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Registration number: 07179492

KB Kitchens Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 March 2023

 

KB Kitchens Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

KB Kitchens Limited

Company Information

Directors

Mr K M Bullen

Mrs F C Bullen

Registered office

Unit 6 Weasenham Lane
Wisbech
Cambridgeshire
PE13 2RN

Accountants

Cannon Williamson
Chartered Certified Accountants
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

 

KB Kitchens Limited

(Registration number: 07179492)
Balance Sheet as at 29 March 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

5

-

947

Current assets

 

Debtors

6

28,277

39,722

Cash at bank and in hand

 

351,340

257,421

 

379,617

297,143

Creditors: Amounts falling due within one year

7

(82,927)

(71,812)

Net current assets

 

296,690

225,331

Total assets less current liabilities

 

296,690

226,278

Provisions for liabilities

-

(180)

Net assets

 

296,690

226,098

Capital and Reserves

 

Called up share capital

8

110

5

Retained Earnings

296,580

226,093

Shareholders' funds

 

296,690

226,098

For the financial year ending 29 March 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 11 March 2024 and signed on its behalf by:
 

.........................................
Mr K M Bullen
Director

 

KB Kitchens Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 March 2023

1

General information

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

The address of its registered office is:
Unit 6 Weasenham Lane
Wisbech
Cambridgeshire
PE13 2RN
United Kingdom

These financial statements were authorised for issue by the Board on 11 March 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

KB Kitchens Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 March 2023 (continued)

2

Accounting policies (continued)

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

33% straight line

Office Equipment

33% straight line

Motor vehicles

33% straight line

Plant and Machinery

33% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

KB Kitchens Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 March 2023 (continued)

2

Accounting policies (continued)

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

KB Kitchens Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 March 2023 (continued)

4

Intangible assets

Cost or valuation

Amortisation

Carrying amount

At 29 March 2023

5

Tangible Assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 30 March 2022

12,449

10,300

83,221

105,970

At 29 March 2023

12,449

10,300

83,221

105,970

Depreciation

At 30 March 2022

12,439

10,197

82,387

105,023

Charge for the year

10

103

834

947

At 29 March 2023

12,449

10,300

83,221

105,970

Carrying amount

At 29 March 2023

-

-

-

-

At 29 March 2022

10

103

834

947

6

Debtors

Current

2023
£

2022
£

Trade Debtors

28,000

39,722

Other debtors

277

-

 

28,277

39,722

7

Creditors

Creditors: amounts falling due within one year

 

KB Kitchens Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 March 2023 (continued)

7

Creditors (continued)

2023
£

2022
£

Due within one year

Trade Creditors

23,803

28,771

Taxation and social security

57,899

41,382

Accruals and deferred income

1,225

1,580

Other creditors

-

79

82,927

71,812

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A share of £1 each

100

100

3

3

Ordinary B share of £1 each

10

10

2

2

 

110

110

5

5

9

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £1,003.30 (2022 - £1,110.00) per ordinary share

 

100,330

 

111,000

         

10

Related party transactions

 

KB Kitchens Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 March 2023 (continued)

10

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

18,200

17,256