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Registration number: 07887350

Widnes Bathrooms & Kitchens Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 29 December 2021

 

Widnes Bathrooms & Kitchens Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Widnes Bathrooms & Kitchens Ltd

Company Information

Director

Mr Brian Christopher Keenan

Registered office

1st Floor
8/12 London Street
Southport
Merseyside
PR9 0UE

Accountants

GMR Accountants Ltd
1st Floor
8/12 London Street
Southport
Merseyside
PR9 0UE

 

Widnes Bathrooms & Kitchens Ltd

(Registration number: 07887350)
Balance Sheet as at 29 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

1,885

2,344

Current assets

 

Stocks

5

5,000

13,000

Debtors

6

34,362

24,655

Cash at bank and in hand

 

73,418

79,857

 

112,780

117,512

Creditors: Amounts falling due within one year

7

(88,899)

(111,957)

Net current assets

 

23,881

5,555

Net assets

 

25,766

7,899

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

25,765

7,898

Shareholders' funds

 

25,766

7,899

For the financial year ending 29 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 10 August 2022
 

.........................................
Mr Brian Christopher Keenan
Director

 

Widnes Bathrooms & Kitchens Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
1st Floor
8/12 London Street
Southport
Merseyside
PR9 0UE

These financial statements were authorised for issue by the director on 10 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Widnes Bathrooms & Kitchens Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 December 2021

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Equipment and fittings

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Widnes Bathrooms & Kitchens Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 December 2021

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2020 - 2).

 

Widnes Bathrooms & Kitchens Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 December 2021

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 30 December 2020

4,658

7,292

11,950

At 29 December 2021

4,658

7,292

11,950

Depreciation

At 30 December 2020

3,396

6,210

9,606

Charge for the year

189

270

459

At 29 December 2021

3,585

6,480

10,065

Carrying amount

At 29 December 2021

1,073

812

1,885

At 29 December 2020

1,262

1,082

2,344

5

Stocks

2021
£

2020
£

Other inventories

5,000

13,000

6

Debtors

Current

2021
£

2020
£

Trade debtors

34,262

24,655

Prepayments

100

-

 

34,362

24,655

 

Widnes Bathrooms & Kitchens Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 December 2021

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Director's loan

8

44,506

75,023

Trade creditors

 

20,106

18,515

Taxation and social security

 

5,029

2,755

Other creditors

 

19,258

15,664

 

88,899

111,957

8

Loans and borrowings

2021
£

2020
£

Current loans and borrowings

Bank borrowings

44,167

50,000

Other borrowings

339

25,023

44,506

75,023

9

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1