Karl Hutton Bespoke Joinery Limited Accounts

KARL HUTTON BESPOKE JOINERY LIMITED - Company Information






Karl Hutton Bespoke Joinery Limited
	Company No. 07363383
		Information for Filing with The Registrar
		30 September 2017

The Director presents his report and the accounts for the year ended 30 September 2017.

Principal activities
The principal activity of the company during the year under review was that of bespoke cabinet making and joinery.




Director

The Director who served at any time during the year was as follows:

K. Hutton



































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

K. Hutton
Director

29 June 2018

at	30 September 2017

Company No.		07363383	Notes	2017	2016
				£	£
Fixed assets

	Tangible assets		2	3,023	2,316


				3,023	2,316
Current assets



	Cash at bank and in hand			480	10,303
				480	10,303
Creditors: Amount falling due within one year			3	(2,450)	(7,062)
Net current (liabilities)/assets				(1,970)	3,241
Total assets less current liabilities				1,053	5,557




Net assets				1,053	5,557

Capital and reserves
	Called up share capital			1	1



	Profit and loss account		4	1,052	5,556

Total equity				1,053	5,557


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 30 September 2017 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 29 June 2018

And signed on its behalf by:
K. Hutton
Director

29 June 2018

for the year ended 30 September 2017

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

25% Reducing balance

Furniture, fittings and equipment

20% Reducing balance

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).
Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

2	Tangible fixed assets
			Plant and machinery	Fixtures, fittings and equipment	Total
			£	£	£
		Cost or revaluation
		At 1 October 2016	3,453	1,047	4,500
		Additions	979	649	1,628



		At 30 September 2017	4,432	1,696	6,128
		Depreciation
		At 1 October 2016	1,792	392	2,184
		Charge for the year	660	261	921



		At 30 September 2017	2,452	653	3,105
		Net book values
		At 30 September 2017	1,980	1,043	3,023
		At 30 September 2016	1,661	655	2,316

3	Creditors:
		amounts falling due within one year
			2017	2016
			£	£




		Trade creditors	115	90

		Corporation tax	676	4,744
		Other taxes and social security	142	1,433
		Loans from directors	857	50

		Accruals and deferred income	660	745
			2,450	7,062

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

5	Dividends
			2017	2016
			£	£
		Dividends for the period:
		Dividends paid in the period	8,000	20,000

			8,000	20,000

		Dividends by type:

		Equity dividends	8,000	20,000
			8,000	20,000

Related party disclosures

Controlling party

Immediate controlling party

Karl Hutton

Additional information

Its registered number is:

07363383

Its registered office is:

47b Kingshill Road

Chorlton

Manchester

M21 9HD