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Registered number: 02325500












 
BARGET KITCHENS & INTERIORS (CHELSEA) LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

 
BARGET KITCHENS & INTERIORS (CHELSEA) LIMITED
 

COMPANY INFORMATION


DIRECTOR
A R Barget 




REGISTERED NUMBER
02325500



REGISTERED OFFICE
1st Floor Sackville House
143-149 Fenchurch Street
London
EC3M 6BN





 
BARGET KITCHENS & INTERIORS (CHELSEA) LIMITED
 

CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 6


 
BARGET KITCHENS & INTERIORS (CHELSEA) LIMITED
REGISTERED NUMBER: 02325500

BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December 2023
30 June 2022
Note
£
£

CURRENT ASSETS
  

Stocks
 5 
80,638
83,907

Debtors
 6 
316,712
314,423

Cash at bank and in hand
  
257,911
230,560

  
655,261
628,890

Creditors: amounts falling due within one year
 7 
(330,747)
(257,630)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
 
 
324,514
 
 
371,260

Creditors: amounts falling due after more than one year
 8 
(15,833)
(30,833)

NET ASSETS
  
308,681
340,427


CAPITAL AND RESERVES
  

Allotted, called up and fully paid share capital
  
100
100

Profit and loss account
  
308,581
340,327

EQUITY SHAREHOLDER'S FUNDS
  
308,681
340,427


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 period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his 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 Director's Report and the Statement of Income and Retained Earnings in accordance with provisions applicable to companies subject to the small companies regime, under section 444 of the Companies Act 2006.

The financial statements were approved and authorised for issue by the board and were signed on its behalf  29 July 2024.


A R Barget
Director

The notes on pages 2 to 6 form part of these financial statements.
Page 1

 
BARGET KITCHENS & INTERIORS (CHELSEA) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

Barget Kitchens & Interiors (Chelsea) Limited (company number: 02325500), having its registered office at 1st Floor Sackville House, 143-149 Fenchurch Street, London, EC3M 6BN, is a private limited company incorporated in England and Wales. The principal place of trading is 39 Heath Street, London, NW3 6UA. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

  
2.2

STATEMENT OF CASH FLOWS

The company has taken advantage of the exemption in Financial Reporting Standard 102, Section 1A.7 from the requirement to produce a Statement of Cash Flows on the grounds that it is a small company.

 
2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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.

 
2.4

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 

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 the Statement of Income and Retained Earnings.

 
2.5

DEBTORS

Short-term debtors are measured at transaction price, less any impairment.
Page 2

 
BARGET KITCHENS & INTERIORS (CHELSEA) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
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. 

 
2.7

FINANCIAL INSTRUMENTS

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. 
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the Balance Sheet date. 

 
2.8

CREDITORS

Short-term creditors are measured at the transaction price.

 
2.9

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The company's functional and presentational currency is British Pounds Sterling (GBP).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period-end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

  
2.10

LONG-TERM CONTRACTS

Profit on long-term contracts is recognised once the work is carried out and the final outcome can be assessed with reasonable certainty. The profit is calculated on a prudent basis to reflect the proportion of work carried out at the year end, by recording turnover and related costs as contract activity progresses.
Turnover is calculated as a proportion of the total contract value which costs incurred to date bear against the total expected costs for that contract. 
Revenues derived from variations on contracts are recognised only when they have been accepted by the customer.
Full provision is made for losses on all contracts in the year in which they are first foreseen.

Page 3

 
BARGET KITCHENS & INTERIORS (CHELSEA) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.11

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.

 
2.12

PENSIONS

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.13

INTEREST INCOME

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

 
2.14

FINANCE COSTS

Finance costs are charged to the Statement of Income and Retained Earnings 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. 

 
2.15

TAXATION

Tax is recognised in the Statement of Income and Retained Earnings 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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
Page 4

 
BARGET KITCHENS & INTERIORS (CHELSEA) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

3.


EMPLOYEES

The average monthly number of employees, including directors, during the period was 4 (2022 - 4).


4.


DIVIDENDS

31 December 2023
30 June 2022
£
£


Total dividends paid
50,000
70,000


5.


STOCKS

31 December 2023
30 June 2022
£
£

Finished goods and goods for resale
80,638
83,907



6.


DEBTORS

31 December 2023
30 June 2022
£
£

Due within one year

Trade debtors
-
18,126

Amounts owed by group undertakings
240,611
252,761

Other debtors
20,226
43,536

Prepayments and accrued income
55,875
-

316,712
314,423



7.


CREDITORS: Amounts falling due within one year

31 December 2023
30 June 2022
£
£

Bank loans (see below)
10,000
10,000

Trade creditors
174,903
93,373

Corporation tax
7,038
14,834

Other taxation and social security
11,412
11,460

Other creditors
57,176
51,222

Accruals and deferred income
70,218
76,741

330,747
257,630


Page 5

 
BARGET KITCHENS & INTERIORS (CHELSEA) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

8.


CREDITORS: Amounts falling due after more than one year

31 December 2023
30 June 2022
£
£

Bank loans (see below)
15,833
30,833


Bank loans comprise a Bounce Back Loan Scheme (BBLS) loan provided by Barclays Bank UK PLC. The loan is guaranteed by the government and there is no interest and repayment due for the first 12 months. After 12 months, the interest is fixed at 2.5% per year. The final repayment for this loan is due in July 2026.  


9.


LOANS


Analysis of the maturity of loans is given below:


31 December 2023
30 June 2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Amounts falling due within 2-5 years

Bank loans
15,833
30,833

25,833
40,833



10.


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 £3,371 (2022: £2,194).
As at 31 December 2023 there were amounts payable of £499 
(2022: £497) within other creditors.


11.


RELATED PARTY TRANSACTIONS

Included within other creditors are amounts due to the director of £4,016 (2022: £9,577 debtor).
The Company has taken advantage of Section 33.1A of FRS102 in not disclosing transactions between
wholly-owned members of a group.


12.


CONTROLLING PARTY

As at 31 December 2023 and 30 June 2022, the Company's ultimate parent undertaking was Barget Group Limited, a company incorporated in England and Wales.


Page 6