Cabinets Direct Ltd - Accounts

CABINETS DIRECT LTD - Company Information

Cabinets Direct Ltd 09035033 Kitchen cabinet makers false 1 June 2017 09035033 2017-06-01 2018-05-31 09035033 2017-05-31 09035033 2018-05-31 09035033 2016-06-01 2017-05-31 09035033 2016-05-31 09035033 2017-05-31 09035033 frs102-bus:FRS102 2017-06-01 2018-05-31 09035033 frs102-bus:PrivateLimitedCompanyLtd 2017-06-01 2018-05-31 09035033 frs102-bus:FullAccounts 2017-06-01 2018-05-31 09035033 frs102-bus:AuditExempt-NoAccountantsReport 2017-06-01 2018-05-31 09035033 frs102-core:CurrentFinancialInstruments 2018-05-31 09035033 frs102-core:CurrentFinancialInstruments 2017-05-31 09035033 frs102-core:Non-currentFinancialInstruments 2018-05-31 09035033 frs102-core:Non-currentFinancialInstruments 2017-05-31 09035033 frs102-core:ShareCapital 2018-05-31 09035033 frs102-core:ShareCapital 2017-05-31 09035033 frs102-core:RetainedEarningsAccumulatedLosses 2018-05-31 09035033 frs102-core:RetainedEarningsAccumulatedLosses 2017-05-31 09035033 frs102-bus:Director1 2017-06-01 2018-05-31 09035033 frs102-core:PlantMachinery 2017-06-01 2018-05-31 09035033 frs102-core:FurnitureFittings 2017-06-01 2018-05-31 09035033 frs102-core:OfficeEquipment 2017-06-01 2018-05-31 09035033 frs102-core:Vehicles 2017-06-01 2018-05-31 09035033 frs102-core:LandBuildings 2017-05-31 09035033 frs102-core:PlantMachinery 2017-05-31 09035033 frs102-core:FurnitureFittings 2017-05-31 09035033 frs102-core:OfficeEquipment 2017-05-31 09035033 frs102-core:Vehicles 2017-05-31 09035033 frs102-core:LandBuildings 2017-06-01 2018-05-31 09035033 frs102-core:LandBuildings 2018-05-31 09035033 frs102-core:PlantMachinery 2018-05-31 09035033 frs102-core:FurnitureFittings 2018-05-31 09035033 frs102-core:OfficeEquipment 2018-05-31 09035033 frs102-core:Vehicles 2018-05-31 09035033 frs102-core:LandBuildings 2017-05-31 09035033 frs102-core:PlantMachinery 2017-05-31 09035033 frs102-core:FurnitureFittings 2017-05-31 09035033 frs102-core:OfficeEquipment 2017-05-31 09035033 frs102-core:Vehicles 2017-05-31 09035033 frs102-bus:OrdinaryShareClass1 2018-05-31 09035033 frs102-bus:OrdinaryShareClass1 2017-05-31 09035033 frs102-bus:OrdinaryShareClass1 2017-06-01 2018-05-31 xbrli:pure iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares

	Registered number
	09035033

	Cabinets Direct Ltd
	Unaudited Accounts
	for the year ended
	31 May 2018

Cabinets Direct Ltd Balance Sheet as at 31 May 2018
	Notes		2018 £		2017 £
Fixed assets
Tangible assets	3		25,726		31,478
			25,726		31,478

Current assets
Stocks	4	117,740		54,180
Debtors		86,142		73,245
Cash at bank and in hand		0		1,734
		203,882		129,159

Prepayments and accrued income:		200		0

Creditors: amounts falling due within one year		(164,299)		(173,511)

Net current assets / (liabilities)			39,783		(44,352)

Total assets less current liabilities			65,509		(12,874)

Creditors: amounts falling due after more than one year	5		(73,059)		(67,137)

Total net assets (liabilities)			(7,550)		(80,011)

Capital and reserves
Called up share capital	6		200		200
Profit and loss account			(7,750)		(80,211)
Shareholders' funds			(7,550)		(80,011)

These accounts have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The directors have not delivered a copy of the company's Profit and Loss account as permitted by s444(5A) of the Companies Act 2006.

For the year ending 31 May 2018 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Signed on behalf of the board of directors

...............................

Mr T Cracknell

Director

Approved by the board on 27 February 2019

Company Number: 09035033 (a Private Company Limited by Shares registered in England and Wales)

Registered Office:

16 Broadend Road
Wisbech
Cambridgeshire
PE14 7BQ

1.	Accounting policies
	Basis of preparation of financial statements These financial statements have been prepared under the historic cost convention in accordance with the accounting policies set out below and with section 1A of FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The presentation currency is sterling.

	Going concern basis
	The accounts have been prepared on the assumption that the company is able to carry on business as a going concern for the foreseeable future.

Tangible fixed assets depreciation policy

Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses. Depreciation is provided, after taking account of any grants receivable, at rates calculated to write off the cost of fixed assets, less the estimated residual value, over their estimated useful lives.

Plant & machinery	18% Reducing Balance
Fixtures & fittings	18% Reducing Balance
Office equipment	18% Reducing Balance
Vehicles	18% Reducing Balance

	Stocks
	Stocks are valued at the lower of cost and net realisable value after taking into account costs of completion and sale. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. The amount of any write-down to net realisable value, and all losses of stock, are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down is recognised as a reduction in the amount of stock expensed in the period in which the reversal occurs.

Stocks

Stocks are valued at the lower of cost and net realisable value after taking into account costs of completion and sale. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. The amount of any write-down to net realisable value, and all losses of stock, are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down is recognised as a reduction in the amount of stock expensed in the period in which the reversal occurs.

	Leases and hire purchase contracts
	Assets obtained under hire purchase contracts are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful economic lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are are included in creditors net of finance charges allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis over the lease term.

Leases and hire purchase contracts

Assets obtained under hire purchase contracts are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful economic lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are are included in creditors net of finance charges allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis over the lease term.

Employees
	2018	2017
Average number of employees during the period	11	6

Tangible fixed assets
	Land & buildings	Plant & machinery	Fixtures & fittings	Office equipment	Vehicles	Total
Cost or valuation	£	£	£	£	£	£
At 1 June 2017	2,820	9,443	5,107	1,699	24,322	43,391
Additions	0	619	0	324	0	943
Disposals	(0)	(0)	(0)	(0)	(1,667)	(1,667)
At 31 May 2018	2,820	10,062	5,107	2,023	22,655	42,667
Depreciation
At 1 June 2017	0	2,585	978	382	7,968	11,913
Charge for the period	0	1,346	743	295	2,644	5,028
At 31 May 2018	0	3,931	1,721	677	10,612	16,941
Net book value
At 31 May 2018	2,820	6,131	3,386	1,346	12,043	25,726
At 31 May 2017	2,820	6,858	4,129	1,317	16,354	31,478

Stocks
	2018	2017
	£	£
Work in progress	28,200	26,500
Finished goods	89,540	27,680
	117,740	54,180

Creditors: amounts falling due after one year
	2018	2017
	£	£
Other	73,059	67,137
	73,059	67,137

Share capital
	2018	2017
	£	£
Allotted, called up and fully paid:
2 (2017: 2) Ordinary shares of £0.00 each	0	0

	200	200