Kiddell Kitchens Ltd Filleted accounts for Companies House (small and micro)

KIDDELL KITCHENS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08705305

Kiddell Kitchens Ltd

Filleted Unaudited Financial Statements

30 September 2019

Kiddell Kitchens Ltd

Balance Sheet

30 September 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		28,925	32,858

Current assets

Stocks		31,775	25,103
Debtors	6	–	100
Cash at bank and in hand		10,239	60,176
		--------	--------
		42,014	85,379

Creditors: amounts falling due within one year	7	51,923		65,350
		--------		--------
Net current (liabilities)/assets			( 9,909)	20,029
			--------	--------
Total assets less current liabilities			19,016	52,887

Creditors: amounts falling due after more than one year	8		12,917	19,744

Provisions

Taxation including deferred tax	4,957	5,586
	--------	--------
Net assets	1,142	27,557
	--------	--------

Capital and reserves

Called up share capital	1	1
Profit and loss account	1,141	27,556
	-------	--------
Shareholders funds	1,142	27,557
	-------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings (including profit and loss account) has not been delivered.

For the year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Kiddell Kitchens Ltd

Balance Sheet (continued)

30 September 2019

These financial statements were approved by the board of directors and authorised for issue on 6 April 2020 , and are signed on behalf of the board by:

Mr G C Kiddell
Director

Company registration number: 08705305

Kiddell Kitchens Ltd

Notes to the Financial Statements

Year ended 30 September 2019

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Unit 36B, Syderstone Business Park , Mill Lane, Syderstone, King's Lynn, Norfolk, PE31 8RX.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The turnover shown in the profit and loss account represents the amounts invoiced and accrued relating to goods and services supplied during the year at net of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2018: 3 ).

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 October 2018	3,275	24,794	37,915	65,984
Additions	–	–	4,002	4,002
	-------	--------	--------	--------
At 30 September 2019	3,275	24,794	41,917	69,986
	-------	--------	--------	--------
Depreciation
At 1 October 2018	982	11,283	20,861	33,126
Charge for the year	344	3,378	4,213	7,935
	-------	--------	--------	--------
At 30 September 2019	1,326	14,661	25,074	41,061
	-------	--------	--------	--------
Carrying amount
At 30 September 2019	1,949	10,133	16,843	28,925
	-------	--------	--------	--------
At 30 September 2018	2,293	13,511	17,054	32,858
	-------	--------	--------	--------

6. Debtors

	2019	2018
	£	£
Trade debtors	–	100
	----	----

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	7,161	6,899
Corporation tax	2,232	6,294
Social security and other taxes	4,162	18,290
Other creditors	38,368	33,867
	--------	--------
	51,923	65,350
	--------	--------

Bank borrowings are secured against assets of the company.

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Other creditors	12,917	19,744
	--------	--------

Bank borrowings are secured against assets of the company.

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Later than 1 year and not later than 5 years	12,000	20,000
	--------	--------