Country Kitchenware Supplies Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 01431283 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2022

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

124,303

97,144

Property, plant and equipment

5

59,093

53,560

183,396

150,704

CURRENT ASSETS

Inventories

1,547,275

1,191,217

Debtors

6

244,607

239,598

Cash at bank and in hand

612,010

773,857

2,403,892

2,204,672

CREDITORS

Amounts falling due within one year

7

769,457

652,324

NET CURRENT ASSETS

1,634,435

1,552,348

TOTAL ASSETS LESS CURRENT LIABILITIES

1,817,831

1,703,052

CREDITORS

Amounts falling due after more than one year

8

(190,118

)

(239,544

)

PROVISIONS FOR LIABILITIES

(4,855

)

(2,927

)

NET ASSETS

1,622,858

1,460,581

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

1,622,758

1,460,481

SHAREHOLDERS' FUNDS

1,622,858

1,460,581

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 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 23 February 2023 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 19 (2021 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

Cost

At 1 June 2021

301,727

Additions

94,062

At 31 May 2022

395,789

Amortisation

At 1 June 2021

204,583

Charge for year

66,903

At 31 May 2022

271,486

Net book value

At 31 May 2022

124,303

At 31 May 2021

97,144

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Cost

At 1 June 2021

98,387

309,062

407,449

Additions

-

16,388

16,388

At 31 May 2022

98,387

325,450

423,837

Depreciation

At 1 June 2021

70,194

283,695

353,889

Charge for year

2,819

8,036

10,855

At 31 May 2022

73,013

291,731

364,744

Net book value

At 31 May 2022

25,374

33,719

59,093

At 31 May 2021

28,193

25,367

53,560

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

152,105

191,335

Other debtors

92,502

48,263

244,607

239,598

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

41,696

32,756

Trade creditors

414,495

229,123

Taxation and social security

77,796

155,490

Other creditors

235,470

234,955

769,457

652,324

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

190,118

239,544

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

4,934

44,253

9.	LEASING AGREEMENTS

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

2022

2021

£

£

In more than five years

162,998

162,998

10.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

231,814

272,300

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

2022

2021

value:

£

£

100

Ordinary

£1

100

100

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year-end an amount of £194,259 (2021: £192,958) 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 £3,581 (2021: £Nil) is owed by Cintek Ltd, a company owned by W Bartleet, a son of the directors of Country Kitchenware Supplies Ltd.

During the year, Country Kitchenware Supplies Ltd loaned Cintek Ltd a total of $188,000 in short-term loans. These were fully repaid during the year.

During the year, the directors set up a company called Inhabito Limited which is owned and directed by the same people as Country Kitchenware Supplies Limited. During the year, a total of £14,020 was loaned to Inhabito Limited by Country Kitchenware Supplies Ltd. This amount was outstanding as at 31 May 2022.

During the year, Country Kitchenware Supplies Ltd sold goods to Inhabito Limited on an arms-length basis. The total of the supplies was £16,449. At 31 May 2022 £2,411 was outstanding in respect of those goods.

Country Kitchenware Supplies Ltd also charged management fees to Inhabito totalling £27,175. This amount was outstanding at the year end.

14.	FINANCIAL INSTRUMENTS

As at 31 May 2022 there was one USD Forward Contract totalling US$100,000.00 outstanding (2021: US$117,265.40).