Steve Rees (Kitchens) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03985427 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

FOR

STEVE REES (KITCHENS) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr S J Rees

SECRETARY:

Mr S J Rees

REGISTERED OFFICE:

7-8 Raleigh Walk

Waterfront 2000

Brigantine Place

Cardiff

South Glamorgan

CF10 4LN

REGISTERED NUMBER:

03985427 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

16,920

2,092

16,920

2,092

CURRENT ASSETS

Stocks

6

22,263

43,920

Debtors

7

23,229

1,144

Cash at bank

3,986

-

49,478

45,064

CREDITORS

Amounts falling due within one year

8

43,450

46,401

NET CURRENT ASSETS/(LIABILITIES)

6,028

(1,337

)

TOTAL ASSETS LESS CURRENT LIABILITIES

22,948

755

CREDITORS

Amounts falling due after more than one year

9

(15,890

)

(20,833

)

PROVISIONS FOR LIABILITIES

(3,215

)

-

NET ASSETS/(LIABILITIES)

3,843

(20,078

)

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

2,843

(21,078

)

SHAREHOLDERS' FUNDS

3,843

(20,078

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 24 January 2024 and were signed by:

Mr S J Rees - Director

1.	STATUTORY INFORMATION

Steve Rees (Kitchens) 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Office equipment

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 1 (2022 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2022

and 30 April 2023

30,000

AMORTISATION

At 1 May 2022

and 30 April 2023

30,000

NET BOOK VALUE

At 30 April 2023

-

At 30 April 2022

-

5.	TANGIBLE FIXED ASSETS

Office

Motor

Computer

equipment

vehicles

equipment

Totals

£

£

£

£

COST

At 1 May 2022

1,528

13,800

5,850

21,178

Additions

-

16,920

-

16,920

Disposals

-

(13,800

)

-

(13,800

)

At 30 April 2023

1,528

16,920

5,850

24,298

DEPRECIATION

At 1 May 2022

1,528

11,708

5,850

19,086

Eliminated on disposal

-

(11,708

)

-

(11,708

)

At 30 April 2023

1,528

-

5,850

7,378

NET BOOK VALUE

At 30 April 2023

-

16,920

-

16,920

At 30 April 2022

-

2,092

-

2,092

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Motor

vehicles

£

COST

At 1 May 2022

13,800

Disposals

(13,800

)

At 30 April 2023

-

DEPRECIATION

At 1 May 2022

11,708

Eliminated on disposal

(11,708

)

At 30 April 2023

-

NET BOOK VALUE

At 30 April 2023

-

At 30 April 2022

2,092

6.

STOCKS

30.4.23

30.4.22

£

£

Stocks

15,263

32,420

Work-in-progress

7,000

11,500

22,263

43,920

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.23

30.4.22

£

£

Trade debtors

21,886

-

Other debtors

1,144

1,144

Prepayments

199

-

23,229

1,144

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.23

30.4.22

£

£

Bank loans and overdrafts

-

2,297

Trade creditors

30,596

39,070

Tax

3,477

-

Social security and other taxes

733

474

VAT

2,919

987

Other creditors

2,025

2,025

Directors' loan accounts

3,700

1,548

43,450

46,401

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.23

30.4.22

£

£

Bounce back loan

15,890

20,833

Amounts falling due in more than five years:

Repayable by instalments

Bounce back loan

15,890

20,833

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.23

30.4.22

value:

£

£

1,000

Ordinary

£1

1,000

1,000

11.	RELATED PARTY DISCLOSURES

The company is controlled by Mr S J Rees who is also the sole director.