P & S Kitchens Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07772257 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2019

FOR

P & S KITCHENS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr H E Wilson

REGISTERED OFFICE:

101 King Street

Knutsford

Cheshire

WA16 6EQ

REGISTERED NUMBER:

07772257 (England and Wales)

ACCOUNTANTS:

Kay Johnson Gee Limited

1 City Road East

Manchester

M15 4PN

FIXED ASSETS

Intangible assets

4

78,000

78,000

Tangible assets

5

37,322

47,211

115,322

125,211

CURRENT ASSETS

Stocks

1,200

1,200

Debtors

6

5,240

31,956

Cash at bank and in hand

13,716

23,982

20,156

57,138

CREDITORS

Amounts falling due within one year

7

(133,662

)

(179,892

)

NET CURRENT LIABILITIES

(113,506

)

(122,754

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,816

2,457

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

1,716

2,357

SHAREHOLDERS' FUNDS

1,816

2,457

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and Loss Account has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 17th November 2020 and were signed by:

Mr H E Wilson - Director

1.	STATUTORY INFORMATION

P & S Kitchens Limited is a private company limited by share capital, incorporated in England and Wales, registration number 07772257. The address of the registered office and principal place of business is 101 King Street, Knutsford, Cheshire, WA16 6EQ.

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 as the fair value of the consideration received or receivable, excluding value added tax. The following criteria must also be met before turnover is recognised:

- the amount of turnover can be measured reliably;

- it is probable that the company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of nil years.

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.

Tangible fixed assets

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

Plant and machinery

-

10% on cost

Computer equipment

-

50% on cost

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since the last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st January 2019

and 31st December 2019

78,000

NET BOOK VALUE

At 31st December 2019

78,000

At 31st December 2018

78,000

5.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1st January 2019

103,360

9,325

112,685

Additions

-

1,130

1,130

At 31st December 2019

103,360

10,455

113,815

DEPRECIATION

At 1st January 2019

57,171

8,303

65,474

Charge for year

10,336

683

11,019

At 31st December 2019

67,507

8,986

76,493

NET BOOK VALUE

At 31st December 2019

35,853

1,469

37,322

At 31st December 2018

46,189

1,022

47,211

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

5,240

31,956

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

38,853

66,103

Taxation and social security

18,844

19,853

Other creditors

75,965

93,936

133,662

179,892

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1.00

100

100