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Registration number: 7217448

Classic Kitchens Direct Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Classic Kitchens Direct Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 14

 

Classic Kitchens Direct Ltd

Company Information

Director

Mr Alan Richards

Registered office

36 Mount Pleasant Drive
Bournemouth
Dorset
BH8 9JN

Accountants

Neil Wilson & Co Chartered Accountants
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

Classic Kitchens Direct Ltd

(Registration number: 7217448)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

17,500

21,000

Tangible assets

5

26,810

10,801

 

44,310

31,801

Current assets

 

Stocks

6

125,000

17,400

Debtors

7

20,938

66,317

Cash at bank and in hand

 

116,808

362,804

 

262,746

446,521

Creditors: Amounts falling due within one year

8

(187,472)

(259,217)

Net current assets

 

75,274

187,304

Total assets less current liabilities

 

119,584

219,105

Provisions for liabilities

(1,776)

(41,776)

Net assets

 

117,808

177,329

Capital and reserves

 

Called up share capital

9

10

10

Retained earnings

117,798

177,319

Shareholders' funds

 

117,808

177,329

For the financial year ending 30 April 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.

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 by the director on 9 October 2023
 

 

Classic Kitchens Direct Ltd

(Registration number: 7217448)
Balance Sheet as at 30 April 2023

.........................................
Mr Alan Richards
Director

 

Classic Kitchens Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

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

The address of its registered office is:
36 Mount Pleasant Drive
Bournemouth
Dorset
BH8 9JN

These financial statements were authorised for issue by the director on 9 October 2023.

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 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 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Classic Kitchens Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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 charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Short Leasehold

10% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Classic Kitchens Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

Classic Kitchens Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 13 (2022 - 5).

 

Classic Kitchens Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

35,000

35,000

At 30 April 2023

35,000

35,000

Amortisation

At 1 May 2022

14,000

14,000

Amortisation charge

3,500

3,500

At 30 April 2023

17,500

17,500

Carrying amount

At 30 April 2023

17,500

17,500

At 30 April 2022

21,000

21,000

 

Classic Kitchens Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2022

2,133

18,484

-

121

20,738

Additions

-

1,153

23,414

-

24,567

At 30 April 2023

2,133

19,637

23,414

121

45,305

Depreciation

At 1 May 2022

213

9,619

-

105

9,937

Charge for the year

213

2,505

5,836

4

8,558

At 30 April 2023

426

12,124

5,836

109

18,495

Carrying amount

At 30 April 2023

1,707

7,513

17,578

12

26,810

At 30 April 2022

1,920

8,865

-

16

10,801

Included within the net book value of land and buildings above is £1,707 (2022 - £1,920) in respect of short leasehold land and buildings.
 

 

Classic Kitchens Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

6

Stocks

2023
£

2022
£

Work in progress

-

15,000

Other inventories

125,000

2,400

125,000

17,400

7

Debtors

Current

2023
£

2022
£

Trade debtors

-

56,317

Prepayments

10,425

-

Other debtors

10,513

10,000

 

20,938

66,317

 

Classic Kitchens Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

180,021

202,504

Trade creditors

 

-

16,749

Taxation and social security

 

29,910

50,171

Accruals and deferred income

 

2,675

2,975

Other creditors

 

(25,134)

(13,182)

 

187,472

259,217

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

10

10

10

10

         

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

165,405

202,256

Other borrowings

-

248

165,405

202,504

Out of balance to current Loans and borrowings category

(14,616)

-

11

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of Nil per each NewRow_0

 

111

 

222

         

Reconciliation to Dividends categories

Difference to be corrected

 

111

 

222

 

Classic Kitchens Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

12

Related party transactions

 

Classic Kitchens Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Transactions with the director

2023

At 1 May 2022
£

Advances to director
£

At 30 April 2023
£

Mr Alan Richards

Director loan

12,944

52,820

65,764

       
     

 

2022

At 1 May 2021
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 30 April 2022
£

Mr Alan Richards

Director loan

(176)

80,511

(71,391)

4,000

12,944

           
         

 

 

Classic Kitchens Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,570

15,005

Contributions paid to money purchase schemes

377

264

12,947

15,269

Dividends paid to the director

   

2023
£

 

2022
£

Mr Alan Richards

       

Current period interim dividend paid

 

40,000

 

45,000

         

Mrs A Poniatowicz Richards

       

Current period interim dividend paid

 

2,000

 

-