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Registration number: 12337245

Kitchen Restore Ltd

trading as Dream Doors Preston

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Kitchen Restore Ltd

trading as Dream Doors Preston

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

Kitchen Restore Ltd

trading as Dream Doors Preston

Company Information

Directors

Mrs Diane Took

Mr Richard Meredith Took

Registered office

40 Ryder Crescent
Birkdale
Southport
PR8 3AE

Accountants

Ikara Business Solutions Limited
1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Kitchen Restore Ltd

trading as Dream Doors Preston
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Kitchen Restore Ltd for the year ended 28 February 2023 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Kitchen Restore Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Kitchen Restore Ltd and state those matters that we have agreed to state to the Board of Directors of Kitchen Restore Ltd, as a body, in this report in accordance with our engagement letter. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kitchen Restore Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Kitchen Restore Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Kitchen Restore Ltd. You consider that Kitchen Restore Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Kitchen Restore Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Ikara Business Solutions Limited
1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ

21 November 2023

 

Kitchen Restore Ltd

trading as Dream Doors Preston

(Registration number: 12337245)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

9,240

13,860

Tangible assets

5

37,633

16,121

 

46,873

29,981

Current assets

 

Stocks

6

35,947

27,057

Debtors

7

31,646

16,120

Cash at bank and in hand

 

16,677

8,718

 

84,270

51,895

Creditors: Amounts falling due within one year

8

(129,714)

(111,796)

Net current liabilities

 

(45,444)

(59,901)

Total assets less current liabilities

 

1,429

(29,920)

Creditors: Amounts falling due after more than one year

8

(68,497)

(60,459)

Provisions for liabilities

(14,028)

(4,030)

Net liabilities

 

(81,096)

(94,409)

Capital and reserves

 

Called up share capital

5,000

5,000

Retained earnings

(86,096)

(99,409)

Shareholders' deficit

 

(81,096)

(94,409)

 

Kitchen Restore Ltd

trading as Dream Doors Preston

(Registration number: 12337245)
Balance Sheet as at 28 February 2023

For the financial 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.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 November 2023 and signed on its behalf by:
 

.........................................
Mrs Diane Took
Director

.........................................
Mr Richard Meredith Took
Director

 

Kitchen Restore Ltd

trading as Dream Doors Preston

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
40 Ryder Crescent
Birkdale
Southport
PR8 3AE

These financial statements were authorised for issue by the Board on 21 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.

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 and deferred 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.

 

Kitchen Restore Ltd

trading as Dream Doors Preston

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

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

Fixtures and fittings

20% Reducing balance

Office equipment

33% Cost

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Franchise fee

20% Straight line

 

Kitchen Restore Ltd

trading as Dream Doors Preston

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

 

Kitchen Restore Ltd

trading as Dream Doors Preston

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 6).

 

Kitchen Restore Ltd

trading as Dream Doors Preston

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Intangible assets

Franchise fee
£

Total
£

Cost or valuation

At 1 March 2022

23,100

23,100

At 28 February 2023

23,100

23,100

Amortisation

At 1 March 2022

9,240

9,240

Amortisation charge

4,620

4,620

At 28 February 2023

13,860

13,860

Carrying amount

At 28 February 2023

9,240

9,240

At 28 February 2022

13,860

13,860

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

25,650

-

25,650

Additions

-

26,950

26,950

At 28 February 2023

25,650

26,950

52,600

Depreciation

At 1 March 2022

9,529

-

9,529

Charge for the year

3,566

1,872

5,438

At 28 February 2023

13,095

1,872

14,967

Carrying amount

At 28 February 2023

12,555

25,078

37,633

At 28 February 2022

16,121

-

16,121

 

Kitchen Restore Ltd

trading as Dream Doors Preston

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

stocks

2023
£

2022
£

Work in progress

35,947

27,057

7

Debtors

Current

2023
£

2022
£

Trade debtors

9,880

9,820

Prepayments

4,200

6,300

Other debtors

17,566

-

 

31,646

16,120

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

25,785

21,668

Trade creditors

 

21,564

14,616

Taxation and social security

 

29,216

24,397

Accruals and deferred income

 

45,990

37,276

Other creditors

 

7,159

13,839

 

129,714

111,796

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £21,012 (2022 -£21,668).

 

Kitchen Restore Ltd

trading as Dream Doors Preston

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

68,497

60,459

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £49,632 (2022 - £60,459). Charges are lodged at Companies House in favour of Natwest bank containing fixed and floating charges over all assets since 14th Janaury 2020.

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

49,631

60,459

Hire purchase contracts

18,866

-

68,497

60,459

 

Kitchen Restore Ltd

trading as Dream Doors Preston

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

21,012

21,668

Hire purchase contracts

4,773

-

25,785

21,668

10

Related party transactions

Transactions with directors

2023

At 1 March 2022
£

Advances to director
£

At 28 February 2023
£

Mrs Diane Took

Director Loan

-

6,566

6,566

-

-

-

 

-

6,566

6,566

     

Mr Richard Meredith Took

Director Loan

-

6,566

6,566

-

-

-

 

-

6,566

6,566