KITCHEN_GALLERY_LTD - Accounts

SKG GROUP LIMITED - Company Information

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Company Registration No. 03727641 (England and Wales)

KITCHEN GALLERY LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2013

KITCHEN GALLERY LTD

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

KITCHEN GALLERY LTD

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2013

- 1 -

2013

2012

Notes

Fixed assets

Intangible assets

909

Tangible assets

482,002

504,740

482,004

505,649

Current assets

Debtors

6,915

22,070

Cash at bank and in hand

24,694

369

31,609

22,439

Creditors: amounts falling due within one year

(318,373)

(455,091)

Net current liabilities

(286,764)

(432,652)

Total assets less current liabilities

195,240

72,997

Creditors: amounts falling due after more than one year

(60,000)

Provisions for liabilities

(19,506)

(3,921)

115,734

9,076

Capital and reserves

Called up share capital

100

Profit and loss account

115,634

8,976

Shareholders' funds

115,734

9,076

KITCHEN GALLERY LTD

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 DECEMBER 2013

- 2 -

For the financial year ended 31 December 2013 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 30 September 2014

Mrs Shazia Mahmood

Director

Company Registration No. 03727641

KITCHEN GALLERY LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2013

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Improvements to property

Over 15 years

Computer equipment

33% Straight line

Fixtures, fittings & equipment

15% Reducing balance

The directors operate a policy of depreciating tangible fixed assets from the date of purchase.

Tangible fixed assets include investment properties purchased during the year. These are held at cost which is deemed to be equivalent to its market value.

1.5

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

KITCHEN GALLERY LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2013

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 January 2013

3,252

586,940

590,192

Additions

102,758

Disposals

(96,171)

At 31 December 2013

3,252

593,527

596,779

Depreciation

At 1 January 2013

2,343

82,200

84,543

On disposals

(14,426)

Charge for the year

907

43,751

44,658

At 31 December 2013

3,250

111,525

114,775

Net book value

At 31 December 2013

482,002

482,004

At 31 December 2012

909

504,740

505,649

Share capital

2013

2012

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100