Caseware UK (AP4) 2023.0.135 2023.0.135 2022-09-01truefalseNo description of principal activity66trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07347686 2022-09-01 2023-08-31 07347686 2021-09-01 2022-08-31 07347686 2023-08-31 07347686 2022-08-31 07347686 c:Director1 2022-09-01 2023-08-31 07347686 d:Buildings d:ShortLeaseholdAssets 2022-09-01 2023-08-31 07347686 d:Buildings d:ShortLeaseholdAssets 2023-08-31 07347686 d:Buildings d:ShortLeaseholdAssets 2022-08-31 07347686 d:PlantMachinery 2022-09-01 2023-08-31 07347686 d:PlantMachinery 2023-08-31 07347686 d:PlantMachinery 2022-08-31 07347686 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 07347686 d:MotorVehicles 2022-09-01 2023-08-31 07347686 d:MotorVehicles 2023-08-31 07347686 d:MotorVehicles 2022-08-31 07347686 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 07347686 d:OfficeEquipment 2022-09-01 2023-08-31 07347686 d:OfficeEquipment 2023-08-31 07347686 d:OfficeEquipment 2022-08-31 07347686 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 07347686 d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 07347686 d:CurrentFinancialInstruments 2023-08-31 07347686 d:CurrentFinancialInstruments 2022-08-31 07347686 d:Non-currentFinancialInstruments 2023-08-31 07347686 d:Non-currentFinancialInstruments 2022-08-31 07347686 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 07347686 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 07347686 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 07347686 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 07347686 d:ShareCapital 2023-08-31 07347686 d:ShareCapital 2022-08-31 07347686 d:RetainedEarningsAccumulatedLosses 2023-08-31 07347686 d:RetainedEarningsAccumulatedLosses 2022-08-31 07347686 c:FRS102 2022-09-01 2023-08-31 07347686 c:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 07347686 c:FullAccounts 2022-09-01 2023-08-31 07347686 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 07347686 d:WithinOneYear 2023-08-31 07347686 d:WithinOneYear 2022-08-31 07347686 d:BetweenOneFiveYears 2023-08-31 07347686 d:BetweenOneFiveYears 2022-08-31 07347686 d:HirePurchaseContracts d:WithinOneYear 2023-08-31 07347686 d:HirePurchaseContracts d:WithinOneYear 2022-08-31 07347686 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-08-31 07347686 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-08-31 07347686 2 2022-09-01 2023-08-31 07347686 e:PoundSterling 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registered number: 07347686










KNT (Kindling N Things) Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 August 2023

 
KNT (Kindling N Things) Ltd
 
  
Chartered accountants' report to the director on the preparation of the unaudited statutory financial statements of KNT (Kindling N Things) Ltd for the 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 KNT (Kindling N Things) Ltd for the year ended 31 August 2023 which comprise  the Balance sheet 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 https://www.icaew.com /regulation.

This report is made solely to the director of KNT (Kindling N Things) Ltd in accordance with the terms of our engagement letter dated 19 January 2024Our work has been undertaken solely to prepare for your approval the financial statements of KNT (Kindling N Things) Ltd  and state those matters that we have agreed to state to the director of KNT (Kindling N Things) Ltd in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KNT (Kindling N Things) Ltd and its director for our work or for this report. 

It is your duty to ensure that KNT (Kindling N Things) Ltd 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 KNT (Kindling N Things) Ltd. You consider that KNT (Kindling N Things) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of KNT (Kindling N Things) Ltd. 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.

  




Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
12 March 2024
Page 1

 
KNT (Kindling N Things) Ltd
Registered number: 07347686

Balance sheet
As at 31 August 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
34,146
16,808

  
34,146
16,808

Current assets
  

Stocks
 5 
30,048
15,800

Debtors: amounts falling due within one year
 6 
16,645
18,100

Cash at bank and in hand
 7 
49,794
59,315

  
96,487
93,215

Creditors: amounts falling due within one year
 8 
(40,534)
(43,238)

Net current assets
  
 
 
55,953
 
 
49,977

Total assets less current liabilities
  
90,099
66,785

Creditors: amounts falling due after more than one year
 9 
(8,348)
(5,181)

Provisions for liabilities
  

Deferred tax
  
(5,737)
(2,443)

  
 
 
(5,737)
 
 
(2,443)

Net assets
  
76,014
59,161


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
76,013
59,160

  
76,014
59,161


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

Karl Blackwell
Director
Date: 8 March 2024

The notes on pages 4 to 11 form part of these financial statements.
Page 2

 
KNT (Kindling N Things) Ltd
Registered number: 07347686

Balance sheet (continued)
As at 31 August 2023


Page 3

 
KNT (Kindling N Things) Ltd
 

 
Notes to the financial statements
For the Year Ended 31 August 2023

1.


