Kids Stuff Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04869798 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2021

for

KIDS STUFF LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J O Hartfield

Mrs D A Hartfield

Mrs R C Douglas

S O C Hartfield

REGISTERED OFFICE:

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

REGISTERED NUMBER:

04869798 (England and Wales)

ACCOUNTANTS:

Plus Accounting

Chartered Accountants

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

FIXED ASSETS

Tangible assets

4

96,605

139,753

Investments

5

4,000

4,000

100,605

143,753

CURRENT ASSETS

Stocks

1,024,086

956,662

Debtors

6

41,683

155,529

Cash at bank and in hand

320,594

356,899

1,386,363

1,469,090

CREDITORS

Amounts falling due within one year

7

(579,925

)

(814,873

)

NET CURRENT ASSETS

806,438

654,217

TOTAL ASSETS LESS CURRENT LIABILITIES

907,043

797,970

CREDITORS

Amounts falling due after more than one year

8

(115,909

)

-

PROVISIONS FOR LIABILITIES

10

(16,235

)

(20,302

)

NET ASSETS

774,899

777,668

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Retained earnings

773,899

776,668

SHAREHOLDERS' FUNDS

774,899

777,668

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2021 and were signed on its behalf by:

J O Hartfield - Director

1.	STATUTORY INFORMATION

Kids Stuff Limited is a private company, limited by shares, registered in England and Wales. The company's registered number, registered office address and business address can be found on the Company Information page.

The presentational currency of the financial statements is the Pound Sterling (£).

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 represents the fair value of consideration received or receivable net of VAT and trade discounts.

Revenue from the sale of goods and services is recognised at the point of sale or despatch.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

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

Leasehold improvements

-

over the period of the lease

Plant and machinery

-

25% on reducing balance

Fixtures, fittings and equipment

-

straight line over 10 years

Motor vehicles

-

25% on reducing balance

Computer equipment

-

straight line over 3 years

Impairment policy

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Government grants

Grants receivable under the government's Job Retention Scheme are recognised as other operating income in the profit and loss account when there is a reasonable assurance that the entity will comply with the conditions attached to the grant and that the grant will be received. Grant income relating to the Job Retention Scheme will be recognised systematically in the period to which the underlying furloughed staff costs relate to and when the payroll liability has been incurred by the entity. The income is taxable and amounts not received by the reporting date are included in other debtors.

Grants receivable under the government's Small Business Grant Fund and the Retail, Hospitality and Leisure Grant Fund are designed to provide immediate financial support and are recognised as other operating income when confirmation is received that the entity is eligible for the grant. The income is taxable and amounts not received by the reporting date are included in other debtors.

Stocks

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

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.

Taxation

Taxation for the year comprises current and deferred 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 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 between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

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.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Fixed asset investments

Investments in shares are included at cost less impairment.

Government assistance

The company applied for and was successful in attaining a Coronavirus Business Interruption Loan during the year.

Under this scheme, the government has made a business interruption payment to cover the first 12 months of interest payments and any lender-levied fees (so smaller businesses will benefit from no upfront costs and lower initial repayments). 100% of the loan is guaranteed by the government. The loan is included under bank loans and the interest and the lender-levied fees covered by the government have not be included in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 62 (2020 - 67 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

Leasehold

Plant and

and

improvements

machinery

equipment

£

£

£

COST

At 1 February 2020

101,545

38,398

414,370

Additions

-

2,000

-

Disposals

(7,218

)

-

-

At 31 January 2021

94,327

40,398

414,370

DEPRECIATION

At 1 February 2020

74,482

28,322

325,798

Charge for year

20,692

3,019

16,420

Eliminated on disposal

(7,218

)

-

-

At 31 January 2021

87,956

31,341

342,218

NET BOOK VALUE

At 31 January 2021

6,371

9,057

72,152

At 31 January 2020

27,063

10,076

88,572

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 February 2020

40,455

42,886

637,654

Additions

-

687

2,687

Disposals

-

-

(7,218

)

At 31 January 2021

40,455

43,573

633,123

DEPRECIATION

At 1 February 2020

33,029

36,270

497,901

Charge for year

1,857

3,847

45,835

Eliminated on disposal

-

-

(7,218

)

At 31 January 2021

34,886

40,117

536,518

NET BOOK VALUE

At 31 January 2021

5,569

3,456

96,605

At 31 January 2020

7,426

6,616

139,753

5.	FIXED ASSET INVESTMENTS

Toymaster

investment

£

COST

At 1 February 2020

and 31 January 2021

4,000

NET BOOK VALUE

At 31 January 2021

4,000

At 31 January 2020

4,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

-

8,378

Amounts owed by group undertakings

11,351

11,351

Other debtors

30,332

135,800

41,683

155,529

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

27,273

-

Trade creditors

326,482

502,026

Taxation and social security

99,616

236,723

Other creditors

126,554

76,124

579,925

814,873

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

115,909

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans - more than 5 yrs

6,818

-

9.	LEASING AGREEMENTS

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

2021

2020

£

£

Within one year

604,679

623,588

Between one and five years

1,059,173

1,509,360

In more than five years

78,241

232,737

1,742,093

2,365,685

10.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

16,235

20,302

Deferred

tax

£

Balance at 1 February 2020

20,302

Accelerated capital allowances

(4,067

)

Balance at 31 January 2021

16,235

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

950

Ordinary A

£1

950

950

50

Ordinary B

£1

50

50

1,000

1,000

12.	OTHER FINANCIAL COMMITMENTS

Lloyds Bank has a fixed and floating charge over the company's assets. This is in relation to a cross guarantee on a mortgage acquired to purchase an investment property owned by Hartfield Holdings Ltd.

13.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The company is wholly owned by Hartfield Holdings Ltd which in turn is controlled by the directors, J O Hartfield and Mrs D A Hartfield.