Elements Kitchens Limited 04022738 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is sale of fitted kitchens. Digita Accounts Production Advanced 6.30.9574.0 true true 04022738 2022-08-01 2023-07-31 04022738 2023-07-31 04022738 bus:OrdinaryShareClass1 2023-07-31 04022738 core:CurrentFinancialInstruments 2023-07-31 04022738 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 04022738 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 04022738 bus:SmallEntities 2022-08-01 2023-07-31 04022738 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 04022738 bus:FullAccounts 2022-08-01 2023-07-31 04022738 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 04022738 bus:RegisteredOffice 2022-08-01 2023-07-31 04022738 bus:CompanySecretary1 2022-08-01 2023-07-31 04022738 bus:Director1 2022-08-01 2023-07-31 04022738 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 04022738 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 04022738 core:Goodwill 2022-08-01 2023-07-31 04022738 core:FurnitureFittings 2022-08-01 2023-07-31 04022738 core:LandBuildings 2022-08-01 2023-07-31 04022738 core:LeaseholdImprovements 2022-08-01 2023-07-31 04022738 core:MotorCars 2022-08-01 2023-07-31 04022738 core:MotorVehicles 2022-08-01 2023-07-31 04022738 core:OfficeEquipment 2022-08-01 2023-07-31 04022738 core:PlantMachinery 2022-08-01 2023-07-31 04022738 countries:AllCountries 2022-08-01 2023-07-31 04022738 2021-08-01 2022-07-31 04022738 2022-07-31 04022738 bus:OrdinaryShareClass1 2022-07-31 04022738 core:CurrentFinancialInstruments 2022-07-31 04022738 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 04022738 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04022738

Elements Kitchens Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Elements Kitchens Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Elements Kitchens Limited

Company Information

Director

Mr M J Taplin

Company secretary

Ms S J Dunkason

Registered office

8B Portman Road
Reading
Berkshire
RG30 1EA

Accountants

EJBC Chartered Accountants
2 Toomers Wharf
Canal Walk
Newbury
Berkshire
RG14 1DY

 

Elements Kitchens Limited

(Registration number: 04022738)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

998,762

1,040,052

Current assets

 

Stocks

356,165

260,813

Debtors

404,639

733,427

Cash at bank and in hand

 

132,377

82,676

 

893,181

1,076,916

Creditors: Amounts falling due within one year

(716,802)

(859,460)

Net current assets

 

176,379

217,456

Total assets less current liabilities

 

1,175,141

1,257,508

Creditors: Amounts falling due after more than one year

(453,021)

(522,512)

Provisions for liabilities

(78,736)

(78,736)

Net assets

 

643,384

656,260

Capital and reserves

 

Called up share capital

3

100

100

Revaluation reserve

297,230

297,230

Retained earnings

346,054

358,930

Shareholders' funds

 

643,384

656,260

For the financial year ending 31 July 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.

Approved and authorised by the director on 27 November 2023
 

.........................................
Mr M J Taplin
Director

 

Elements Kitchens Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

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.

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

Plant & machinery

33% on cost

Fixtures & fittings

25% on cost

 

Elements Kitchens Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Motor vehicles (owned)

25% reducing balance

Office equipment

33% on cost

Motor Vehicles (leased)

25% reducing balance

Freehold property

2% on cost

Improvements to property

10% reducing balance

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.

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.

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

 

Elements Kitchens Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

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.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 31 (2022 - 35).

 

Elements Kitchens Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

3

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100