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 30 JUNE 2016

KITCHEN GALLERY LTD

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

KITCHEN GALLERY LTD

ABBREVIATED BALANCE SHEET

AS AT

30 JUNE 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

533,111

343,776

Current assets

Debtors

171,100

87,071

Cash at bank and in hand

320,019

295,045

491,119

382,116

Creditors: amounts falling due within one year

(525,323)

(285,752)

Net current liabilities/(assets)

(34,204)

96,364

Total assets less current liabilities

498,907

440,140

Creditors: amounts falling due after more than one year

(114,723)

(157,363)

Provisions for liabilities

(31,880)

(16,624)

352,304

266,153

Capital and reserves

Called up share capital

100

Profit and loss account

352,204

266,053

Shareholders' funds

352,304

266,153

For the financial year ended 30 June 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have 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 March 2017

Mrs Shazia Mahmood

Director

Company Registration No. 03727641

KITCHEN GALLERY LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2016

- 2 -

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 January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

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

1.4

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land 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:

Land and buildings Freehold

2% Straight line

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.

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 30 JUNE 2016

- 3 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 July 2015

3,251

510,036

513,287

Additions

260,273

At 30 June 2016

3,251

770,309

773,560

Depreciation

At 1 July 2015

3,251

166,260

169,511

Charge for the year

70,938

At 30 June 2016

3,251

237,198

240,449

Net book value

At 30 June 2016

533,111

At 30 June 2015

343,776

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £4,777 (2015 - £3,872).

Creditors: amounts falling due after more than one year

2016

2015

Analysis of loans repayable in more than five years

Total amounts repayable by instalments which are due in more than five years

61,135

101,135

The aggregate amount of creditors for which security has been given amounted to £74,723 (2015 - £117,363).

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100