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Registration number: 12982128

The Kitchen Bros Ltd

trading as Dream Doors Sheffield South

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

The Kitchen Bros Ltd

trading as Dream Doors Sheffield South

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

The Kitchen Bros Ltd

trading as Dream Doors Sheffield South

(Registration number: 12982128)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

9,240

13,860

Tangible assets

5

8,491

10,783

 

17,731

24,643

Current assets

 

Stocks

6

23,722

-

Debtors

7

39,976

14,083

Cash at bank and in hand

 

12,462

23,992

 

76,160

38,075

Creditors: Amounts falling due within one year

8

(144,854)

(129,019)

Net current liabilities

 

(68,694)

(90,944)

Total assets less current liabilities

 

(50,963)

(66,301)

Creditors: Amounts falling due after more than one year

8

-

(15,260)

Net liabilities

 

(50,963)

(81,561)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(50,965)

(81,563)

Shareholders' deficit

 

(50,963)

(81,561)

 

The Kitchen Bros Ltd

trading as Dream Doors Sheffield South

(Registration number: 12982128)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 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 25 June 2024 and signed on its behalf by:
 

.........................................
Mr Adam Urbanowski
Director

.........................................
Mr Dominic Urbanowski
Director

 

The Kitchen Bros Ltd

trading as Dream Doors Sheffield South

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

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

The address of its registered office is:
729 Chesterfield Road
Woodseats
Sheffield
S8 0SL
United Kingdom

The principal place of business is:
729 Chesterfield Road
Woodseats
Sheffield
S8 0SL
United Kingdom

These financial statements were authorised for issue by the Board on 25 June 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.

 

The Kitchen Bros Ltd

trading as Dream Doors Sheffield South

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the shareholders that they will continue to give financial support to the company for twelve months from the date of signing these accounts.

On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above may not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustments to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

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.

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 & Fittings

15% Reducing balance

Office Equipment

15% Reducing balance

 

The Kitchen Bros Ltd

trading as Dream Doors Sheffield South

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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:

Asset class

Amortisation method and rate

Frannchise fee

20% Straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

The Kitchen Bros Ltd

trading as Dream Doors Sheffield South

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 3).

 

The Kitchen Bros Ltd

trading as Dream Doors Sheffield South

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Intangible assets

Franchise fee
£

Total
£

Cost or valuation

At 1 November 2022

23,100

23,100

At 31 October 2023

23,100

23,100

Amortisation

At 1 November 2022

9,240

9,240

Amortisation charge

4,620

4,620

At 31 October 2023

13,860

13,860

Carrying amount

At 31 October 2023

9,240

9,240

At 31 October 2022

13,860

13,860

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

15,333

15,333

At 31 October 2023

15,333

15,333

Depreciation

At 1 November 2022

4,550

4,550

Charge for the year

2,292

2,292

At 31 October 2023

6,842

6,842

Carrying amount

At 31 October 2023

8,491

8,491

At 31 October 2022

10,783

10,783

 

The Kitchen Bros Ltd

trading as Dream Doors Sheffield South

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Stocks

2023
£

2022
£

Work in progress

23,722

-

 

The Kitchen Bros Ltd

trading as Dream Doors Sheffield South

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

26,607

-

Prepayments

6,000

9,583

Other debtors

7,369

4,500

 

39,976

14,083

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

7,050

4,870

Trade creditors

 

40,052

31,925

Taxation and social security

 

34,953

13,272

Accruals and deferred income

 

31,395

955

Other creditors

 

31,404

77,997

 

144,854

129,019

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £7,050 (2022 - £4,870).

 

The Kitchen Bros Ltd

trading as Dream Doors Sheffield South

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

-

15,260

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

15,260

2023
£

2022
£

Current loans and borrowings

Bank borrowings

7,050

4,870

10

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Mr Dominic Urbanowski

(15,724)

60,910

(42,316)

2,870