Company Registration No. 13525180 (England and Wales)
Jem Lake Handmade Kitchens and Interiors Limited
Unaudited accounts
for the year ended 31 July 2023
Jem Lake Handmade Kitchens and Interiors Limited
Unaudited accounts
Contents
Jem Lake Handmade Kitchens and Interiors Limited
Company Information
for the year ended 31 July 2023
Directors
Jeremy C Lake
Rachel Lake
Company Number
13525180 (England and Wales)
Registered Office
4 Hiltons Lane
Wiggenhall St Germans
King's Lynn
Norfolk
PE34 3EZ
England
Accountants
M C Mallett Accountants Ltd
4 Hiltons Lane
Wiggenhall St Germans
King's Lynn
Norfolk
PE34 3EZ
Jem Lake Handmade Kitchens and Interiors Limited
Statement of financial position
as at 31 July 2023
Intangible assets
47,500
53,200
Tangible assets
82,896
110,626
Cash at bank and in hand
-
10,000
Creditors: amounts falling due within one year
(127,903)
(125,216)
Net current liabilities
(61,765)
(46,288)
Total assets less current liabilities
68,631
117,538
Creditors: amounts falling due after more than one year
(55,576)
(80,728)
Provisions for liabilities
Deferred tax
(11,500)
(16,000)
Called up share capital
100
100
Profit and loss account
1,455
20,710
Shareholders' funds
1,555
20,810
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by
Jeremy C Lake
Director
Company Registration No. 13525180
Jem Lake Handmade Kitchens and Interiors Limited
Notes to the Accounts
for the year ended 31 July 2023
Jem Lake Handmade Kitchens and Interiors Limited is a private company, limited by shares, registered in England and Wales, registration number 13525180. The registered office is 4 Hiltons Lane, Wiggenhall St Germans , King's Lynn, Norfolk, PE34 3EZ, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The company was incorporated on 22 July 2021 but did not commence trading until 1 December 2021.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Computer equipment
3 years straight line
Intangible fixed assets (goodwill) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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.
Deferred tax assets and liabilities are not discounted.
Assets held under hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the agreement at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Jem Lake Handmade Kitchens and Interiors Limited
Notes to the Accounts
for the year ended 31 July 2023
4
Intangible fixed assets
Total
5
Tangible fixed assets
Total
Charge for the year
28,606
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
5,717
7,623
- Motor vehicles
58,605
78,139
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan to Director
-
3,785
-
3,785
As at the Balance Sheet date the company was owed £3,785 by it's Directors, being net loan advances made during the year.
Interest has been charged on the net loan balance, at a rate of 2%, rising to 2.25% pa, and amounted to £130 for the period.
Jem Lake Handmade Kitchens and Interiors Limited
Notes to the Accounts
for the year ended 31 July 2023
7
Average number of employees
During the year the average number of employees was 5 (2022: 3).