Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Mrs B Sewell 05/07/2013 21 June 2024 The principal activity of the company continued to be the supply of fitted kitchens. 08565247 2024-01-31 08565247 bus:Director1 2024-01-31 08565247 2023-01-31 08565247 core:CurrentFinancialInstruments 2024-01-31 08565247 core:CurrentFinancialInstruments 2023-01-31 08565247 core:ShareCapital 2024-01-31 08565247 core:ShareCapital 2023-01-31 08565247 core:RetainedEarningsAccumulatedLosses 2024-01-31 08565247 core:RetainedEarningsAccumulatedLosses 2023-01-31 08565247 core:OtherPropertyPlantEquipment 2023-01-31 08565247 core:OtherPropertyPlantEquipment 2024-01-31 08565247 core:CostValuation 2023-01-31 08565247 core:CostValuation 2024-01-31 08565247 core:CurrentFinancialInstruments 1 2024-01-31 08565247 core:CurrentFinancialInstruments 1 2023-01-31 08565247 2023-02-01 2024-01-31 08565247 bus:FilletedAccounts 2023-02-01 2024-01-31 08565247 bus:SmallEntities 2023-02-01 2024-01-31 08565247 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 08565247 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 08565247 bus:Director1 2023-02-01 2024-01-31 08565247 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 08565247 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure

Company No: 08565247 (England and Wales)

PROJECT KITCHENS (SOUTH) LTD

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

PROJECT KITCHENS (SOUTH) LTD

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

PROJECT KITCHENS (SOUTH) LTD

BALANCE SHEET

As at 31 January 2024
PROJECT KITCHENS (SOUTH) LTD

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 0 13,998
Investments 4 999,980 999,980
999,980 1,013,978
Current assets
Stocks 5 0 4,006
Debtors 6 17,500 11,752
Cash at bank and in hand 1,318 6,658
18,818 22,416
Creditors: amounts falling due within one year 7 ( 647,878) ( 664,725)
Net current liabilities (629,060) (642,309)
Total assets less current liabilities 370,920 371,669
Provision for liabilities 0 ( 2,660)
Net assets 370,920 369,009
Capital and reserves
Called-up share capital 1 1
Profit and loss account 370,919 369,008
Total shareholder's funds 370,920 369,009

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Project Kitchens (South) Ltd (registered number: 08565247) were approved and authorised for issue by the Director on 21 June 2024. They were signed on its behalf by:

Mrs B Sewell
Director
PROJECT KITCHENS (SOUTH) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
PROJECT KITCHENS (SOUTH) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Project Kitchens (South) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 4 Ball Green, Trafford Park, Manchester, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 February 2023 83,388 83,388
Disposals ( 83,388) ( 83,388)
At 31 January 2024 0 0
Accumulated depreciation
At 01 February 2023 69,390 69,390
Charge for the financial year 3,500 3,500
Disposals ( 72,890) ( 72,890)
At 31 January 2024 0 0
Net book value
At 31 January 2024 0 0
At 31 January 2023 13,998 13,998

4. Fixed asset investments

2024 2023
£ £
Participating interests 999,980 999,980

Investments in associates Total
£ £
Cost or valuation before impairment
At 01 February 2023 999,980 999,980
At 31 January 2024 999,980 999,980
Carrying value at 31 January 2024 999,980 999,980
Carrying value at 31 January 2023 999,980 999,980

5. Stocks

2024 2023
£ £
Finished goods 0 4,006

6. Debtors

2024 2023
£ £
Other debtors 17,500 11,752

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 98,146
Amounts owed to connected companies 633,395 565,285
Taxation and social security 111 419
Other creditors 14,372 875
647,878 664,725

8. Related party transactions

Other related party transactions

At the year end, the company owed £633,395 to Project Kitchens Limited, a company with the same director and shareholder (2023: £565,285).