Registered number
04649419
Charnwood Kitchens & Interiors Limited
Filleted Accounts
28 February 2023
Charnwood Kitchens & Interiors Limited
Registered number: 04649419
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 207,447 210,515
Current assets
Stocks 105,000 90,000
Debtors 4 184,035 102,398
Cash at bank and in hand 110,838 246,050
399,873 438,448
Creditors: amounts falling due within one year 5 (216,588) (276,950)
Net current assets 183,285 161,498
Total assets less current liabilities 390,732 372,013
Creditors: amounts falling due after more than one year 6 (80,202) (101,372)
Provisions for liabilities (39,640) (30,878)
Net assets 270,890 239,763
Capital and reserves
Called up share capital 10 10
Profit and loss account 270,880 239,753
Shareholders' funds 270,890 239,763
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M S Turrell
Director
Approved by the board on 28 November 2023
Charnwood Kitchens & Interiors Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Leasehold property alterations over 20 years
Plant and machinery, etc 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Current and deferred tax liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 7
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2022 80,000 223,913 114,848 418,761
Additions - - 43,080 43,080
Disposals - (6,827) - (6,827)
At 28 February 2023 80,000 217,086 157,928 455,014
Depreciation
At 1 March 2022 32,000 157,574 18,672 208,246
Charge for the year 4,000 17,022 25,126 46,148
On disposals - (6,827) - (6,827)
At 28 February 2023 36,000 167,769 43,798 247,567
Net book value
At 28 February 2023 44,000 49,317 114,130 207,447
At 28 February 2022 48,000 66,339 96,176 210,515
4 Debtors 2023 2022
£ £
Trade debtors 143,727 94,446
Other debtors 40,308 7,952
184,035 102,398
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 11,170 8,199
Trade creditors 123,250 96,867
Taxation and social security costs 29,799 22,055
Other creditors 42,369 139,829
216,588 276,950
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 22,500 32,500
Obligations under finance lease and hire purchase contracts 57,702 68,872
80,202 101,372
7 Controlling party
The company has no individual ultimate controlling party.
8 Other information
Charnwood Kitchens & Interiors Limited is a private company limited by shares and incorporated in England. Its registered office is:
Charnwood House
Waterworks Road
Coalville
Leics
LE67 4HZ
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