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REGISTERED NUMBER: 00340852 (England and Wales)















Unaudited Financial Statements for the Year Ended 28th February 2022

for

Sponge Kitchens Limited

Sponge Kitchens Limited (Registered number: 00340852)






Contents of the Financial Statements
for the Year Ended 28th February 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Sponge Kitchens Limited

Company Information
for the Year Ended 28th February 2022







DIRECTORS: A R Stewart
Mrs S M Stewart





REGISTERED OFFICE: 106 Wickham Road
Beckenham
Kent
BR3 6QH





REGISTERED NUMBER: 00340852 (England and Wales)





ACCOUNTANTS: Mr I P Scott
Chartered Accountant
81 Hawes Lane
West Wickham
Kent
BR4 0DF

Sponge Kitchens Limited (Registered number: 00340852)

Balance Sheet
28th February 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 165,642 149,211

CURRENT ASSETS
Stocks 5,970 5,970
Debtors 5 14,873 2,673
Cash at bank 265,511 244,570
286,354 253,213
CREDITORS
Amounts falling due within one year 6 246,690 238,653
NET CURRENT ASSETS 39,664 14,560
TOTAL ASSETS LESS CURRENT
LIABILITIES

205,306

163,771

CREDITORS
Amounts falling due after more than one year 7 - (10,750 )

PROVISIONS FOR LIABILITIES 9 (12,493 ) (7,483 )
NET ASSETS 192,813 145,538

CAPITAL AND RESERVES
Called up share capital 10 200 200
Retained earnings 192,613 145,338
SHAREHOLDERS' FUNDS 192,813 145,538

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2022 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.

Sponge Kitchens Limited (Registered number: 00340852)

Balance Sheet - continued
28th February 2022


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9th September 2022 and were signed on its behalf by:




A R Stewart - Director



Mrs S M Stewart - Director


Sponge Kitchens Limited (Registered number: 00340852)

Notes to the Financial Statements
for the Year Ended 28th February 2022

1. STATUTORY INFORMATION

Sponge Kitchens Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Straight line over 30 years
Long leasehold - 20% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost and 10% on cost

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 Income Statement, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2021 - 31 ) .

Sponge Kitchens Limited (Registered number: 00340852)

Notes to the Financial Statements - continued
for the Year Ended 28th February 2022

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Long Plant and and
property leasehold machinery fittings Totals
£    £    £    £    £   
COST
At 1st March 2021 135,000 16,769 237,201 103,156 492,126
Additions - - 25,487 2,150 27,637
At 28th February 2022 135,000 16,769 262,688 105,306 519,763
DEPRECIATION
At 1st March 2021 36,000 16,769 210,258 79,888 342,915
Charge for year - - 6,994 4,212 11,206
At 28th February 2022 36,000 16,769 217,252 84,100 354,121
NET BOOK VALUE
At 28th February 2022 99,000 - 45,436 21,206 165,642
At 28th February 2021 99,000 - 26,943 23,268 149,211

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 5,182 1,250
Amounts owed by associates 47 47
Other debtors 9,644 1,376
14,873 2,673

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 13,215 22,595
Trade creditors 23,161 24,462
Amounts owed to associates 126,788 97,040
Taxation and social security 21,722 33,089
Other creditors 61,804 61,467
246,690 238,653

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans - 10,750

Sponge Kitchens Limited (Registered number: 00340852)

Notes to the Financial Statements - continued
for the Year Ended 28th February 2022

8. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 13,215 33,345

The bank loan is secured by a mortgage to Barclays Bank plc.

9. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax
Accelerated capital allowances 12,493 7,483

Deferred
tax
£   
Balance at 1st March 2021 7,483
Charge to Income Statement during year 5,010
Balance at 28th February 2022 12,493

10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
200 Ordinary Shares £1 200 200

11. RELATED PARTY DISCLOSURES

The company paid rent for trading premises at Park Langley to A.R. Stewart of £12,000, a director and shareholder of the company.

Products for resale are supplied at cost between this company and Sponge Kitchens (Hayes) Limited, a company under common control. The net cost of supplies charged in the year to that company was £57,040 (2021: £45,361).