Ashgrove Kitchens Limited - Period Ending 2020-03-31

Ashgrove Kitchens Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 12

Ashgrove Kitchens Limited

Company Information

Directors

Mr A P Davis Mr P Brimblecombe

Registered office

3 Marsh Lane Lords Meadow Industrial Estate Crediton Devon EX17 1ES

Accountants

Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Ashgrove Kitchens Limited

Balance Sheet

31 March 2020

	Note	2020 £	2019 £
Fixed assets
Intangible assets	4	42	542
Tangible assets	5	155,224	177,427
		155,266	177,969
Current assets
Stocks	6	326,122	290,316
Debtors	7	164,000	74,754
Cash at bank and in hand		46,446	102,781
		536,568	467,851
Creditors: Amounts falling due within one year	8	(570,887)	(527,398)
Net current liabilities		(34,319)	(59,547)
Total assets less current liabilities		120,947	118,422
Creditors: Amounts falling due after more than one year	8	-	(2,909)
Provisions for liabilities		(27,100)	(27,900)
Net assets		93,847	87,613
Capital and reserves
Called up share capital	10	100	100
Profit and loss account		93,747	87,513
Total equity		93,847	87,613

Ashgrove Kitchens Limited

Balance Sheet

31 March 2020

For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements 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.

Approved and authorised by the Board on 23 March 2021 and signed on its behalf by:
 

......................................... Mr A P Davis Director

Company Registration Number: 02092604

Ashgrove Kitchens Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office and principal place of business is:
3 Marsh Lane
Lords Meadow Industrial Estate
Crediton
Devon
EX17 1ES

These financial statements were authorised for issue by the Board on 23 March 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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 Section 1A, and the Companies Act 2006. There are no material departures from FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors of Ashgrove Kitchens Limited have considered the impact of COVID-19.

In the opinion of the directors, the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

Tax is recognised in the profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Ashgrove Kitchens Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2020

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold property	10% reducing balance
Fixtures and fittings	20% straight line
Motor vehicles	20% reducing balance
Showroom and display	10% reducing balance
Plant and machinery	20% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10% reducing balance

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Ashgrove Kitchens Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2020

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2019 - 21).

Ashgrove Kitchens Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2020

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2019	5,000	5,000
At 31 March 2020	5,000	5,000
Amortisation
At 1 April 2019	4,458	4,458
Amortisation charge	500	500
At 31 March 2020	4,958	4,958
Carrying amount
At 31 March 2020	42	42
At 31 March 2019	542	542

Ashgrove Kitchens Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2020

6

Stocks

	2020 £	2019 £
Other inventories	326,122	290,316

7

Debtors

	2020 £	2019 £
Trade debtors	139,153	28,023
Other debtors	23,676	27,610
Prepayments	1,171	19,121
	164,000	74,754

8

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019  £
Loans and borrowings	9	2,440	15,142
Trade creditors		254,335	298,353
Corporation tax		9,000	10,400
Social security and other taxes		68,284	66,670
Other creditors		80,496	14,758
Accrued expenses		51,218	35,691
Payments on account		105,114	86,384
		570,887	527,398

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Loans and borrowings	9	-	2,909

Ashgrove Kitchens Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2020

9	Loans and borrowings

	2020 £	2019 £
Current loans and borrowings
Hire purchase	2,440	15,142

	2020 £	2019 £
Loans and borrowings due after one year
Hire purchase	-	2,909

The hire purchase liabilities are secured against the assets to which they relate.

10	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

11	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £213,200 (2019 - £244,400).

Ashgrove Kitchens Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2020

12	Related party transactions

Advances to directors

2020	At 1 April 2019 £	Advances to director £	Repayments by director £	At 31 March 2020 £
A Director
Interest free and repayable on demand	(3,675)	-	3,675	-

2019	At 1 April 2018 £	Advances to director £	Repayments by director £	At 31 March 2019 £
A Director
Interest free and repayable on demand	(4,234)	-	559	(3,675)

Loans to related parties

2020	Entities with joint control or significant influence £
At start of period	23,870
Expenses recognised as bad debt	(1,014)
At end of period	22,856

2019	Entities with joint control or significant influence £
At start of period	24,475
Advanced	200
Repaid	(805)
At end of period	23,870

Terms of loans to related parties

Interest free and repayable on demand.
 

Ashgrove Kitchens Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2020