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COMPANY REGISTRATION NUMBER: SC459492
J N K Kitchen Studios Ltd
Filleted Unaudited Financial Statements
31 October 2022
J N K Kitchen Studios Ltd
Financial Statements
Year ended 31 October 2022
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
J N K Kitchen Studios Ltd
Statement of Financial Position
31 October 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
584,930
317,281
Current assets
Stocks
614,965
409,303
Debtors
6
150,037
162,578
Cash at bank and in hand
112,423
417,356
---------
---------
877,425
989,237
Creditors: amounts falling due within one year
7
740,875
688,845
---------
---------
Net current assets
136,550
300,392
---------
---------
Total assets less current liabilities
721,480
617,673
Creditors: amounts falling due after more than one year
8
15,015
26,184
Provisions
Taxation including deferred tax
26,941
27,442
---------
---------
Net assets
679,524
564,047
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
679,522
564,045
---------
---------
Shareholders funds
679,524
564,047
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
J N K Kitchen Studios Ltd
Statement of Financial Position (continued)
31 October 2022
These financial statements were approved by the board of directors and authorised for issue on 12 October 2023 , and are signed on behalf of the board by:
Mr R Stewart
Mrs J Stewart
Director
Director
Company registration number: SC459492
J N K Kitchen Studios Ltd
Notes to the Financial Statements
Year ended 31 October 2022
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 25 Tyock Industrial Estate, Elgin, IV30 1XY, Moray.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Leasehold Property
-
2% straight line
Plant & Machinery
-
20% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
20% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
Financial instruments
The following assets and liabilities are classified as financial instruments - bank, trade debtors, trade creditors, bank loans, directors' loans to the company. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Bank overdrafts are shown within creditors due within one year. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings. Loans received from a bank at the market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transition costs. Directors' loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2021: 13 ).
5. Tangible assets
Investment Property
Long leasehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Nov 2021
248,767
216,852
64,761
6,993
537,373
Additions
274,060
5,420
11,420
2,520
293,420
---------
---------
---------
--------
-------
---------
At 31 Oct 2022
274,060
254,187
228,272
64,761
9,513
830,793
---------
---------
---------
--------
-------
---------
Depreciation
At 1 Nov 2021
14,665
160,425
39,447
5,555
220,092
Charge for the year
5,084
13,568
6,328
791
25,771
---------
---------
---------
--------
-------
---------
At 31 Oct 2022
19,749
173,993
45,775
6,346
245,863
---------
---------
---------
--------
-------
---------
Carrying amount
At 31 Oct 2022
274,060
234,438
54,279
18,986
3,167
584,930
---------
---------
---------
--------
-------
---------
At 31 Oct 2021
234,102
56,427
25,314
1,438
317,281
---------
---------
---------
--------
-------
---------
The investment property was purchased on 4 October 2022 for £274,060. The valuation has been considered by the directors at 31 October 2022, based on their view as to the fair value and the economic climate. It is the directors' judgement that the fair value has not significantly changed since the purchase of the property and so the valuation is unchanged.
6. Debtors
2022
2021
£
£
Trade debtors
102,790
128,348
Other debtors
47,247
34,230
---------
---------
150,037
162,578
---------
---------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
3,731
3,742
Trade creditors
265,421
263,431
Corporation tax
47,611
43,371
Social security and other taxes
15,114
45,585
Other creditors
408,998
332,716
---------
---------
740,875
688,845
---------
---------
Obligations under hire purchase and finance leases of £7,449 (2021 - £8,480) included within other creditors are secured on the assets concerned.
The bank hold a floating charge over the property and undertakings of the company.
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
10,526
14,246
Other creditors
4,489
11,938
--------
--------
15,015
26,184
--------
--------
Obligations under hire purchase and finance leases of £4,489 (2021 - £11,938) included within other creditors are secured on the assets concerned.
The bank hold a floating charge over the property and undertakings of the company.
9. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2022
2021
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
274,060
---------
----
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2022
2021
£
£
Not later than 1 year
14,150
14,150
Later than 1 year and not later than 5 years
56,600
56,600
Later than 5 years
962,500
982,350
------------
------------
1,033,250
1,053,100
------------
------------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr R Stewart
27,187
87,824
( 76,600)
38,411
--------
--------
--------
--------
2021
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr R Stewart
52,845
63,700
( 89,358)
27,187
--------
--------
--------
--------
The directors loan account has not set repayment dates and interest is charged at 2%.
12. Related party transactions
Dividends of £76,600 (2021 : £59,300) were paid to the directors during the year. No further transactions were undertaken such as require to be disclosed.