Country Kitchenware Supplies Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 01431283 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 May 2014

for

Country Kitchenware Supplies Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

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

2

19,209

25,674

Tangible assets

3

127,820

156,681

147,029

182,355

CURRENT ASSETS

Stocks

1,458,720

1,433,976

Debtors

478,729

507,761

Cash at bank and in hand

298,289

144,165

2,235,738

2,085,902

CREDITORS

Amounts falling due within one year

4

1,103,807

1,036,107

NET CURRENT ASSETS

1,131,931

1,049,795

TOTAL ASSETS LESS CURRENT LIABILITIES

1,278,960

1,232,150

CREDITORS

Amounts falling due after more than one year

4

-

(7,028

)

PROVISIONS FOR LIABILITIES

(6,353

)

(9,101

)

NET ASSETS

1,272,607

1,216,021

CAPITAL AND RESERVES

Called up share capital

5

100

100

Profit and loss account

1,272,507

1,215,921

SHAREHOLDERS' FUNDS

1,272,607

1,216,021

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 11 November 2014 and were signed on its behalf by:

Mrs J M Bartleet - Director

R H M Bartleet - Director

J H M Bartleet - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

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.

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 cost 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 balance

sheet date. Timing differences are differences between the taxable profits and the 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.

A net deferred tax asset is regarded as recoverable and therefore recognised only when it can be regarded as

more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing

differences can be deducted.

Deferred tax is not recognised when fixed assets are revalued unless by the balance sheet date there is a binding

agreement to sell the revalued assets and the assets have been revalued to selling price. Neither is deferred tax

recognised when fixed assets are sold and it is more likely than not that the taxable gain will be rolled over,

being charged to tax only if and when replacement assets are sold.

Deferred tax is measured at the average rates that are expected to apply in the periods in which the timing

differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date.

Deferred tax is measured on a non-discounted basis.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 the profit and loss account 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 the profit and loss account 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.

Financial instruments

The company uses forward contracts as a hedging tool to insure against adverse exchange rate fluctuations.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2013

and 31 May 2014

52,154

AMORTISATION

At 1 June 2013

26,480

Amortisation for year

6,465

At 31 May 2014

32,945

NET BOOK VALUE

At 31 May 2014

19,209

At 31 May 2013

25,674

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2013

369,013

Additions

1,266

At 31 May 2014

370,279

DEPRECIATION

At 1 June 2013

212,332

Charge for year

30,127

At 31 May 2014

242,459

NET BOOK VALUE

At 31 May 2014

127,820

At 31 May 2013

156,681

4.

CREDITORS

Creditors include an amount of £ 252,883 (2013 - £ 273,802 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

100

Ordinary

£1

100

100

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2014 and

31 May 2013:

2014

2013

£

£

R H M Bartleet and Mrs J M Bartleet

Balance outstanding at start of year

(250,094

)

(244,625

)

Amounts advanced

179,273

144,531

Amounts repaid

(150,000

)

(150,000

)

Balance outstanding at end of year

(220,821

)

(250,094

)

J H M Bartleet

Balance outstanding at start of year

(45,734

)

(49,528

)

Amounts advanced

52,949

53,794

Amounts repaid

(56,274

)

(50,000

)

Balance outstanding at end of year

(49,059

)

(45,734

)

During the year, the company rented properties from RHM Bartleet and Mrs JM Bartleet at a rate of £68,100 per

annum (2013: £68,100).

During the year the company rented property from JHM Bartleet at £79,648 per annum (2013: £79,648).

During the year, the company rented a property from a pension scheme of which RHM Bartleet and Mrs JM

Bartleet are members at a rate of £7,000 per annum (2013: £7,000).

At the year-end an amount of £269,880 (2013: £295,828) was due to the directors. The loans are interest free

and have no fixed repayment terms.

7.	RELATED PARTY DISCLOSURES

During the year, total dividends of £200,000 (2013 - £200,000) were paid to the directors .

During the year, the company loaned £1,214 to Pixelloft Limited, a company owned by N Bartleet, a son of

RHM Bartleet and Mrs JM Bartleet. The amount is still outstanding at the year-end.

8.	ULTIMATE CONTROLLING PARTY

9.	FINANCIAL INSTRUMENTS

At the year-end, the company had forward contracts to buy United States of America $232,786 at a cost of

£140,463.