Schmid Kitchens Limited 12777286 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is Retail of furniture, lighting, and similar (not musical instruments or scores) in specialised store Digita Accounts Production Advanced 6.30.9574.0 true 12777286 2022-08-01 2023-07-31 12777286 2023-07-31 12777286 core:RetainedEarningsAccumulatedLosses 2023-07-31 12777286 core:ShareCapital 2023-07-31 12777286 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2023-07-31 12777286 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 12777286 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 12777286 bus:SmallEntities 2022-08-01 2023-07-31 12777286 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 12777286 bus:AbridgedAccounts 2022-08-01 2023-07-31 12777286 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 12777286 bus:RegisteredOffice 2022-08-01 2023-07-31 12777286 bus:Director1 2022-08-01 2023-07-31 12777286 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 12777286 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 12777286 core:LeaseholdImprovements 2022-08-01 2023-07-31 12777286 core:OfficeEquipment 2022-08-01 2023-07-31 12777286 countries:England 2022-08-01 2023-07-31 12777286 2022-07-31 12777286 2021-08-01 2022-07-31 12777286 2022-07-31 12777286 core:RetainedEarningsAccumulatedLosses 2022-07-31 12777286 core:ShareCapital 2022-07-31 12777286 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 12777286 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 iso4217:GBP xbrli:pure

Registration number: 12777286

Schmid Kitchens Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 July 2023

 

Schmid Kitchens Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Abridged Financial Statements

3 to 7

 

Schmid Kitchens Limited

(Registration number: 12777286)
Abridged Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

18,319

16,354

Other financial assets

5

100

100

 

18,419

16,454

Current assets

 

Stocks

48,520

58,795

Debtors

48,628

24,114

Cash at bank and in hand

 

267,605

293,573

 

364,753

376,482

Prepayments and accrued income

 

111,371

90,400

Creditors: Amounts falling due within one year

(191,355)

(138,025)

Net current assets

 

284,769

328,857

Total assets less current liabilities

 

303,188

345,311

Creditors: Amounts falling due after more than one year

6.1

(15,278)

(20,167)

Provisions for liabilities

(3,800)

(3,250)

Accruals and deferred income

 

(256,534)

(299,720)

Net assets

 

27,576

22,174

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

27,476

22,074

Total equity

 

27,576

22,174

 

Schmid Kitchens Limited

(Registration number: 12777286)
Abridged Balance Sheet as at 31 July 2023

For the financial year ending 31 July 2023 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised for issue by the director on 18 October 2023
 

.........................................

Mr T J G Schmid
Director

 

Schmid Kitchens Limited

Notes to the Abridged Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
45 Lemon Street
Truro
Cornwall
TR1 2NS

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 abridged 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 abridged 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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.

Sale of goods
Turnover from the sale of goods, including kitchen, appliance and other furniture sales, is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually at the point goods are delivered to the customer.

Provision of services
When the outcome of a transaction can be estimated reliably, turnover from the provision of kitchen installation services is recognised by reference to the stage of completion at the balance sheet date, Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Tax

The tax expense for the period comprises current and deferred 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.

 

Schmid Kitchens Limited

Notes to the Abridged Financial Statements for the Year Ended 31 July 2023

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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 provided on tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Asset class

Depreciation method and rate

Leasehold improvements

Over the term of the lease

Fixtures, fittings and equipment

5 years straight line

Office equipment

3 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for goods and services sold in the ordinary course of business.

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Stocks

Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors with no stated interest rate and payable within one year are recorded at transaction price.

 

Schmid Kitchens Limited

Notes to the Abridged Financial Statements for the Year Ended 31 July 2023

Borrowings

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 3 (2022 - 3).

 

Schmid Kitchens Limited

Notes to the Abridged Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Total
£

Cost or valuation

At 1 August 2022

22,916

Additions

7,255

Disposals

(200)

At 31 July 2023

29,971

Depreciation

At 1 August 2022

6,562

Charge for the year

5,222

Eliminated on disposal

(132)

At 31 July 2023

11,652

Carrying amount

At 31 July 2023

18,319

At 31 July 2022

16,354

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 August 2022

100

100

At 31 July 2023

100

100

Impairment

Carrying amount

At 31 July 2023

100

100

6

Creditors

Creditors: amounts falling due after more than one year

Creditors include a lease incentive accrual being released in installments over the term of the lease. A balance of £5,500 (2022 - £7,945) is due after more than five years.

 

Schmid Kitchens Limited

Notes to the Abridged Financial Statements for the Year Ended 31 July 2023

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £74,654 (2022 - £71,500).

8

Transition to FRS 102 1A

The company has adopted FRS102 1A for the first time in the year ended 31 July 2023. The date of transition was 1 August 2021 and the comparative year end is 31 July 2022.

The effect of transition to FRS102 is outlined below.

A deferred tax provision in relation to accelerated capital allowances on fixed assets has been recognised in the Balance Sheet, as shown below.

The deferred tax movement in 2022 has increased the tax charge in the profit and loss account for the year ended 31 July 2022 by £665.

Balance Sheet at 1 August 2021
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Provisions for liabilities

-

-

2,585

2,585

Capital and reserves

Retained earnings

(18,245)

-

(2,585)

(20,830)

Balance Sheet at 31 July 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Provisions for liabilities

-

-

3,250

3,250

Capital and reserves

Retained earnings

25,324

-

(3,250)

22,074