1
31/12/2022
2022-12-31
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No description of principal activities is disclosed
2022-01-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
NI627220
2022-01-01
2022-12-31
NI627220
2022-12-31
NI627220
2021-12-31
NI627220
2021-01-01
2021-12-31
NI627220
2021-12-31
NI627220
core:FurnitureFittingsToolsEquipment
2022-01-01
2022-12-31
NI627220
core:MotorVehicles
2022-01-01
2022-12-31
NI627220
bus:Director1
2022-01-01
2022-12-31
NI627220
core:PlantMachinery
2021-12-31
NI627220
core:MotorVehicles
2021-12-31
NI627220
core:PlantMachinery
2022-12-31
NI627220
core:MotorVehicles
2022-12-31
NI627220
core:WithinOneYear
2022-12-31
NI627220
core:WithinOneYear
2021-12-31
NI627220
core:AfterOneYear
2022-12-31
NI627220
core:AfterOneYear
2021-12-31
NI627220
core:ShareCapital
2022-12-31
NI627220
core:ShareCapital
2021-12-31
NI627220
core:RetainedEarningsAccumulatedLosses
2022-12-31
NI627220
core:RetainedEarningsAccumulatedLosses
2021-12-31
NI627220
core:PlantMachinery
2022-01-01
2022-12-31
NI627220
core:PlantMachinery
2021-12-31
NI627220
core:MotorVehicles
2021-12-31
NI627220
bus:SmallEntities
2022-01-01
2022-12-31
NI627220
bus:AuditExempt-NoAccountantsReport
2022-01-01
2022-12-31
NI627220
bus:FullAccounts
2022-01-01
2022-12-31
NI627220
bus:SmallCompaniesRegimeForAccounts
2022-01-01
2022-12-31
NI627220
bus:PrivateLimitedCompanyLtd
2022-01-01
2022-12-31
NI627220
1
2022-01-01
2022-12-31
Company registration number:
NI627220
New Leaf Kitchens & Bedrooms Limited
Unaudited filleted financial statements
31 December 2022
New Leaf Kitchens & Bedrooms Limited
Contents
Statement of financial position
Notes to the financial statements
New Leaf Kitchens & Bedrooms Limited
Statement of financial position
31 December 2022
|
|
|
2022 |
|
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|
2021 |
|
|
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|
Note |
£ |
|
£ |
|
£ |
|
£ |
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
18,188 |
|
|
|
21,495 |
|
|
|
|
|
________ |
|
|
|
________ |
|
|
|
|
|
|
|
18,188 |
|
|
|
21,495 |
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
51,473 |
|
|
|
58,106 |
|
|
Debtors |
|
6 |
30,150 |
|
|
|
22,160 |
|
|
Cash at bank and in hand |
|
|
112,006 |
|
|
|
103,875 |
|
|
|
|
|
________ |
|
|
|
________ |
|
|
|
|
|
193,629 |
|
|
|
184,141 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
160,266) |
|
|
|
(
144,653) |
|
|
|
|
|
________ |
|
|
|
________ |
|
|
Net current assets |
|
|
|
|
33,363 |
|
|
|
39,488 |
|
|
|
|
|
________ |
|
|
|
________ |
Total assets less current liabilities |
|
|
|
|
51,551 |
|
|
|
60,983 |
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
8 |
|
|
(
20,254) |
|
|
|
(
27,118) |
Provisions for liabilities |
|
|
|
|
(
3,638) |
|
|
|
(
4,299) |
|
|
|
|
|
________ |
|
|
|
________ |
Net assets |
|
|
|
|
27,659 |
|
|
|
29,566 |
|
|
|
|
|
________ |
|
|
|
________ |
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
1 |
|
|
|
1 |
Profit and loss account |
|
|
|
|
27,658 |
|
|
|
29,565 |
|
|
|
|
|
________ |
|
|
|
________ |
Shareholders funds |
|
|
|
|
27,659 |
|
|
|
29,566 |
|
|
|
|
|
________ |
|
|
|
________ |
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|
For the year ending 31 December 2022 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 financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
30 September 2023
, and are signed on behalf of the board by:
Mr G Kerr
Director
Company registration number:
NI627220
New Leaf Kitchens & Bedrooms Limited
Notes to the financial statements
Year ended 31 December 2022
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is New Leaf Kitchens & Bathrooms Ltd, 13 Carn Business Park, Portadown, Co Armagh, BT63 5WG.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Current tax is recognised on taxable profit for the current and past periods. It is measured at the amount expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences. Deferred tax assets and liabilities recognised have not been discounted.
Tangible assets
The tangible fixed assets are recorded at their purchase cost, together with any incidental costs of acquisition less accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Fittings fixtures and equipment |
- |
20 % |
straight line |
|
Motor vehicles |
- |
25 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event; it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Financial instruments
The fair values of the company's financial assets, cash and cash equivalents and financial liabilities are assumed to approximate to their book value. The company does not enter into derivative financial instruments.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2021:
1
).
5.
Tangible assets
|
|
Plant and machinery |
Motor vehicles |
Total |
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 January 2022 |
38,844 |
25,100 |
63,944 |
|
|
|
|
|
Additions |
1,833 |
- |
1,833 |
|
|
|
|
|
|
________ |
________ |
________ |
|
|
|
|
|
At 31 December 2022 |
40,677 |
25,100 |
65,777 |
|
|
|
|
|
|
________ |
________ |
________ |
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 January 2022 |
36,174 |
6,275 |
42,449 |
|
|
|
|
|
Charge for the year |
1,375 |
3,765 |
5,140 |
|
|
|
|
|
|
________ |
________ |
________ |
|
|
|
|
|
At 31 December 2022 |
37,549 |
10,040 |
47,589 |
|
|
|
|
|
|
________ |
________ |
________ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 December 2022 |
3,128 |
15,060 |
18,188 |
|
|
|
|
|
|
________ |
________ |
________ |
|
|
|
|
|
At 31 December 2021 |
2,670 |
18,825 |
21,495 |
|
|
|
|
|
|
________ |
________ |
________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Trade debtors |
|
24,702 |
15,310 |
|
Other debtors |
|
5,448 |
6,850 |
|
|
|
________ |
________ |
|
|
|
30,150 |
22,160 |
|
|
|
________ |
________ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
2,508 |
2,508 |
|
Trade creditors |
|
24,909 |
23,158 |
|
Corporation tax |
|
11,817 |
9,598 |
|
Social security and other taxes |
|
1,616 |
3,594 |
|
Other creditors |
|
119,416 |
105,795 |
|
|
|
________ |
________ |
|
|
|
160,266 |
144,653 |
|
|
|
________ |
________ |
|
|
|
|
|
8.
Creditors: amounts falling due after more than one year
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
14,488 |
16,029 |
|
Other creditors |
|
5,766 |
11,089 |
|
|
|
________ |
________ |
|
|
|
20,254 |
27,118 |
|
|
|
________ |
________ |
|
|
|
|
|
9.
Directors advances, credits and guarantees
At the end of the year the company owed the director £110,094 (2021- £97,673) This loan provided to the company is interest free and has no fixed date for repayment and is included in creditors.
10.
Controlling party
The company is controlled by G Kerr who owns 100% of the share capital.
11.
Covid-19 pandemic
In this period of enormous uncertainty it is extremely difficult to make future predictions but the directors consider that the impact of Covid-19 will be a temporary disruption and will ultimately pass. Given the widespread government-led support to businesses, including certain guidance to banks, certain risks are mitigated. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.