At 31 May 2018

98,387

300,916

399,303

Depreciation

At 1 June 2017

55,411

244,887

300,298

Charge for year

4,299

12,601

16,900

Eliminated on disposal

-

(1,290

)

(1,290

)

At 31 May 2018

59,710

256,198

315,908

Net book value

At 31 May 2018

38,677

44,718

83,395

At 31 May 2017

42,976

36,412

79,388

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

Cost

At 1 June 2017

8,000

Transfer to ownership

(8,000

)

At 31 May 2018

-

Depreciation

At 1 June 2017

4,531

Charge for year

867

Transfer to ownership

(5,398

)

At 31 May 2018

-

Net book value

At 31 May 2018

-

At 31 May 2017

3,469

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

265,892

351,658

Other debtors

51,344

57,129

317,236

408,787

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

365,983

242,856

Hire purchase contracts (see note 8)

-

230

Trade creditors

178,615

350,960

Taxation and social security

35,165

24,240

Other creditors

235,361

208,038

815,124

826,324

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Net obligations repayable:

Within one year

-

230

Non-cancellable operating

leases

2018

2017

£

£

Between one and five years

4,718

4,718

In more than five years

162,998

154,748

167,716

159,466

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdrafts

365,983

242,856

Hire purchase contracts

-

230

365,983

243,086

The bank overdraft is secured by a debenture held by the bank.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£1

100

100

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year-end an amount of £195,246 (2017: £172,531) was due to the directors. The loans carry an interest

rate of 5% and have no fixed repayment terms, but they are repayable on demand.

12.	FINANCIAL INSTRUMENTS

At the year-end, the company had forward contracts to buy United States of America $183,952 (2017: $225,000)

at a cost of £134,144 (2017: £177,000).