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COMPANY REGISTRATION NUMBER: 03546933
The Complete Kitchen Company Limited
Filleted Unaudited Financial Statements
30 September 2023
The Complete Kitchen Company Limited
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
473,696
312,106
Current assets
Stocks
242,369
350,232
Debtors
6
1,014,061
642,087
Cash at bank and in hand
1,444,987
1,248,798
------------
------------
2,701,417
2,241,117
Creditors: amounts falling due within one year
7
743,612
543,811
------------
------------
Net current assets
1,957,805
1,697,306
------------
------------
Total assets less current liabilities
2,431,501
2,009,412
Provisions
Taxation including deferred tax
37,175
21,300
------------
------------
Net assets
2,394,326
1,988,112
------------
------------
The Complete Kitchen Company Limited
Statement of Financial Position (continued)
30 September 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
1,102
1,102
Profit and loss account
2,393,224
1,987,010
------------
------------
Shareholders funds
2,394,326
1,988,112
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 1 March 2024 , and are signed on behalf of the board by:
Mr A Ellis
Mrs L Singh
Director
Director
Company registration number: 03546933
The Complete Kitchen Company Limited
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 15 Ryelands Industrial Estate, Rockwell Green, Wellington, Somerset, TA21 9PZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
20% straight line
Motor
-
20% straight line
Office Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 30 (2022: 30 ).
5. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Office Equipment
Total
£
£
£
£
£
Cost or valuation
At 1 October 2022
200,000
609,030
225,905
87,655
1,122,590
Additions
6,904
67,245
18,698
92,847
Disposals
( 9,620)
( 53,946)
( 49,423)
( 112,989)
Revaluations
125,000
125,000
---------
---------
---------
--------
------------
At 30 September 2023
325,000
606,314
239,204
56,930
1,227,448
---------
---------
---------
--------
------------
Depreciation
At 1 October 2022
527,668
195,161
87,655
810,484
Charge for the year
21,721
30,795
3,740
56,256
Disposals
( 9,620)
( 53,945)
( 49,423)
( 112,988)
---------
---------
---------
--------
------------
At 30 September 2023
539,769
172,011
41,972
753,752
---------
---------
---------
--------
------------
Carrying amount
At 30 September 2023
325,000
66,545
67,193
14,958
473,696
---------
---------
---------
--------
------------
At 30 September 2022
200,000
81,362
30,744
312,106
---------
---------
---------
--------
------------
6. Debtors
2023
2022
£
£
Trade debtors
965,269
610,955
Other debtors
48,792
31,132
------------
---------
1,014,061
642,087
------------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
479,972
403,369
Corporation tax
175,836
61,947
Social security and other taxes
27,453
22,812
Other creditors
60,351
55,683
---------
---------
743,612
543,811
---------
---------
8. Directors' advances, credits and guarantees
Included in other creditors at the balance sheet date is an amount owed to director1 of £1,194. Included in other creditors at the balance sheet date is an amount owed to director2 of £4,695.
9. Related party transactions
During the year rent was paid for shop premises to Tulipwood Properties Limited, of which Mr Ellis and Mrs Singh are also directors, totalling £10,200. Included in Debtors is also a balance owing from Tulipwood Properties Limited of £738 for expenses paid on their behalf, due to be repaid after the period end.