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REGISTERED NUMBER: NI035044 (Northern Ireland)













David Reid Kitchens Limited

Unaudited Financial Statements

for the Year Ended 31 October 2023






David Reid Kitchens Limited (Registered number: NI035044)

Contents of the Financial Statements
for the Year Ended 31 October 2023










Page

Company information 1

Statement of financial position 2 to 3

Notes to the financial statements 4 to 8


David Reid Kitchens Limited

Company Information
for the Year Ended 31 October 2023







Directors: Mr D Reid
Mrs P Reid



Secretary: Mrs P Reid



Registered office: 35 Soldierstown Road
Aghalee
Co Armagh
BT67 0ES



Registered number: NI035044 (Northern Ireland)



Accountants: Wylie Ruddell
Chartered Accountants
Armagh Business Centre
2 Loughgall Road
Armagh
BT61 7NH



Solicitors: TG Menary
19 Windsor Avenue
Lurgan
Co Armagh
BT67 9BG

David Reid Kitchens Limited (Registered number: NI035044)

Statement of Financial Position
31 October 2023

2023 2022
Notes £ £
Fixed assets
Intangible assets 4 - -
Property, plant and equipment 5 435,584 475,175
435,584 475,175

Current assets
Inventories 6 73,573 78,871
Receivables 7 107,698 165,564
Cash at bank 8 639,347 691,801
820,618 936,236
Payables
Amounts falling due within one year 9 (108,412 ) (142,830 )
Net current assets 712,206 793,406
Total assets less current liabilities 1,147,790 1,268,581

Provisions for liabilities 10 (46,038 ) (52,358 )
Net assets 1,101,752 1,216,223

Capital and reserves
Called up share capital 11 100 100
Retained earnings 1,101,652 1,216,123
Shareholders' funds 1,101,752 1,216,223

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

David Reid Kitchens Limited (Registered number: NI035044)

Statement of Financial Position - continued
31 October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 January 2024 and were signed on its behalf by:





Mr D Reid - Director


David Reid Kitchens Limited (Registered number: NI035044)

Notes to the Financial Statements
for the Year Ended 31 October 2023


1. Statutory information

David Reid Kitchens Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings freehold - 2% on cost
Plant and machinery - 10% on reducing balance
Fixtures, fittings and equipment - 10% on reducing balance
Motor vehicles - 25% on reducing balance

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.


David Reid Kitchens Limited (Registered number: NI035044)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Receivables
Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

David Reid Kitchens Limited (Registered number: NI035044)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


2. Accounting policies - continued

Payables
Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Useful economic lives of intangible and tangible assets
The annual depreciation and amortisation charges for intangible and tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See the property, plant and equipment note for the carrying amount of the assets, and note 2 for the useful economic lives for each class of assets.

3. Employees and directors

The average number of employees during the year was 14 (2022 - 14 ) .

4. Intangible fixed assets
Goodwill
£
Cost
At 1 November 2022
and 31 October 2023 350,000
Amortisation
At 1 November 2022
and 31 October 2023 350,000
Net book value
At 31 October 2023 -
At 31 October 2022 -

David Reid Kitchens Limited (Registered number: NI035044)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


5. Property, plant and equipment
Fixtures,
Land and fittings
buildings Plant and and Motor
freehold machinery equipment vehicles Totals
£ £ £ £ £
Cost
At 1 November 2022 220,000 369,554 16,772 158,325 764,651
Additions - 768 751 - 1,519
At 31 October 2023 220,000 370,322 17,523 158,325 766,170
Depreciation
At 1 November 2022 35,200 137,499 8,589 108,188 289,476
Charge for year 4,400 23,282 894 12,534 41,110
At 31 October 2023 39,600 160,781 9,483 120,722 330,586
Net book value
At 31 October 2023 180,400 209,541 8,040 37,603 435,584
At 31 October 2022 184,800 232,055 8,183 50,137 475,175

6. Inventories
2023 2022
£ £
Work in progress 73,573 78,871

The replacement cost of inventory did not differ significantly from the figures shown.

7. Receivables: amounts falling due within one year
2023 2022
£ £
Trade receivables 97,957 162,747
Other receivables 9,741 2,817
107,698 165,564

8. Cash at bank
2023 2022
£ £
Cash at bank and in hand 639,347 691,801

9. Payables: amounts falling due within one year
2023 2022
£ £
Trade payables 66,527 83,972
Taxation and social security 36,568 55,077
Other payables 5,317 3,781
108,412 142,830

David Reid Kitchens Limited (Registered number: NI035044)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


10. Provisions for liabilities
2023 2022
£ £
Deferred tax 46,038 52,358

Deferred tax
£
Balance at 1 November 2022 52,358
Credit to Statement of income and retained earnings during year (6,320 )
Balance at 31 October 2023 46,038

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
100 Ordinary shares 1 100 100

12. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£ £
Mr D Reid and Mrs P Reid
Balance outstanding at start of year 571 (1,057 )
Amounts advanced 55,000 73,000
Amounts repaid (54,673 ) (71,372 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 898 571