Company Registration No. 06966389 (England and Wales)
FRINTON KITCHEN & BATHROOM CENTRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
24 JULY 2022
PAGES FOR FILING WITH REGISTRAR
92 Station Road
Clacton on Sea
Essex
CO15 1SG
FRINTON KITCHEN & BATHROOM CENTRE LIMITED
CONTENTS
Page
Company information
1
Accountants' report
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
FRINTON KITCHEN & BATHROOM CENTRE LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mrs L J Hartley
Miss D Hartley
(Appointed 18 November 2022)
Miss S Hartley
(Appointed 18 November 2022)
Company number
06966389
Registered office
109 Connaught Avenue
Frinton on Sea
Essex
CO13 9PS
Accountants
TC Group
92 Station Road
Clacton on Sea
Essex
CO15 1SG
FRINTON KITCHEN & BATHROOM CENTRE LIMITED
BALANCE SHEET
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
108,989
86,283
Current assets
Stocks
175,000
135,000
Debtors
4
26,170
867
Cash at bank and in hand
1,999
84,288
203,169
220,155
Creditors: amounts falling due within one year
5
(248,682)
(218,463)
Net current (liabilities)/assets
(45,513)
1,692
Total assets less current liabilities
63,476
87,975
Creditors: amounts falling due after more than one year
6
(75,750)
(75,062)
Net (liabilities)/assets
(12,274)
12,913
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
(13,274)
11,913
Total equity
(12,274)
12,913
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial Period ended 24 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FRINTON KITCHEN & BATHROOM CENTRE LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 23 October 2023 and are signed on its behalf by:
Mrs L J Hartley
Director
Company Registration No. 06966389
The notes on pages 4 to 7 form part of these financial statements
FRINTON KITCHEN & BATHROOM CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 JULY 2022
- 4 -
1
Accounting policies
Company information
Frinton Kitchen & Bathroom Centre Limited is a private company limited by shares incorporated in England and Wales. The registered office is 109 Connaught Avenue, Frinton on Sea, Essex, CO13 9PS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
FRINTON KITCHEN & BATHROOM CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 JULY 2022
1
Accounting policies
(Continued)
- 5 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
10% reducing balance
Equipment
10% reducing balance
Motor vehicles
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
FRINTON KITCHEN & BATHROOM CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 JULY 2022
1
Accounting policies
(Continued)
- 6 -
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2022
2021
Number
Number
Total
9
9
3
Tangible fixed assets
Fixtures and fittings
Equipment
Motor vehicles
Total
£
£
£
£
Cost
At 27 July 2021
80,756
5,545
156,882
243,183
Additions
38,500
38,500
At 24 July 2022
80,756
5,545
195,382
281,683
Depreciation and impairment
At 27 July 2021
52,589
4,080
100,231
156,900
Depreciation charged in the Period
2,817
147
12,830
15,794
At 24 July 2022
55,406
4,227
113,061
172,694
Carrying amount
At 24 July 2022
25,350
1,318
82,321
108,989
At 26 July 2021
28,167
1,465
56,651
86,283
FRINTON KITCHEN & BATHROOM CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 JULY 2022
- 7 -
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
25,000
Other debtors
1,170
867
26,170
867
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
35,647
4,625
Trade creditors
112,781
108,507
Corporation tax
3,359
Other taxation and social security
86,441
81,311
Other creditors
13,813
20,661
248,682
218,463
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
43,378
61,635
Other creditors
32,372
13,427
75,750
75,062