Country Kitchenware Supplies Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 01431283 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2017

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

6,056

9,858

Property, plant and equipment

5

79,388

96,316

85,444

106,174

CURRENT ASSETS

Inventories

1,429,097

1,505,295

Debtors

6

408,787

373,259

Cash at bank and in hand

188,317

214,966

2,026,201

2,093,520

CREDITORS

Amounts falling due within one year

7

826,324

924,665

NET CURRENT ASSETS

1,199,877

1,168,855

TOTAL ASSETS LESS CURRENT LIABILITIES

1,285,321

1,275,029

CREDITORS

Amounts falling due after more than one year

8

-

(230

)

PROVISIONS FOR LIABILITIES

(2,694

)

(4,289

)

NET ASSETS

1,282,627

1,270,510

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

1,282,527

1,270,410

SHAREHOLDERS' FUNDS

1,282,627

1,270,510

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 23 February 2018 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 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.

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 statement of financial position date.

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.

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.

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 15 (2016 - 17 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

Cost

At 1 June 2016

and 31 May 2017

52,154

Amortisation

At 1 June 2016

42,296

Charge for year

3,802

At 31 May 2017

46,098

Net book value

At 31 May 2017

6,056

At 31 May 2016

9,858

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Cost

At 1 June 2016

and 31 May 2017

98,387

281,299

379,686

Depreciation

At 1 June 2016

50,634

232,736

283,370

Charge for year

4,777

12,151

16,928

At 31 May 2017

55,411

244,887

300,298

Net book value

At 31 May 2017

42,976

36,412

79,388

At 31 May 2016

47,753

48,563

96,316

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

Plant and

machinery

etc

£

Cost

At 1 June 2016

and 31 May 2017

8,000

Depreciation

At 1 June 2016

3,375

Charge for year

1,156

At 31 May 2017

4,531

Net book value

At 31 May 2017

3,469

At 31 May 2016

4,625

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

351,658

297,625

Other debtors

57,129

75,634

408,787

373,259

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

242,856

255,171

Hire purchase contracts (see note 9)

230

2,760

Trade creditors

350,960

279,182

Taxation and social security

24,240

59,206

Other creditors

208,038

328,346

826,324

924,665

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts (see note 9)

-

230

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2017

2016

£

£

Net obligations repayable:

Within one year

230

2,760

Between one and five years

-

230

230

2,990

Non-cancellable operating

leases

2017

2016

£

£

Within one year

-

6,748

Between one and five years

4,718

-

In more than five years

154,748

154,748

159,466

161,496

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

242,856

255,171

Hire purchase contracts

230

2,990

243,086

258,161

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

2017

2016

value:

£

£

100

Ordinary

£1

100

100

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year-end an amount of £172,531 (2016: £298,232) was due to the directors. The loans carry an interest

rate of 5% and have no fixed repayment terms, but they are repayable on demand.

13.	FINANCIAL INSTRUMENTS

At the year-end, the company had forward contracts to buy United States of America $225,000 (2016: $70,000)

at a cost of £177,000 (2016: £48,611).