General information

KNT (Kindling N Things) Ltd is a private company limited by shares and is incorporated in England with the registration number 07347686. The address of the registered office is Springfield House, Springfield Road, Horsham, West Sussex, RH12 2RG.
The principal activity of the company in the year under review was the sale of logs, kindling, gardening products and supplies. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
KNT (Kindling N Things) Ltd
 

 
Notes to the financial statements
For the Year Ended 31 August 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short term leasehold property
-
33% straight line
Plant and machinery
-
20% - 33% straight line
Motor vehicles
-
20% - 33% straight line
Office equipment
-
25% - 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Debtors

Short-term debtors 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.

 
2.6

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.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are
Page 5

 
KNT (Kindling N Things) Ltd
 

 
Notes to the financial statements
For the Year Ended 31 August 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Page 6

 
KNT (Kindling N Things) Ltd
 

 
Notes to the financial statements
For the Year Ended 31 August 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.



 
2.8

Creditors

Short-term creditors 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.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

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.

 
2.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

  
2.13

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 profit or loss in the year that the Company becomes aware  of the obligation, and are measured at the best estimate at the balance sheet 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 Balance sheet. 

Page 7

 
KNT (Kindling N Things) Ltd
 

 
Notes to the financial statements
For the Year Ended 31 August 2023

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 6).

Page 8

 
KNT (Kindling N Things) Ltd
 

 
Notes to the financial statements
For the Year Ended 31 August 2023

4.


Tangible fixed assets





Short term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 September 2022
6,098
44,178
40,089
2,098
92,463


Additions
150
27,077
-
2,110
29,337


Disposals
-
(22,406)
-
(493)
(22,899)



At 31 August 2023

6,248
48,849
40,089
3,715
98,901



Depreciation


At 1 September 2022
2,148
43,602
27,980
1,925
75,655


Charge for the year on owned assets
2,062
2,438
7,265
234
11,999


Disposals
-
(22,406)
-
(493)
(22,899)



At 31 August 2023

4,210
23,634
35,245
1,666
64,755



Net book value



At 31 August 2023
2,038
25,215
4,844
2,049
34,146



At 31 August 2022
3,950
576
12,109
173
16,808


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
30,048
15,800

30,048
15,800



6.


Debtors

2023
2022
£
£


Trade debtors
13,561
15,616

Other debtors
1,645
940

Prepayments and accrued income
1,439
1,544

16,645
18,100


Page 9

 
KNT (Kindling N Things) Ltd
 

 
Notes to the financial statements
For the Year Ended 31 August 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
49,794
59,315

49,794
59,315



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
20,923
7,217

Corporation tax
1,970
3,873

Other taxation and social security
1,746
1,706

Obligations under finance lease and hire purchase contracts
9,490
6,534

Other creditors
3,415
3,286

Accruals and deferred income
2,990
20,622

40,534
43,238



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
8,348
5,181

8,348
5,181



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
9,846
6,534

Between 1-5 years
7,778
5,181

17,624
11,715

Page 10

 
KNT (Kindling N Things) Ltd
 

 
Notes to the financial statements
For the Year Ended 31 August 2023

11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,101 (2022 - £873). Contributions totalling £212 (2022 - £83) were payable to the fund at the balance sheet date and are icluded in "Other creditors".


12.


Commitments under operating leases

At 31 August 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
20,100
24,120

Later than 1 year and not later than 5 years
-
20,100

20,100
44,220


13.


Related party transactions

At the year end, a total of £3,203 (2022 - £3,203) was owed to the Director and close family by the Company.
During the year, the Director received dividends totalling £10,000 (2022 - £2,000) by virtue of their shareholdings.


Page 11