Kristen Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI046340 (Northern Ireland)

KRISTEN LTD

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

M Murphy

B Murphy

REGISTERED OFFICE:

Moira Industrial Estate

34 Old Kilmore Road

Moira

Armagh

BT67 0LZ

REGISTERED NUMBER:

NI046340 (Northern Ireland)

INDEPENDENT AUDITORS:

CavanaghKelly

Chartered Accountants and Statutory Auditors

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

NON-CURRENT ASSETS

Property, plant and equipment

5

63,294

22,644

CURRENT ASSETS

Inventories

6

414,123

232,082

Receivables less than one year

7

406,452

563,050

Cash at bank

322,413

549,374

1,142,988

1,344,506

PAYABLES

Amounts falling due within one year

8

(657,581

)

(394,253

)

NET CURRENT ASSETS

485,407

950,253

TOTAL ASSETS LESS CURRENT LIABILITIES

548,701

972,897

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

548,601

972,797

SHAREHOLDERS' FUNDS

548,701

972,897

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 and authorised for issue on 5 August 2020 and were signed on its behalf by:

B Murphy - Director

M Murphy - Director

1.	STATUTORY INFORMATION

Kristen Ltd is a private company, limited by shares , registered in Northern Ireland. The company's

registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Revenue

The revenue shown in the Income Statement represents amounts received or receivable for goods

provided in the normal course of business, exclusive of Value Added Tax. Revenue is recognised on

the delivery of goods to the customer.

Property, plant and equipment and depreciation

Property, plant and equipment are stated at cost, less accumulated depreciation. The charge to

depreciation is calculated to write off the original cost of property, plant and equipment, less their

estimated residual value, over their expected useful lives as follows:

Plant and machinery

- 25% Straight line

Fixtures and fittings

- 25% Straight line

Motor vehicles

- 25% Straight line

The carrying values of property, plant and equipment are reviewed annually for impairment in periods

if events or changes in circumstances indicate the carrying value may not be recoverable.

Inventories

Inventories are valued at the lower of cost and net realisable value. Inventories are determined on a

first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in

bringing inventories to their present location and condition. Net realisable value comprises actual or

estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in

marketing and selling. Full provision is made for obsolete and slow moving items.

Taxation

Taxation for the year comprises current 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

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

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of

exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in

terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date

of the transaction. Non-monetary items that are measured at fair value in a foreign currency are

translated using the exchange rates at the date when the fair value was determined. The resulting

exchange differences are dealt with in the Income Statement.

Hire purchase and leasing commitments

Property, plant and equipment held under leasing and Hire Purchases arrangements which transfer

substantially all the risks and rewards of ownership to the company are capitalised and included in the

Statement of Financial Position at their cost or valuation, less depreciation. The corresponding

commitments are recorded as liabilities. Payments in respect of these obligations are treated as

consisting of capital and interest elements, with interest charged to the Income Statement.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a

Statement of Cash Flows because it is classified as a small company.

Employee benefits

The company operates a defined contribution pension scheme for employees. The assets of the

scheme are held seperately from those of the company in an independently administered fund. Annual

contributions payable to the company's pension scheme are charged to the Income Statement in the

period to which they relate.

Going concern

The financial statements have been prepared on the going concern basis notwithstanding the company

made a loss of £424,196 at 31 December 2019.

During the course of the year the company underwent an internal reorganisation resulting in the

company experiencing a drop in turnover and included in the income statement is an exceptional

provision for £160,000 of bad debts. New structures were put in place and the directors were

confident the company would return to profitability in the coming financial year. However, as a result

of the Covid-19 pandemic the company experienced further downturn in its trading activities. The

company has been able to avail of government support in the form of the Job Retention Scheme which

has enabled the company to manage the downturn and the directors are confident the company can

return to profit in the near future. In addition, the parent company has indicated its continued support

of the company to ensure the company can continue to trade.

As a result, the directors deem it appropriate the accounts are prepared on the going concern basis.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2018 - 10 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2019

-

27,522

94,051

121,573

Additions

23,883

5,106

48,908

77,897

Disposals

-

-

(45,032

)

(45,032

)

At 31 December 2019

23,883

32,628

97,927

154,438

DEPRECIATION

At 1 January 2019

-

19,854

79,075

98,929

Charge for year

5,971

6,112

25,164

37,247

Eliminated on disposal

-

-

(45,032

)

(45,032

)

At 31 December 2019

5,971

25,966

59,207

91,144

NET BOOK VALUE

At 31 December 2019

17,912

6,662

38,720

63,294

At 31 December 2018

-

7,668

14,976

22,644

6.	INVENTORIES

2019

2018

£

£

Inventories

414,123

232,082

7.	RECEIVABLES LESS THAN ONE YEAR

2019

2018

£

£

Trade receivables

304,753

512,085

Amounts owed by group undertakings

7,543

1,735

Other receivables

71,337

31,886

VAT

12,341

-

Deferred tax asset

1,420

1,200

Prepayments

9,058

16,144

406,452

563,050

The amounts owed by group companies are considered payable on demand. No interest is charged in

respect of same.

8.	PAYABLES LESS THAN ONE YEAR

2019

2018

£

£

Trade payables

199,688

110,161

Amounts owed to group undertakings

427,564

222,547

Taxation and social security

14,142

52,077

Other payables

16,187

9,468

657,581

394,253

The amounts owed to group companies are considered payable on demand. No interest is incurred in

respect of same.

9.	DEFERRED TAX

£

Balance at 1 January 2019

(1,200

)

Provided during year

(220

)

Balance at 31 December 2019

(1,420

)

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

1

100

100

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Mr Ryan Falls ACA (Senior Statutory Auditor)

for and on behalf of CavanaghKelly

12.	RELATED PARTY TRANSACTIONS

The company has availed of the exemption under FRS 102 in relation to the disclosure of transactions

with group companies.

13.	PARENT COMPANY

The controlling party is Sanbra Limited.

The company regards Sanbra Limited, a company registered in the Republic of Ireland, as its parent

company. The results of Kristen Limited are included in the consolidated financial statements of

Sanbra Limited, which are available at the company's registered office at Conex Works, Santry

Avenue, Dublin 9, Ireland.