Classic Kitchens (Redditch) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03198474 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2020

for

CLASSIC KITCHENS (REDDITCH) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M R Davies

G A Davies

A S Davies

SECRETARY:

REGISTERED OFFICE:

Unit 2 Colemeadow Road

North Moons Moat

Redditch

Worcester

WR3 8DA

REGISTERED NUMBER:

03198474 (England and Wales)

ACCOUNTANTS:

CHEADLES

Chartered Accountants

Telegraph House

59 Wolverhampton Road

Stafford

Staffordshire

ST17 4AW

FIXED ASSETS

Tangible assets

4

501,417

451,077

CURRENT ASSETS

Stocks

30,000

22,446

Debtors

5

41,153

48,191

Cash at bank and in hand

354,136

158,199

425,289

228,836

CREDITORS

Amounts falling due within one year

6

430,081

273,990

NET CURRENT LIABILITIES

(4,792

)

(45,154

)

TOTAL ASSETS LESS CURRENT LIABILITIES

496,625

405,923

CREDITORS

Amounts falling due after more than one year

7

(240,000

)

(160,284

)

PROVISIONS FOR LIABILITIES

(110,191

)

(97,227

)

NET ASSETS

146,434

148,412

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

146,334

148,312

146,434

148,412

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2021 and were signed on its behalf by:

M R Davies - Director

1.	STATUTORY INFORMATION

Classic Kitchens (Redditch) 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.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for the assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year.

Turnover

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

Tangible fixed assets

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

Showroom Fixtures

-

20% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2019 - 26 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

1,058,189

Additions

172,687

Disposals

(124,916

)

At 31 December 2020

1,105,960

DEPRECIATION

At 1 January 2020

607,112

Charge for year

79,076

Eliminated on disposal

(81,645

)

At 31 December 2020

604,543

NET BOOK VALUE

At 31 December 2020

501,417

At 31 December 2019

451,077

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

-

3,924

Other debtors

41,153

44,267

41,153

48,191

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

8,274

-

Hire purchase contracts

5,132

14,873

Trade creditors

140,061

191,438

Taxation and social security

144,547

61,182

Other creditors

132,067

6,497

430,081

273,990

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans

150,000

-

Hire purchase contracts

-

10,284

Other creditors

90,000

150,000

240,000

160,284

8.	RELATED PARTY DISCLOSURES

During the year, AGM Holdings (UK) Limited, the parent company of Classic Kitchens (Redditch) Limited charged rent of £20,040 (2019: £20,040), and management fees of £160,000 (2019: £160,000).

Dividends of £15,000 (2019: £nil) were paid to AGM Holdings (UK) Limited.

At the balance sheet date, AGM Holdings (UK) Limited was owed £94,132 by Classic Kitchens (Redditch) Limited. (2019: £155,394). Of this, £90,000 is deemed to be due within one year and one day.

All transactions were on commercial terms.