The Kitchen At (Winchester) Limited
Registered number: 12811532
Statement of Financial Position
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 9,237 9,109
Current assets
Stocks 27,000 36,500
Debtors 4 116,510 38,648
Cash at bank and in hand 23,217 8,622
166,727 83,770
Creditors: amounts falling due within one year 5 (222,819) (90,219)
Net current liabilities (56,092) (6,449)
Total assets less current liabilities (46,855) 2,660
Creditors: amounts falling due after more than one year 6 - (2,659)
Provisions for liabilities (1,755) -
Net (liabilities)/assets (48,610) 1
Capital and reserves
Called up share capital 1 1
Profit and loss account (48,611) -
Shareholders' funds (48,610) 1
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ben Shaughnessy
Director
Approved by the board on 16 August 2024
The Kitchen At (Winchester) Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% straight line
Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 24 18
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022 11,658
Additions 3,074
At 31 August 2023 14,732
Depreciation
At 1 September 2022 2,549
Charge for the year 2,946
At 31 August 2023 5,495
Net book value
At 31 August 2023 9,237
At 31 August 2022 9,109
4 Debtors 2023 2022
£ £
Trade debtors - 6,163
Other debtors 116,510 32,485
116,510 38,648
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 2,659 3,191
Trade creditors 21,704 20,905
Accruals 5,988 4,142
Corporation tax 10,047 6,707
Other taxes and social security costs 127,781 33,229
Other creditors 54,640 22,045
222,819 90,219
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts - 2,659
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Ben Shaughnessy
Repayable on demand 28,456 73,683 - 102,139
28,456 73,683 - 102,139
8 Other information
The Kitchen At (Winchester) Limited is a private company limited by shares and incorporated in England. Its registered office is:
15 Edwards Close
Kings Worthy
Winchester
SO23 7HX
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