Registered number
12334353
THE KENSAL STORE LIMITED
Filleted Accounts
31 May 2023
THE KENSAL STORE LIMITED
Registered number: 12334353
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 162,519 135,907
Current assets
Stocks 94,250 61,725
Debtors 4 198,608 216,438
Cash at bank and in hand 152,137 61,136
444,995 339,299
Creditors: amounts falling due within one year 5 (160,528) (117,483)
Net current assets 284,467 221,816
Total assets less current liabilities 446,986 357,723
Creditors: amounts falling due after more than one year 6 (20,192) (29,591)
Provisions for liabilities (40,630) (25,822)
Net assets 386,164 302,310
Capital and reserves
Called up share capital 320 260
Share premium 119,880 59,940
Profit and loss account 265,964 242,110
Shareholders' funds 386,164 302,310
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.
Saba Iqbal
Director
Approved by the board on 19 December 2023
THE KENSAL STORE LIMITED
Notes to the Accounts
for the year ended 31 May 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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% straight line
Fixtures, fittings, tools and equipment 20% straight line
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. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, 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. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. 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 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 13 13
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2022 187,904 25,035 212,939
Additions 54,971 31,528 86,499
At 31 May 2023 242,875 56,563 299,438
Depreciation
At 1 June 2022 64,514 12,518 77,032
Charge for the year 48,575 11,312 59,887
At 31 May 2023 113,089 23,830 136,919
Net book value
At 31 May 2023 129,786 32,733 162,519
At 31 May 2022 123,390 12,517 135,907
4 Debtors 2023 2022
£ £
Trade debtors - 12,000
VAT refundable - 28,418
Other debtors 198,608 176,020
198,608 216,438
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,648 10,648
Trade creditors 80,035 52,008
Taxation and social security costs 24,335 26,393
Other creditors 45,329 28,434
Director's loan account 181 -
160,528 117,483
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 20,192 29,591
7 Related party transactions 2023 2022
£ £
RA Property Services Limited
Common control
Included within other debtors is an interest free and repayable on demand loan of: 171,600 140,000
Saba Iqbal
Director of the company
During the year the company paid dividends of: 29,375 30,769
8 Controlling party
The company is under the control of the director by virtue of her shareholding in the issued share capital of the company.
9 Other information
THE KENSAL STORE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
112-114 College Road
London
NW10 5HD
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