Country Kitchenware Supplies Limited - Accounts to registrar - small 16.3

REGISTERED NUMBER: 01431283 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2016

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

9,858

13,802

Property, plant and equipment

5

96,316

117,602

106,174

131,404

CURRENT ASSETS

Inventories

1,505,295

1,287,731

Debtors

6

373,259

372,106

Cash at bank and in hand

214,966

262,685

2,093,520

1,922,522

CREDITORS

Amounts falling due within one year

7

924,665

673,676

NET CURRENT ASSETS

1,168,855

1,248,846

TOTAL ASSETS LESS CURRENT LIABILITIES

1,275,029

1,380,250

CREDITORS

Amounts falling due after more than one year

8

(230

)

(2,990

)

PROVISIONS FOR LIABILITIES

(4,289

)

(6,295

)

NET ASSETS

1,270,510

1,370,965

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

12

1,270,410

1,370,865

SHAREHOLDERS' FUNDS

1,270,510

1,370,965

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 23 February 2017 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The prior year financial statements were restated for material adjustments on adoption of FRS 102 in the current

year. For more information see pages 13 to 15.

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.

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.

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.

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 where transactions or events that result in an obligation to pay more tax in

the future or a right to pay less tax in the future have occurred at the Statement of Financial Position date.

Timing differences are differences between the company's taxable profits and its results as stated in the financial

statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in

which they are recognised in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised only when, on the basis of all available

evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the

future reversal of the underlying timing differences can be deducted.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the

Statement of Financial Position date that are expected to apply to the reversal of the timing difference.

Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax

purposes, the resulting current or deferred tax expense or income is presented in the same component of

comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.

Deferred tax assets and liabilities are offset only if: a) the company has a legally enforceable right to set off

current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to

income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities

which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the

liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets

are expected to be settled or recovered.

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.

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.

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 17 .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

Cost

At 1 June 2015

and 31 May 2016

52,154

Amortisation

At 1 June 2015

38,352

Charge for year

3,944

At 31 May 2016

42,296

Net book value

At 31 May 2016

9,858

At 31 May 2015

13,802

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Cost

At 1 June 2015

98,387

282,684

381,071

Additions

-

215

215

Disposals

-

(1,600

)

(1,600

)

At 31 May 2016

98,387

281,299

379,686

Depreciation

At 1 June 2015

45,328

218,141

263,469

Charge for year

5,306

16,163

21,469

Eliminated on disposal

-

(1,568

)

(1,568

)

At 31 May 2016

50,634

232,736

283,370

Net book value

At 31 May 2016

47,753

48,563

96,316

At 31 May 2015

53,059

64,543

117,602

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

Plant and

machinery

etc

£

Cost

At 1 June 2015

and 31 May 2016

8,000

Depreciation

At 1 June 2015

1,833

Charge for year

1,542

At 31 May 2016

3,375

Net book value

At 31 May 2016

4,625

At 31 May 2015

6,167

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

297,625

315,274

Other debtors

5,328

2,015

Prepayments

70,306

54,817

373,259

372,106

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

255,171

146,952

Hire purchase contracts (see note 9)

2,760

2,760

Trade creditors

279,182

160,759

Tax

4,311

29,461

Social security and other taxes

54,895

47,942

Other creditors

12,152

-

Directors' current accounts

298,232

250,327

Accrued expenses

17,962

35,475

924,665

673,676

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Hire purchase contracts (see note 9)

230

2,990

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2016

2015

£

£

Net obligations repayable:

Within one year

2,760

2,760

Between one and five years

230

2,990

2,990

5,750

Non-cancellable operating

leases

2016

2015

£

£

Within one year

6,748

-

Between one and five years

-

10,122

In more than five years

154,748

154,748

161,496

164,870

10.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Bank overdrafts

255,171

146,952

Hire purchase contracts

2,990

5,750

258,161

152,702

The bank overdraft is secured by a debenture held by the bank.

Hire purchase contracts are secured over the relevant asset.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Retained

earnings

£

At 1 June 2015

1,370,865

Profit for the year

199,545

Dividends

(300,000

)

At 31 May 2016

1,270,410

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year-end an amount of £298,232 (2015: £250,327) was due to the directors. The loans are interest free

and have no fixed repayment terms but are repayable on demand.

14.	RELATED PARTY DISCLOSURES

During the year, total dividends of £300,000 (2015 - £200,000) were paid to the directors .

15.	FINANCIAL INSTRUMENTS

At the year-end, the company had forward contracts to buy United States of America $70,000 (2015: $150,000)

at a cost of £48,611 (2015: £99,206).