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Registration number: 13991530

North Wessex Kitchens Ltd

trading as Dream Doors Newbury

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

North Wessex Kitchens Ltd

trading as Dream Doors Newbury

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

North Wessex Kitchens Ltd

trading as Dream Doors Newbury

(Registration number: 13991530)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

13,860

18,480

Tangible assets

5

38,634

47,265

 

52,494

65,745

Current assets

 

Stocks

6

22,480

-

Debtors

7

6,335

28,342

Cash at bank and in hand

 

31,353

10,964

 

60,168

39,306

Creditors: Amounts falling due within one year

8

(146,448)

(159,513)

Net current liabilities

 

(86,280)

(120,207)

Total assets less current liabilities

 

(33,786)

(54,462)

Creditors: Amounts falling due after more than one year

8

(26,781)

(39,839)

Net liabilities

 

(60,567)

(94,301)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(60,667)

(94,401)

Shareholders' deficit

 

(60,567)

(94,301)

For the financial year ending 31 March 2024 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.

 

North Wessex Kitchens Ltd

trading as Dream Doors Newbury

(Registration number: 13991530)
Balance Sheet as at 31 March 2024

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 26 June 2024 and signed on its behalf by:
 

.........................................
Mr G S Evans
Director

 

North Wessex Kitchens Ltd

trading as Dream Doors Newbury

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
20-22 Wenlock Road
London
N1 7GU
England

The principal place of business is:
86-88 Chapel Street
Thatcham
RG18 4QN

These financial statements were authorised for issue by the Board on 26 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.

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.

 

North Wessex Kitchens Ltd

trading as Dream Doors Newbury

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Plant & Machinery

15% Reducing balance

Office Equipment

15% Reducing balance

Motor Vehicles

25% Reducing balance

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:

Asset class

Amortisation method and rate

Franchise Fee

Over 5 years

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.

 

North Wessex Kitchens Ltd

trading as Dream Doors Newbury

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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.

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.

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.

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.

 

North Wessex Kitchens Ltd

trading as Dream Doors Newbury

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 6 (2023 - 5).

 

North Wessex Kitchens Ltd

trading as Dream Doors Newbury

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

23,100

23,100

At 31 March 2024

23,100

23,100

Amortisation

At 1 April 2023

4,620

4,620

Amortisation charge

4,620

4,620

At 31 March 2024

9,240

9,240

Carrying amount

At 31 March 2024

13,860

13,860

At 31 March 2023

18,480

18,480

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant & machinery
£

Total
£

Cost or valuation

At 1 April 2023

36,340

20,555

1,130

58,025

At 31 March 2024

36,340

20,555

1,130

58,025

Depreciation

At 1 April 2023

5,451

5,139

170

10,760

Charge for the year

4,633

3,854

144

8,631

At 31 March 2024

10,084

8,993

314

19,391

Carrying amount

At 31 March 2024

26,256

11,562

816

38,634

At 31 March 2023

30,889

15,416

960

47,265

6

Stocks

2024
£

2023
£

Work in progress

22,480

-

 

North Wessex Kitchens Ltd

trading as Dream Doors Newbury

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

(1,825)

18,082

Prepayments

6,300

8,400

Other debtors

1,860

1,860

 

6,335

28,342

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

15,892

15,892

Trade creditors

 

33,789

39,873

Taxation and social security

 

17,942

15,406

Accruals and deferred income

 

26,198

24,836

Other creditors

 

52,627

63,506

 

146,448

159,513

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £15,891.60 (2023 - £15,891.60).

A debenture has been lodged at Companies House, in favour of National Westminter bank PLC, with fixed and floating charges over all assets, dated 28/04/2022.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

26,781

39,839

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £26,781.10 (2023 - £39,838.97).

 

North Wessex Kitchens Ltd

trading as Dream Doors Newbury

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

26,781

39,839

2024
£

2023
£

Current loans and borrowings

Bank borrowings

15,892

15,892