Kitchen Economy Limited - Accounts to registrar (filleted) - small 18.2

Kitchen Economy Limited

Financial Statements for the Year Ended 31 March 2018

DIRECTORS:

C H Howells

M W Howells

R H E Howells

REGISTERED OFFICE:

Radnor House

Greenwood Close

Cardiff Gate Business Park

Cardiff

CF23 8AA

REGISTERED NUMBER:

09456537 (England and Wales)

ACCOUNTANTS:

BPU Limited

Chartered Accountants

Radnor House

Greenwood Close

Cardiff Gate Business Park

Cardiff

CF23 8AA

The following reproduces the text of the report prepared for the directors in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act

2006, the company is only required to file a Balance Sheet. Readers are cautioned that the

Income Statement and certain other primary statements and the Report of the Directors are

not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for

your approval the financial statements of Kitchen Economy Limited for the year ended

31 March 2018 which comprise the Profit and Loss Account, Balance Sheet and the related notes

from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Kitchen Economy Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kitchen Economy Limited and state those matters that we have agreed to state to the Board of Directors of Kitchen Economy Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kitchen Economy Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Kitchen Economy Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kitchen Economy Limited. You consider that Kitchen Economy Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kitchen Economy Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

BPU Limited

Chartered Accountants

6 December 2018

FIXED ASSETS

Intangible assets

3

20,000

26,000

Tangible assets

4

22,013

37,792

Investments

5

7,785

7,785

49,798

71,577

CURRENT ASSETS

Stocks

362,862

366,585

Debtors

6

114,987

111,440

Cash at bank

14,353

6,971

492,202

484,996

CREDITORS

Amounts falling due within one year

7

212,954

263,426

NET CURRENT ASSETS

279,248

221,570

TOTAL ASSETS LESS CURRENT LIABILITIES

329,046

293,147

CREDITORS

Amounts falling due after more than one year

8

(179,416

)

(155,874

)

PROVISIONS FOR LIABILITIES

(5,000

)

(8,000

)

NET ASSETS

144,630

129,273

CAPITAL AND RESERVES

Called up share capital

99

99

Retained earnings

144,531

129,174

144,630

129,273

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 23 November 2018 and were signed on its behalf by:

C H Howells - Director

1.	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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment

losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% & 25% straight line

Motor vehicles

-

25% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and

Loss Account, 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 balance sheet date.

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 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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2017 - 10 ) .

3.	INTANGIBLE FIXED ASSETS

Computer

Goodwill

software

Totals

£

£

£

COST

At 1 April 2017

and 31 March 2018

10,000

20,000

30,000

AMORTISATION

At 1 April 2017

4,000

-

4,000

Amortisation for year

2,000

4,000

6,000

At 31 March 2018

6,000

4,000

10,000

NET BOOK VALUE

At 31 March 2018

4,000

16,000

20,000

At 31 March 2017

6,000

20,000

26,000

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 April 2017

and 31 March 2018

41,667

24,618

66,285

DEPRECIATION

At 1 April 2017

19,774

8,719

28,493

Charge for year

9,624

6,155

15,779

At 31 March 2018

29,398

14,874

44,272

NET BOOK VALUE

At 31 March 2018

12,269

9,744

22,013

At 31 March 2017

21,893

15,899

37,792

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2017

and 31 March 2018

7,785

NET BOOK VALUE

At 31 March 2018

7,785

At 31 March 2017

7,785

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

106,951

104,603

Other debtors & prepayments

8,036

6,837

114,987

111,440

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

101,470

94,506

Trade creditors

43,646

64,499

Taxes & social security costs

41,684

32,134

Other creditors & accruals

26,154

72,287

212,954

263,426

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Other creditors

179,416

155,874