Caseware UK (AP4) 2016.0.208 2016.0.208 2018-07-312018-07-31truetruefalseKitchen design and installation2017-08-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06985864 2017-08-01 2018-07-31 06985864 2016-08-01 2017-07-31 06985864 2018-07-31 06985864 2017-07-31 06985864 c:Director1 2017-08-01 2018-07-31 06985864 d:Buildings d:ShortLeaseholdAssets 2017-08-01 2018-07-31 06985864 d:Buildings d:ShortLeaseholdAssets 2018-07-31 06985864 d:Buildings d:ShortLeaseholdAssets 2017-07-31 06985864 d:LandBuildings 2018-07-31 06985864 d:LandBuildings 2017-07-31 06985864 d:MotorVehicles 2017-08-01 2018-07-31 06985864 d:MotorVehicles 2018-07-31 06985864 d:MotorVehicles 2017-07-31 06985864 d:MotorVehicles d:OwnedOrFreeholdAssets 2017-08-01 2018-07-31 06985864 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2017-08-01 2018-07-31 06985864 d:FurnitureFittings 2017-08-01 2018-07-31 06985864 d:FurnitureFittings 2018-07-31 06985864 d:FurnitureFittings 2017-07-31 06985864 d:FurnitureFittings d:OwnedOrFreeholdAssets 2017-08-01 2018-07-31 06985864 d:ComputerEquipment 2017-08-01 2018-07-31 06985864 d:ComputerEquipment 2018-07-31 06985864 d:ComputerEquipment 2017-07-31 06985864 d:ComputerEquipment d:OwnedOrFreeholdAssets 2017-08-01 2018-07-31 06985864 d:OwnedOrFreeholdAssets 2017-08-01 2018-07-31 06985864 d:LeasedAssetsHeldAsLessee 2017-08-01 2018-07-31 06985864 d:Goodwill 2018-07-31 06985864 d:Goodwill 2017-07-31 06985864 d:CurrentFinancialInstruments 2018-07-31 06985864 d:CurrentFinancialInstruments 2017-07-31 06985864 d:Non-currentFinancialInstruments 2018-07-31 06985864 d:Non-currentFinancialInstruments 2017-07-31 06985864 d:CurrentFinancialInstruments d:WithinOneYear 2018-07-31 06985864 d:CurrentFinancialInstruments d:WithinOneYear 2017-07-31 06985864 d:Non-currentFinancialInstruments d:AfterOneYear 2018-07-31 06985864 d:Non-currentFinancialInstruments d:AfterOneYear 2017-07-31 06985864 d:UKTax 2017-08-01 2018-07-31 06985864 d:UKTax 2016-08-01 2017-07-31 06985864 d:ShareCapital 2018-07-31 06985864 d:ShareCapital 2017-07-31 06985864 d:RetainedEarningsAccumulatedLosses 2018-07-31 06985864 d:RetainedEarningsAccumulatedLosses 2017-07-31 06985864 d:AcceleratedTaxDepreciationDeferredTax 2018-07-31 06985864 c:FRS102 2017-08-01 2018-07-31 06985864 c:AuditExempt-NoAccountantsReport 2017-08-01 2018-07-31 06985864 c:FullAccounts 2017-08-01 2018-07-31 06985864 c:PrivateLimitedCompanyLtd 2017-08-01 2018-07-31 06985864 d:HirePurchaseContracts d:WithinOneYear 2018-07-31 06985864 d:HirePurchaseContracts d:WithinOneYear 2017-07-31 06985864 d:HirePurchaseContracts d:BetweenOneFiveYears 2018-07-31 06985864 d:HirePurchaseContracts d:BetweenOneFiveYears 2017-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06985864
















SIMPLY KITCHENS UK LIMITED


UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2018

































SIMPLY KITCHENS UK LIMITED
REGISTERED NUMBER:06985864

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2018

2018
2017
Note
£
£

FIXED ASSETS
  

Tangible assets
 6 
114,135
149,267

CURRENT ASSETS
  

Stocks
 7 
35,675
12,183

Debtors: amounts falling due within one year
 8 
409,537
78,771

Cash at bank and in hand
  
20,386
163,833

  
465,598
254,787

Creditors: amounts falling due within one year
 9 
(378,762)
(256,468)

NET CURRENT ASSETS/(LIABILITIES)
  
 
 
86,836
 
 
(1,681)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
200,971
147,586

Creditors: amounts falling due after more than one year
 10 
(5,745)
(17,138)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 12 
(18,023)
-

NET ASSETS
  
177,203
130,448


CAPITAL AND RESERVES
  

Called up share capital 
 13 
100
100

Profit and loss account
  
177,103
130,348

  
177,203
130,448


Page 1


SIMPLY KITCHENS UK LIMITED
REGISTERED NUMBER:06985864
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2018

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





Mr N Hopper
Director

Date: 7 November 2018

The notes on pages 3 to 11 form part of these financial statements.

