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COMPANY REGISTRATION NUMBER: 01559618
Glenwood Kitchen Services Limited
Filleted Unaudited Financial Statements
31 August 2023
Glenwood Kitchen Services Limited
Financial Statements
Year ended 31 August 2023
Contents
Pages
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 7
Glenwood Kitchen Services Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Glenwood Kitchen Services Limited
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Glenwood Kitchen Services Limited for the year ended 31 August 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Glenwood Kitchen Services Limited, as a body, in accordance with the terms of our engagement letter dated 21 April 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Glenwood Kitchen Services Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Glenwood Kitchen Services Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Glenwood Kitchen Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Glenwood Kitchen Services Limited. You consider that Glenwood Kitchen Services Limited 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 financial statements of Glenwood Kitchen Services Limited. 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 financial statements.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
8 March 2024
Glenwood Kitchen Services Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
95,406
119,805
Current assets
Stocks
46,899
103,339
Debtors
6
117,584
92,166
Cash at bank and in hand
360,006
391,132
---------
---------
524,489
586,637
Creditors: amounts falling due within one year
7
258,500
330,135
---------
---------
Net current assets
265,989
256,502
---------
---------
Total assets less current liabilities
361,395
376,307
Provisions
Taxation including deferred tax
390
3,121
---------
---------
Net assets
361,005
373,186
---------
---------
Glenwood Kitchen Services Limited
Statement of Financial Position (continued)
31 August 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
600
600
Share premium account
4,500
4,500
Profit and loss account
355,905
368,086
---------
---------
Shareholders funds
361,005
373,186
---------
---------
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 31 August 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 27 February 2024 , and are signed on behalf of the board by:
Mr M Hearsum
Mrs P A Hearsum
Director
Director
Company registration number: 01559618
Glenwood Kitchen Services Limited
Notes to the Financial Statements
Year ended 31 August 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 Manor Farm, 6 Front Street, Rotherham, S60 5QP.
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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less ) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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:
Freehold Property
-
2% straight line
Plant & Equipment
-
15% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
15% reducing balance
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.
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Sep 2022 and 31 Aug 2023
65,482
17,389
11,994
113,130
13,376
221,371
--------
--------
--------
---------
--------
---------
Depreciation
At 1 Sep 2022
10,477
15,926
11,532
51,056
12,575
101,566
Charge for the year
1,310
222
69
21,997
801
24,399
--------
--------
--------
---------
--------
---------
At 31 Aug 2023
11,787
16,148
11,601
73,053
13,376
125,965
--------
--------
--------
---------
--------
---------
Carrying amount
At 31 Aug 2023
53,695
1,241
393
40,077
95,406
--------
--------
--------
---------
--------
---------
At 31 Aug 2022
55,005
1,463
462
62,074
801
119,805
--------
--------
--------
---------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
34,023
33,017
Other debtors
83,561
59,149
---------
--------
117,584
92,166
---------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,818
Trade creditors
101,976
63,466
Corporation tax
14,367
37,183
Social security and other taxes
12,339
8,053
Other creditors
129,818
216,615
---------
---------
258,500
330,135
---------
---------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
3,725
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