Company registration number 06787658 (England and Wales)
KIT & KABOODAL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
KIT & KABOODAL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
KIT & KABOODAL LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
235,129
113,332
Tangible assets
4
69,396
82,272
304,525
195,604
Current assets
Stocks
237,647
251,425
Debtors
5
369,626
281,358
Cash at bank and in hand
6,651
174,134
613,924
706,917
Creditors: amounts falling due within one year
6
(1,020,625)
(780,970)
Net current liabilities
(406,701)
(74,053)
Total assets less current liabilities
(102,176)
121,551
Creditors: amounts falling due after more than one year
7
(15,657)
(25,783)
Provisions for liabilities
(41,451)
Net (liabilities)/assets
(117,833)
54,317
Capital and reserves
Called up share capital
8
400
400
Profit and loss reserves
(118,233)
53,917
Total equity
(117,833)
54,317
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
KIT & KABOODAL LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 April 2024 and are signed on its behalf by:
Mr JP Marsden
Director
Company registration number 06787658 (England and Wales)
KIT & KABOODAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Kit & Kaboodal Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3-10 Ousegill Business Park, Carr Side Road, Great Ouseburn, York, England, YO26 9AE.
1.1
Reporting period
The previous financial statements were drawn up from the 1st August 2021 to the desired year end of 31 January 2023, and thus represented a period greater than 12 months. The current period financial statements cover the period from 1 February 2023 to 31 January 2024. As a consequence, the comparative amounts presented in the financial statements (including related notes) are not entirely comparable.
1.2
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.
1.3
Going concern
The company made a loss for the year ended 31st January 2024 of £172,150 (2022: profit of £192,092) and has net liabilities of £117,833 (2022: net assets of £54,317). At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resource to continue in operational existence for the foreseeable future. This is because the company has sourced external consultants to assist with the running of the company, has implemented a cost cutting programme, stronger sales as a result of changes to economic conditions and post-year-end budgets forecasting profits over the next financial period. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
KIT & KABOODAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Website
15% Reducing Balance
Computer Software
10 Years - Straight Line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Leasehold Improvements
6 Year Lease - Straight Line
Fixtures & Fittings
15% 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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
KIT & KABOODAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.10
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 and bank loans 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
KIT & KABOODAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.16
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:
2024
2023
Number
Number
Total
16
19
KIT & KABOODAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
3
Intangible fixed assets
Website
Computer Software
Total
£
£
£
Cost
At 1 February 2023
182,630
10,250
192,880
Additions
153,000
153,000
At 31 January 2024
335,630
10,250
345,880
Amortisation and impairment
At 1 February 2023
78,694
854
79,548
Amortisation charged for the year
30,178
1,025
31,203
At 31 January 2024
108,872
1,879
110,751
Carrying amount
At 31 January 2024
226,758
8,371
235,129
At 31 January 2023
103,936
9,396
113,332
4
Tangible fixed assets
Leasehold Improvements
Fixtures & Fittings
Total
£
£
£
Cost
At 1 February 2023
35,519
73,720
109,239
Additions
1,166
1,166
At 31 January 2024
35,519
74,886
110,405
Depreciation and impairment
At 1 February 2023
5,832
21,135
26,967
Depreciation charged in the year
6,037
8,005
14,042
At 31 January 2024
11,869
29,140
41,009
Carrying amount
At 31 January 2024
23,650
45,746
69,396
At 31 January 2023
29,687
52,585
82,272
KIT & KABOODAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
538
Other debtors
369,626
280,820
369,626
281,358
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,128
221,008
Trade creditors
569,638
397,221
Taxation and social security
182,240
145,438
Other creditors
258,619
17,303
1,020,625
780,970
Included within bank loans is a Coronavirus Bounce Back Loan which is secured by way of government guarantee, with £10,128 (2023: £9,872) due within one year. The loan is due to be fully repaid within five years. £15,657 (2023: £25,783) is due after one year.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
15,657
25,783
Included within bank loans is a Coronavirus Bounce Back Loan which is secured by way of government backed guarantee, with £15,657 (2023: £25,783) due after one year. The loan is due to be fully repaid within five years. £10,128 (2023: £9,872) is due within one year, included within bank loans.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary Shares of £1 each
100
100
100
100
B Ordinary Shares of £1 each
100
100
100
100
C Ordinary Shares of £1 each
100
100
100
100
D Ordinary Shares of £1 each
100
100
100
100
400
400
400
400
Each ordinary share of £1 holds the right to attend and vote at general meetings and full rights in respect of dividends.
KIT & KABOODAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
9
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:
2024
2023
£
£
436,278
204,215
10
Directors' transactions
During the period the Directors had loans with the Company. As at 31 January 2024 the Directors owed the Company £226,332 (2023: £247,649). Interest is accruing on the outstanding balances.This amount is held within Other Debtors.