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COMPANY REGISTRATION NUMBER: 07201022
PRESTIGE KITCHEN & BEDROOM LTD
Filleted Unaudited Financial Statements
28 February 2023
PRESTIGE KITCHEN & BEDROOM LTD
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
145,410
115,031
Current assets
Stocks
42,753
35,935
Debtors
6
19,750
20,310
Cash at bank and in hand
207,693
245,896
---------
---------
270,196
302,141
Creditors: amounts falling due within one year
7
53,984
30,316
---------
---------
Net current assets
216,212
271,825
---------
---------
Total assets less current liabilities
361,622
386,856
Creditors: amounts falling due after more than one year
8
34,097
55,603
---------
---------
Net assets
327,525
331,253
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
327,425
331,153
---------
---------
Shareholders funds
327,525
331,253
---------
---------
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 28 February 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PRESTIGE KITCHEN & BEDROOM LTD
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 15 May 2023 , and are signed on behalf of the board by:
N S JOHAL
Director
Company registration number: 07201022
PRESTIGE KITCHEN & BEDROOM LTD
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is UNIT-3, 192 PASADENA CLOSE, HAYES, MIDDX, UB3 3NQ, UK.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
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:
Plant & Machinery
-
20% reducing balance
Motor Vehicles
-
20% reducing balance
Equipment
-
20% reducing balance
The Leasehold Property is maintained in good order therefore the Director has decided not to depreciate it.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2022: 19 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 March 2022
4,098
292,450
75,945
11,954
384,447
Additions
91,720
12,500
1,083
105,303
Disposals
( 67,750)
( 3,959)
( 71,709)
-------
---------
--------
--------
---------
At 28 February 2023
4,098
316,420
84,486
13,037
418,041
-------
---------
--------
--------
---------
Depreciation
At 1 March 2022
226,979
32,457
9,980
269,416
Charge for the year
20,128
10,938
611
31,677
Disposals
( 25,800)
( 2,662)
( 28,462)
-------
---------
--------
--------
---------
At 28 February 2023
221,307
40,733
10,591
272,631
-------
---------
--------
--------
---------
Carrying amount
At 28 February 2023
4,098
95,113
43,753
2,446
145,410
-------
---------
--------
--------
---------
At 28 February 2022
4,098
65,471
43,488
1,974
115,031
-------
---------
--------
--------
---------
6. Debtors
2023
2022
£
£
Other debtors
19,750
20,310
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
23,996
3,948
Social security and other taxes
7,318
6,228
Other creditors
22,670
20,140
--------
--------
53,984
30,316
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bounce back loan
34,097
43,784
Other creditors
11,819
--------
--------
34,097
55,603
--------
--------
9. Related party transactions
The company was under the control of Mr N S JOHAL throughout the current year. Mr N S JOHAL is the managing director and majority shareholder.