Company Registration No. 08781713 (England and Wales)
CABINAT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CABINAT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CABINAT LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,522
6,759
Current assets
Stocks
219,048
59,270
Debtors
4
338,433
236,375
Cash at bank and in hand
7,877
202,500
565,358
498,145
Creditors: amounts falling due within one year
5
(514,802)
(162,882)
Net current assets
50,556
335,263
Total assets less current liabilities
56,078
342,022
Creditors: amounts falling due after more than one year
6
(235,763)
(19,985)
Net (liabilities)/assets
(179,685)
322,037
Capital and reserves
Called up share capital
109
109
Share premium account
119,978
119,978
Profit and loss reserves
(299,772)
201,950
Total equity
(179,685)
322,037
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CABINAT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 August 2024 and are signed on its behalf by:
H J Lee
Director
Company Registration No. 08781713
CABINAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information
Cabinat Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost , net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33.33% Straight Line Method
Furniture & Fixtures
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises of direct materials.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
CABINAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
2
CABINAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
3
Tangible fixed assets
Computer equipment
Furniture & Fixtures
Total
£
£
£
Cost
At 1 December 2022
18,630
2,302
20,932
Additions
2,387
1,219
3,606
At 30 November 2023
21,017
3,521
24,538
Depreciation and impairment
At 1 December 2022
13,598
575
14,173
Depreciation charged in the year
3,962
881
4,843
At 30 November 2023
17,560
1,456
19,016
Carrying amount
At 30 November 2023
3,457
2,065
5,522
At 30 November 2022
5,032
1,727
6,759
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
202,904
129,309
Corporation tax recoverable
56,857
Other debtors
61,997
107,066
Prepayments and accrued income
16,675
338,433
236,375
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,495
6,336
Other borrowings
35,282
Trade creditors
435,597
79,905
Corporation tax
56,857
Other taxation and social security
22,401
Other creditors
10,477
14,209
Accruals and deferred income
4,550
5,575
514,802
162,882
CABINAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
13,490
19,985
Other borrowings
222,273
235,763
19,985
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
30,379
29,477
8
Related party transactions
At the year end, an amount of £14,361 (2022: £10,071 owed to) was owed by the director. This has subsequently been repaid after the year end