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Registration number: 11204388

Acer Kitchens Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Acer Kitchens Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Acer Kitchens Ltd

Company Information

Directors

Christopher James Rogers

Amy Rogers

Registered office

16 Ampney Orchard
Bampton
Oxfordshire
OX18 2AD

Accountants

ReesRussell LLP
Chartered Accountants
37 Market Square
Witney
Oxfordshire
OX28 6RE

 

Acer Kitchens Ltd

(Registration number: 11204388)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

24,304

32,567

Current assets

 

Stocks

6

12,945

36,360

Debtors

7

41,161

7,917

Cash at bank and in hand

 

10,667

98,267

 

64,773

142,544

Creditors: Amounts falling due within one year

8

(109,351)

(74,354)

Net current (liabilities)/assets

 

(44,578)

68,190

Total assets less current liabilities

 

(20,274)

100,757

Creditors: Amounts falling due after more than one year

8

(71,547)

(91,875)

Provisions for liabilities

(1,513)

(1,513)

Net (liabilities)/assets

 

(93,334)

7,369

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

(94,334)

6,369

Shareholders' (deficit)/funds

 

(93,334)

7,369

For the financial year ending 29 February 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.

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 9 October 2024 and signed on its behalf by:
 

Christopher James Rogers
Director

 

Acer Kitchens Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
16 Ampney Orchard
Bampton
Oxfordshire
OX18 2AD

The principal place of business is:
The Engine Centre
Kingston Bagpuize
Abingdon
Oxford
OX13 5AW
United Kingdom

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

As at the period end the company reported a net asset deficiency. The financial statements have however been prepared on a going concern basis as the directors have pledged their continuing support for a minimum of 12 months from the date of issuing these financial statements.

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.

 

Acer Kitchens Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Government grants

Grants that are received in respect of expenses or losses already incurred by the entity are recognised in profit and loss in the period when the grant becomes receivable.

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 and Fittings

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Intangible assets

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

20% straight line

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.

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.

 

Acer Kitchens Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

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.

 

Acer Kitchens Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 11).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 March 2023

20,000

20,000

At 29 February 2024

20,000

20,000

Amortisation

At 1 March 2023

20,000

20,000

At 29 February 2024

20,000

20,000

Carrying amount

At 29 February 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

73,660

17,000

90,660

At 29 February 2024

73,660

17,000

90,660

Depreciation

At 1 March 2023

50,655

7,438

58,093

Charge for the year

5,873

2,390

8,263

At 29 February 2024

56,528

9,828

66,356

Carrying amount

At 29 February 2024

17,132

7,172

24,304

At 28 February 2023

23,005

9,562

32,567

 

Acer Kitchens Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Stocks

2024
£

2023
£

Other inventories

12,945

36,360

 

Acer Kitchens Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Debtors

2024
£

2023
£

Trade debtors

29,762

-

Prepayments

5,586

2,917

Other debtors

5,813

5,000

41,161

7,917

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

20,328

18,676

Trade creditors

 

72,212

-

Taxation and social security

 

4,104

23,299

Accruals and deferred income

 

2,100

6,184

Other creditors

 

10,607

26,195

 

109,351

74,354

 

Acer Kitchens Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

71,547

91,875

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

71,547

91,875

Current loans and borrowings

2024
£

2023
£

Other borrowings

20,328

18,676

Other borrowings

Included in Loans and borrowings is a loan under the coronavirus Bounce Back Loan Scheme. The loan is underwritten by the government as a part of the COVID-19 Crisis with fees and first year's interest being met by the government as part of that intitiative. Interest is fixed at 2.5%. The final installment is due on 8th May 2030.
The carrying value at the year end was £ 40,199 (2023- £ 44,691).

Also included in Loans and borrowings is an unsecured loan from Funding Circle. Interest is fixed at 9.60%. The final installment is due on 9th February 2027.
The carrying value at the year end was £51,676 (2023 - £65,860).

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £11,459).