Company Registration No. 07097679 (England and Wales)
KNIGHTS COUNTRY KITCHENS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
KNIGHTS COUNTRY KITCHENS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
KNIGHTS COUNTRY KITCHENS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
38,905
43,768
Tangible assets
4
51,601
46,505
90,506
90,273
Current assets
Stocks
21,107
23,270
Debtors
5
33,465
21,443
Cash at bank and in hand
114,271
184,999
168,843
229,712
Creditors: amounts falling due within one year
6
(63,603)
(107,471)
Net current assets
105,240
122,241
Total assets less current liabilities
195,746
212,514
Creditors: amounts falling due after more than one year
7
(32,682)
(53,173)
Provisions for liabilities
(8,541)
(7,886)
Net assets
154,523
151,455
Capital and reserves
Called up share capital
125
125
Profit and loss reserves
154,398
151,330
Total equity
154,523
151,455
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
KNIGHTS COUNTRY KITCHENS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 August 2022 and are signed on its behalf by:
Mr M Wimpress
Director
Company Registration No. 07097679
KNIGHTS COUNTRY KITCHENS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Knights Country Kitchens Ltd is a private company limited by shares incorporated in England and Wales. The registered office is C/O Aston Shaw, Alpha 6, Masterlord Office Village, West Road, Ransomes Europark, Ipswich, Suffolk, England, IP3 9SX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is twenty years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
- 25% reducing balance
Fixtures and fittings
- 25% reducing balance
Computers
- 25% straight line
Motor vehicles
- 20% reducing balance
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
KNIGHTS COUNTRY KITCHENS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
11
11
KNIGHTS COUNTRY KITCHENS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2021 and 31 December 2021
97,262
Amortisation and impairment
At 1 January 2021
53,494
Amortisation charged for the year
4,863
At 31 December 2021
58,357
Carrying amount
At 31 December 2021
38,905
At 31 December 2020
43,768
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
132,535
Additions
20,035
At 31 December 2021
152,570
Depreciation and impairment
At 1 January 2021
86,028
Depreciation charged in the year
14,941
At 31 December 2021
100,969
Carrying amount
At 31 December 2021
51,601
At 31 December 2020
46,505
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
29,201
15,921
Other debtors
4,264
5,522
33,465
21,443
KNIGHTS COUNTRY KITCHENS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
11,183
Trade creditors
6,263
20,129
Corporation tax
20,570
34,192
Other taxation and social security
13,076
43,802
Other creditors
12,511
9,348
63,603
107,471
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
32,293
50,000
Other creditors
389
3,173
32,682
53,173