Kindred Spirits Retail Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11351463 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2022

for

Kindred Spirits Retail Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

O F Barker

Mrs N O'Hare

REGISTERED OFFICE:

4 Main Street

Keswick

CA12 5JD

REGISTERED NUMBER:

11351463 (England and Wales)

ACCOUNTANT:

CWH Accounting

Mount Pleasant

Heads Nook

Brampton

Carlisle

Cumbria

CA8 9EH

FIXED ASSETS

Intangible assets

4

19,841

-

Tangible assets

5

62,800

20,583

82,641

20,583

CURRENT ASSETS

Stocks

99,000

50,000

Cash at bank and in hand

60,476

105,339

159,476

155,339

CREDITORS

Amounts falling due within one year

6

57,769

71,587

NET CURRENT ASSETS

101,707

83,752

TOTAL ASSETS LESS CURRENT LIABILITIES

184,348

104,335

CREDITORS

Amounts falling due after more than one year

7

(79,982

)

(40,000

)

PROVISIONS FOR LIABILITIES

(12,061

)

(3,911

)

NET ASSETS

92,305

60,424

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

92,302

60,421

92,305

60,424

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 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 30 September 2022 and were signed on its behalf by:

O F Barker - Director

1.	STATUTORY INFORMATION

Kindred Spirits Retail 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Development costs are being amortised evenly over their estimated useful life of seven years.

Computer software is being amortised evenly over its estimated useful life of seven years.

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 etc

-

33% on cost and 15% on reducing balance

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 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 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2021 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

23,342

At 31 May 2022

23,342

AMORTISATION

Charge for year

3,501

At 31 May 2022

3,501

NET BOOK VALUE

At 31 May 2022

19,841

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2021

28,604

Additions

55,219

Disposals

(2,250

)

At 31 May 2022

81,573

DEPRECIATION

At 1 June 2021

8,021

Charge for year

11,502

Eliminated on disposal

(750

)

At 31 May 2022

18,773

NET BOOK VALUE

At 31 May 2022

62,800

At 31 May 2021

20,583

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.22

31.5.21

£

£

Bank loans and overdrafts

9,858

10,000

Trade creditors

1

-

Taxation and social security

13,145

9,195

Other creditors

34,765

52,392

57,769

71,587

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.22

31.5.21

£

£

Bank loans

79,982

40,000

8.	OTHER FINANCIAL COMMITMENTS

At 31st May 2022 the company had annual commitments under non-cancellable operating leases as set out below:

2022

2021

£

£

Within 1 year

87,244

34,500

Within 2 to 5 years

348,976

134,000

After more than 5 years

459,217

127,000

895,437

295,500