Kitchen Collective Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08076446 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 May 2019

for

Kitchen Collective Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

H N Fairweather

I D Heatlie

REGISTERED OFFICE:

Camburgh House

27 New dover Road

Canterbury

Kent

CT1 3DN

REGISTERED NUMBER:

08076446 (England and Wales)

ACCOUNTANTS:

A.K & Co (Accountancy Services) Ltd

19 Victoria Terrace

Hove

East Sussex

BN3 2WB

FIXED ASSETS

Intangible assets

4

17,499

8,250

Tangible assets

5

88,583

22,759

Investments

6

2

2

106,084

31,011

CURRENT ASSETS

Stocks

20,000

24,353

Debtors

7

58,216

43,192

Cash at bank and in hand

1,123

8,772

79,339

76,317

CREDITORS

Amounts falling due within one year

8

220,290

19,893

NET CURRENT (LIABILITIES)/ASSETS

(140,951

)

56,424

TOTAL ASSETS LESS CURRENT LIABILITIES

(34,867

)

87,435

CREDITORS

Amounts falling due after more than one year

9

-

53,513

NET (LIABILITIES)/ASSETS

(34,867

)

33,922

CAPITAL AND RESERVES

Called up share capital

10

76,832

48,020

Share premium

29,188

-

Retained earnings

(140,887

)

(14,098

)

SHAREHOLDERS' FUNDS

(34,867

)

33,922

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 May 2019 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 applicable to companies subject to the small companies regime.

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 March 2020 and were signed on its behalf by:

I D Heatlie - Director

1.	STATUTORY INFORMATION

Kitchen Collective Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

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

Plant and machinery etc

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to

contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is

a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised cost using the effective interest

method. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of

impairment at each reporting date.

Financial assets are impaired when there is objective evidence that, as a result of one or more events that

occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If

an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of

the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is

recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are

settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership

to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has

transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially

recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt

instruments is measured at the present value of the future payments discounted at a market rate of interest.

Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or

less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or

cancelled.

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.

Development costs

Development costs are capitalised where these relate to activities other than advertising and promotion such as

ecommerce and order processing systems.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are

required to be recognised as part of the cost of stock or fixed assets.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company

has adequate resources to continue in operation existence for the foreseeable future. Thus the directors continue

to adopt the going concern basis of accounting in preparing the financial statements.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine

whether there is any indication that those assets have suffered an impairment loss. If any such indication exists,

the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the

recoverable amount of the cash-generating unit to which the asset belongs.

Group accounts

The financial statements present information about the company as an individual undertaking and not about its

group. The company and its subsidiary undertaking comprise a small sized group. The company has therefore

taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group

accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2018 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 31 May 2018

16,500

-

16,500

Additions

-

12,109

12,109

At 30 May 2019

16,500

12,109

28,609

AMORTISATION

At 31 May 2018

8,250

-

8,250

Charge for year

1,650

1,210

2,860

At 30 May 2019

9,900

1,210

11,110

NET BOOK VALUE

At 30 May 2019

6,600

10,899

17,499

At 30 May 2018

8,250

-

8,250

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 31 May 2018

27,319

Additions

70,588

At 30 May 2019

97,907

DEPRECIATION

At 31 May 2018

4,560

Charge for year

4,764

At 30 May 2019

9,324

NET BOOK VALUE

At 30 May 2019

88,583

At 30 May 2018

22,759

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 31 May 2018

and 30 May 2019

2

NET BOOK VALUE

At 30 May 2019

2

At 30 May 2018

2

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

3,825

19,319

Amounts owed by group undertakings

948

948

Other debtors

53,443

22,925

58,216

43,192

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

71,109

19,143

Amounts owed to group undertakings

133,470

-

Taxation and social security

3,077

-

Other creditors

12,634

750

220,290

19,893

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

-

53,513

10.	CALLED UP SHARE CAPITAL

Called up share capital

Share premium account

£

£

Ordinary share capital issued and fully paid

At 30 May 2018

48,020

-

Issue of shares

28,812

29,188

At 30 May 2019

76,832

29,188

11.	RELATED PARTY DISCLOSURES

The company is a subsidiary of EHJF Limited, a company incorporated in England.

At the balance sheet date, the company owed £133,470 (2018 £51470) to a corporate shareholder, EHJF

Limited.

At the balance sheet date, the company owed the directors £6,029 (2018 £2,042).

At the balance sheet date, the company was owed £948 (2018 £948) by its subsidiary company Banger Bros

Limited.

These loans are interest free and considered to be repayable on demand, Subsequently amounts included in

creditors-amounts falling due after more than one year have been reclassified as creditors-amounts falling due

within one year at 30 May 2019.