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Registered number: 05716335
Scandinavian Kitchen Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Accountum Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05716335
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 272,068 174,888
Investments 5 2,124 2,124
274,192 177,012
CURRENT ASSETS
Stocks 479,915 324,986
Debtors 6 1,072,721 546,795
Cash at bank and in hand 53,829 162,259
1,606,465 1,034,040
Creditors: Amounts Falling Due Within One Year 7 (1,298,819 ) (655,098 )
NET CURRENT ASSETS (LIABILITIES) 307,646 378,942
TOTAL ASSETS LESS CURRENT LIABILITIES 581,838 555,954
Creditors: Amounts Falling Due After More Than One Year 8 (43,125 ) (114,197 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (67,818 ) (43,479 )
NET ASSETS 470,895 398,278
CAPITAL AND RESERVES
Called up share capital 217 217
Share premium account 34,580 34,580
Profit and Loss Account 436,098 363,481
SHAREHOLDERS' FUNDS 470,895 398,278
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For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jonas Aurell
Director
10/10/2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Scandinavian Kitchen Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05716335 . The registered office is Unit A9 Park Royal Industrial Centre, Eldon Way, London, NW10 7QQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20% on cost
Motor Vehicles 20% on cost
Fixtures & Fittings 25% on cost
Computer Equipment 33% on cost
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Debtors
Short term debtors are measured at transaction price (which is usually the invoice 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.
2.10. Creditors
Short term creditors are measured at transaction price (which is usually the invoice 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.
2.11. Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
3. Average Number of Employees
During the year, the Company transitioned towards the use of agency labour and reduced the directly employed headcount. The average number of employees, including directors, during the year was: 27 (2023: 48)
27 48
4. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 June 2023 400,850 44,787 40,560 21,984 508,181
Additions 198,451 - 1,924 4,135 204,510
Disposals - - (5,995 ) - (5,995 )
As at 31 May 2024 599,301 44,787 36,489 26,119 706,696
...CONTINUED
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Depreciation
As at 1 June 2023 261,676 17,915 34,638 19,064 333,293
Provided during the period 88,795 8,958 5,975 3,602 107,330
Disposals - - (5,995 ) - (5,995 )
As at 31 May 2024 350,471 26,873 34,618 22,666 434,628
Net Book Value
As at 31 May 2024 248,830 17,914 1,871 3,453 272,068
As at 1 June 2023 139,174 26,872 5,922 2,920 174,888
5. Investments
Other
£
Cost
As at 1 June 2023 2,124
As at 31 May 2024 2,124
Provision
As at 1 June 2023 -
As at 31 May 2024 -
Net Book Value
As at 31 May 2024 2,124
As at 1 June 2023 2,124
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 643,300 231,670
Prepayments and accrued income 328,691 221,399
Other debtors 89,128 53,356
Corporation tax recoverable assets - 6,472
Directors' loan accounts - 19,996
Amounts owed by group undertakings 11,602 13,902
1,072,721 546,795
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 704,464 426,969
Bank loans and overdrafts 71,072 67,613
Corporation tax 11,993 -
Other taxes and social security 163,059 62,988
Other creditors 163,339 20,878
Accruals and deferred income 184,892 76,650
1,298,819 655,098
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 43,125 114,197
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 June 2023 43,479 43,479
Additions 24,339 24,339
Balance at 31 May 2024 67,818 67,818
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 355,143 195,483
Later than one year and not later than five years 1,226,052 210,466
Later than five years 315,000 360,000
1,896,195 765,949
11. Directors Advances, Credits and Guarantees
Included within debtors of the prior year were the following loans to/from directors, that were repaid during the current period:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mr Jonas Aurell 9,998 - (9,998 ) - -
Ms Bronte Aurell 9,998 - (9,998 ) - -
The above loan is unsecured, interest free and repayable on demand.
12. Related Party Transactions
There are no related party transactions that have occurred other than those under normal market conditions.
13. Ultimate Controlling Party
J Aurell and B S Aurell are the ultimate controlling parties of the company by virtue of their combined majority control of the ordinary share capital.
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