Country Kitchenware Supplies Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01431283 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2020

for

Country Kitchenware Supplies Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Directors:

R H M Bartleet

Mrs J M Bartleet

J H M Bartleet

Secretary:

Mrs J M Bartleet

Registered office:

Willow End Park

Blackmore Park Road

Malvern

Worcestershire

WR13 6NN

Registered number:

01431283 (England and Wales)

Accountants:

Crowthers Chartered Accountants

10 The Southend

Ledbury

Herefordshire

HR8 2EY

FIXED ASSETS

Intangible assets

4

145,885

145,108

Property, plant and equipment

5

57,951

68,092

203,836

213,200

CURRENT ASSETS

Inventories

1,107,861

1,350,925

Debtors

6

251,376

288,395

Cash at bank and in hand

386,026

279,070

1,745,263

1,918,390

CREDITORS

Amounts falling due within one year

7

442,053

795,592

NET CURRENT ASSETS

1,303,210

1,122,798

TOTAL ASSETS LESS CURRENT LIABILITIES

1,507,046

1,335,998

CREDITORS

Amounts falling due after more than one year

8

(222,404

)

-

PROVISIONS FOR LIABILITIES

(2,750

)

(3,508

)

NET ASSETS

1,281,892

1,332,490

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

1,281,792

1,332,390

SHAREHOLDERS' FUNDS

1,281,892

1,332,490

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2021 and were signed on its behalf by:

Mrs J M Bartleet - Director

R H M Bartleet - Director

J H M Bartleet - Director

1.	STATUTORY INFORMATION

Country Kitchenware Supplies Limited 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.

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.

The functional currency of Country Kitchenware Supplies Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Therefore actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Within the company, the area where significant judgements and estimates are made by the directors is in the stock valuation. Stock of materials is valued on an average cost price basis but is subject to ongoing reviews and a provision made where the directors are of the opinion that specific items are slow moving and require being written down to net realisable value. At the year-end, the directors have no concerns over the recoverability of the company's stock balance as shown on The Statement of Financial Position.

Turnover

Turnover represents the value of goods sold during the period net of VAT. Turnover is recognised when goods are physically delivered to the customer.

Uninvoiced deliveries at the year end are included in accrued income. Invoiced deliveries are included in debtors. Where customers pay in advance for goods, the amount is recorded as deferred income until the goods have been delivered.

Intangible assets

Trademarks and designs are being amortised evenly over their estimated useful lives of 10 and 5 years.

Website infrastructure costs within intangible assets are comprised of the costs associated with building and developing the company's own online presence. In particular, this relates to the building of a digital image library for all of the company's product lines. All studio photography, image management and associated costs are capitalised and are to be amortised over 5 to 10 years depending on the estimated useful life of the image assets.

Tangible fixed assets

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

Land and buildings

-

10% on reducing balance

Plant and machinery etc

-

25% on reducing balance

Stocks

Stock of goods is valued at the lower of average cost price and net realisable value.

Cost represents the purchase price of goods plus an apportionment of the relevant costs in transporting the goods to the company's storage locations. This would include relevant duty charges, dock charges and handling fees for imports, apportioned per item that the costs relate to.

Net realisable value represents the selling price of completed goods less any costs necessary to complete the goods. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 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

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement in the period in which they arise.

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.

Operating lease commitments

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

Derivative financial instruments

The company uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The company does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Income Statement immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the Income Statement depends on the nature of the hedge relationship.

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2019 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

Cost

At 1 June 2019

251,601

Additions

50,126

At 31 May 2020

301,727

Amortisation

At 1 June 2019

106,493

Charge for year

49,349

At 31 May 2020

155,842

Net book value

At 31 May 2020

145,885

At 31 May 2019

145,108

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Cost

At 1 June 2019

98,387

300,916

399,303

Additions

-

2,274

2,274

Disposals

-

(579

)

(579

)

At 31 May 2020

98,387

302,611

400,998

Depreciation

At 1 June 2019

63,577

267,634

331,211

Charge for year

3,483

8,647

12,130

Eliminated on disposal

-

(294

)

(294

)

At 31 May 2020

67,060

275,987

343,047

Net book value

At 31 May 2020

31,327

26,624

57,951

At 31 May 2019

34,810

33,282

68,092

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

186,353

239,497

Other debtors

65,023

48,898

251,376

288,395

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

25,974

388,660

Trade creditors

122,205

123,137

Taxation and social security

83,926

66,760

Other creditors

209,948

217,035

442,053

795,592

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

222,404

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

82,958

-

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

3,145

3,145

In more than five years

162,998

162,998

166,143

166,143

10.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

248,378

-

The bank loan is secured by a debenture held by the bank.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

100

100

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year-end an amount of £169,882 (2019: £170,301) was due to the directors. The loans carry an interest rate of 5% and have no fixed repayment terms, but they are repayable on demand.

13.	RELATED PARTY DISCLOSURES

At the year-end, an amount of £Nil (2019: $3,754, equivalent to £2,916) is owed to Cintek Ltd, a company owned by W Bartleet, a son of the directors of Country Kitchenware Supplies Ltd.

At the year-end, an amount of £981 (2019: £105) is owed by Cintek Ltd to Country Kitchenware Supplies Ltd.

14.	FINANCIAL INSTRUMENTS

At the year-end, the company had one forward contract to buy United States of America $65,672 (2019: $50,000) at a cost of £50,783 (2019: £38,399).

At the year-end, the company had one forward contract to buy 5,116 Euros (2019: NIL) at a cost of £4,369 (2019: Nil).