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Registration number: 12047832

Kutchenhaus Taunton Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Kutchenhaus Taunton Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Kutchenhaus Taunton Ltd

Company Information

Director

Graham Jones

Registered office

Unit 3
Orchard Shopping Centre
Paul Street
Taunton
Somerset
TA1 3TP

Accountants

Beans Accountants Ltd
Chartered Accountant
Suite F/22
The White House
Greenalls Avenue
Warrington
Cheshire
WA4 6HL

 

Kutchenhaus Taunton Ltd

(Registration number: 12047832)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,910

11,159

Current assets

 

Stocks

5

41,073

37,358

Debtors

6

128,418

289,730

Cash at bank and in hand

 

176,535

207,247

 

346,026

534,335

Creditors: Amounts falling due within one year

7

(193,390)

(411,271)

Net current assets

 

152,636

123,064

Total assets less current liabilities

 

158,546

134,223

Creditors: Amounts falling due after more than one year

7

-

(30,047)

Net assets

 

158,546

104,176

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

158,446

104,076

Shareholders' funds

 

158,546

104,176

For the financial year ending 30 June 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 6 November 2023
 

.........................................
Graham Jones
Director

 

Kutchenhaus Taunton Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
Unit 3
Orchard Shopping Centre
Paul Street
Taunton
Somerset
TA1 3TP

These financial statements were authorised for issue by the director on 6 November 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.

 

Kutchenhaus Taunton Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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

Computer Equipment

Straight Line 3 years

Office Equipment

Straight Line 4 years

Motor Vehicles

Straight Line 4 years

Fixtures and Fittings

Straight Line 5 years

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.

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.

 

Kutchenhaus Taunton Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Kutchenhaus Taunton Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

17,996

8,750

26,746

Additions

481

-

481

At 30 June 2023

18,477

8,750

27,227

Depreciation

At 1 July 2022

9,571

6,016

15,587

Charge for the year

3,543

2,187

5,730

At 30 June 2023

13,114

8,203

21,317

Carrying amount

At 30 June 2023

5,363

547

5,910

At 30 June 2022

8,425

2,734

11,159

5

Stocks

2023
£

2022
£

Other inventories

41,073

37,358

6

Debtors

Current

2023
£

2022
£

Trade debtors

80,136

213,836

Prepayments

42,732

70,344

Other debtors

5,550

5,550

 

128,418

289,730

7

Creditors

Creditors: amounts falling due within one year

 

Kutchenhaus Taunton Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

7

Creditors (continued)

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

-

21,011

Trade creditors

 

25,968

38,875

Taxation and social security

 

47,519

71,690

Accruals and deferred income

 

15,858

30,829

Other creditors

 

104,045

248,866

 

193,390

411,271

 

Kutchenhaus Taunton Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

7

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

-

30,047

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

£1 Ordinary Shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

30,047

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

21,011

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £460.00 (2022 - £400.00) per each £1 Ordinary Shares

 

46,000

 

40,000

         

11

Related party transactions

 

Kutchenhaus Taunton Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

11

Related party transactions (continued)

Director's remuneration

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

2023
£

2022
£

Remuneration

11,908

10,105

12

Transition to FRS 102

The company exceeded two of the three micro-entities thresholds: turnover higher than £632.000 and assets over £316.000 on its balance sheet.

Balance Sheet at 1 July 2021
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

17,464

-

-

17,464

Current assets

Stocks

36,359

-

-

36,359

Debtors

62,228

-

-

62,228

Cash at bank and in hand

98,822

-

-

98,822

197,409

-

-

197,409

Creditors: Amounts falling due within one year

(122,299)

-

-

(122,299)

Net current assets

75,110

-

-

75,110

Total assets less current liabilities

92,574

-

-

92,574

Creditors: Amounts falling due after more than one year

(50,582)

-

-

(50,582)

Net assets

41,992

-

-

41,992

Capital and reserves

Called up share capital

(100)

-

-

(100)

Retained earnings

(41,892)

-

-

(41,892)

Total equity

(41,992)

-

-

(41,992)

 

Kutchenhaus Taunton Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

12

Transition to FRS 102 (continued)

Balance Sheet at 30 June 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

11,159

-

-

11,159

Current assets

Stocks

37,358

-

-

37,358

Debtors

289,730

-

-

289,730

Cash at bank and in hand

207,247

-

-

207,247

534,335

-

-

534,335

Creditors: Amounts falling due within one year

(411,271)

-

-

(411,271)

Net current assets

123,064

-

-

123,064

Total assets less current liabilities

134,223

-

-

134,223

Creditors: Amounts falling due after more than one year

(30,047)

-

-

(30,047)

Net assets

104,176

-

-

104,176

Capital and reserves

Called up share capital

(100)

-

-

(100)

Retained earnings

(104,076)

-

-

(104,076)

Total equity

(104,176)

-

-

(104,176)