Page 2


SIMPLY KITCHENS UK LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018

1.


GENERAL INFORMATION

The company is a private limited company, limited by shares and registered in England and Wales. The registered number of the company is 06985864. The registered office of the company is 85-87 Christian Mill Business Park, Tamerton Foliot Road, Crownhill, Plymouth, Devon PL6 5DS.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3


SIMPLY KITCHENS UK LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018

2.ACCOUNTING POLICIES (continued)

 
2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
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 company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

INTEREST INCOME

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

 
2.5

FINANCE COSTS

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

BORROWING COSTS

All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.

Page 4


SIMPLY KITCHENS UK LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018

2.ACCOUNTING POLICIES (continued)

 
2.7

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5


SIMPLY KITCHENS UK LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018

2.ACCOUNTING POLICIES (continued)


2.10
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis or straight line where stated.

Depreciation is provided on the following basis:

Short-term leasehold property
-
50%
straight line
Motor vehicles
-
20%
reducing balance
Fixtures and fittings
-
20%
reducing balance
Computer equipment
-
20%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

 
2.11

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of income and retained earnings in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.13

FINANCIAL INSTRUMENTS

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 
2.14

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6


SIMPLY KITCHENS UK LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018

3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 7 (2017: 7).


4.


TAXATION


2018
2017
£
£

CORPORATION TAX


Current tax on profits for the year
34,692
19,184


DEFERRED TAX


Accelerated capital allowances
18,023
-


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
52,715
19,184

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  19% (2017: 20%).



5.


INTANGIBLE ASSETS



Goodwill

£



COST


At 1 August 2017
96,500



At 31 July 2018

96,500



AMORTISATION


At 1 August 2017
96,500



At 31 July 2018

96,500



NET BOOK VALUE



At 31 July 2018
-

Page 7


SIMPLY KITCHENS UK LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018

6.


TANGIBLE FIXED ASSETS





Short-term leasehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



COST OR VALUATION


At 1 August 2017
16,238
70,289
254,233
15,221
355,981


Additions
-
2,250
3,373
655
6,278


Disposals
-
(25,069)
-
-
(25,069)



At 31 July 2018

16,238
47,470
257,606
15,876
337,190



DEPRECIATION


At 1 August 2017
-
32,474
164,043
10,197
206,714


Charge for the year on owned assets
8,119
450
18,038
1,136
27,743


Charge for the year on financed assets
-
6,037
-
-
6,037


Disposals
-
(17,439)
-
-
(17,439)



At 31 July 2018

8,119
21,522
182,081
11,333
223,055



NET BOOK VALUE



At 31 July 2018
8,119
25,948
75,525
4,543
114,135



At 31 July 2017
16,238
37,815
90,190
5,024
149,267




The net book value of land and buildings may be further analysed as follows:


2018
2017
£
£

Short leasehold
8,119
16,238

8,119
16,238



7.


STOCKS

2018
2017
£
£

Work in progress (goods to be sold)
35,675
12,183


Page 8


SIMPLY KITCHENS UK LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018

8.


DEBTORS

2018
2017
£
£


Trade debtors
120,507
74,583

Other debtors
287,000
-

Prepayments and accrued income
2,030
4,188

409,537
78,771



9.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018
2017
£
£

Other loans
-
10,325

Trade creditors
100,650
84,336

Corporation tax
34,692
19,184

Other taxation and social security
18,212
12,355

Obligations under finance lease and hire purchase contracts
8,864
8,219

Other creditors
93,844
120,149

Accruals and deferred income
122,500
1,900

378,762
256,468



10.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018
2017
£
£

Net obligations under finance leases and hire purchase contracts
5,745
17,138



11.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2018
2017
£
£


Within one year
8,864
8,219

Between 1-5 years
5,744
14,608

14,608
22,827

Page 9


SIMPLY KITCHENS UK LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018

12.


DEFERRED TAXATION




2018


£






Charged to profit or loss
(18,023)



AT END OF YEAR
(18,023)

The deferred taxation balance is made up as follows:

2018
2017
£
£


Accelerated capital allowances
(18,023)
-

(18,023)
-

Page 10


SIMPLY KITCHENS UK LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018

13.


SHARE CAPITAL

2018
2017
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100 (2017: 100) Ordinary £1 shares of £1.00 each
100
100



14.


TRANSACTIONS WITH DIRECTORS

At the year end, the company owed £475 (2017: £21,369) to a director.


15.


RELATED PARTY TRANSACTIONS

At the year end, the company was owed £287,000 (2017: £Nil) by a company under common control


16.


CONTROLLING PARTY

SK Holdings (Devon) Limited purchased 100% of the share capital of the company on 8 August 2018. SK Holdings (Devon) Limited took control of the company from this date.

 
Page 11