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REGISTERED NUMBER: 03812124 (England and Wales)




UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2024

FOR

ABILITY KITCHENS LTD
TRADING AS
KITCHEN CREATIONS

ABILITY KITCHENS LTD (REGISTERED NUMBER: 03812124)
TRADING AS KITCHEN CREATIONS






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ABILITY KITCHENS LTD
TRADING AS KITCHEN CREATIONS

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2024







DIRECTORS: S R Cartwright
C E Norbury



REGISTERED OFFICE: Unit 4 & 5
Brymau 4 Industrial Estate
River Lane
Saltney
Chester
CH4 8RF



REGISTERED NUMBER: 03812124 (England and Wales)



ACCOUNTANTS: M. D. Coxey and Co. Limited
Chartered Accountants
25 Grosvenor Road
Wrexham
LL11 1BT



BANKERS: Barclays Bank plc
30, St Werburgh Street
Chester
CH1 2DY

ABILITY KITCHENS LTD (REGISTERED NUMBER: 03812124)
TRADING AS KITCHEN CREATIONS

BALANCE SHEET
31ST MAY 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 309,984 246,917

CURRENT ASSETS
Stocks 5 127,485 157,536
Debtors 6 71,107 69,017
Cash at bank and in hand 514,614 590,910
713,206 817,463
CREDITORS
Amounts falling due within one year 7 159,049 189,211
NET CURRENT ASSETS 554,157 628,252
TOTAL ASSETS LESS CURRENT
LIABILITIES

864,141

875,169

CREDITORS
Amounts falling due after more than one
year

8

(23,014

)

(22,093

)

PROVISIONS FOR LIABILITIES 10 (54,650 ) (38,829 )
NET ASSETS 786,477 814,247

CAPITAL AND RESERVES
Called up share capital 11 2 2
Retained earnings 786,475 814,245
SHAREHOLDERS' FUNDS 786,477 814,247

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ABILITY KITCHENS LTD (REGISTERED NUMBER: 03812124)
TRADING AS KITCHEN CREATIONS

BALANCE SHEET - continued
31ST MAY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9th October 2024 and were signed on its behalf by:




C E Norbury - Director



S R Cartwright - Director


ABILITY KITCHENS LTD (REGISTERED NUMBER: 03812124)
TRADING AS KITCHEN CREATIONS

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024

1. STATUTORY INFORMATION

Ability Kitchens Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - in accordance with the property
Machinery - 15% on cost
Fixtures & fittings - 10% on cost
Motor vehicles - 20% on cost

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

ABILITY KITCHENS LTD (REGISTERED NUMBER: 03812124)
TRADING AS KITCHEN CREATIONS

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Freehold Leasehold
property improvements Machinery
£    £    £   
COST
At 1st June 2023 79,310 6,967 275,533
Additions 950 - 115,305
Disposals - - (28,300 )
At 31st May 2024 80,260 6,967 362,538
DEPRECIATION
At 1st June 2023 - 4,629 167,978
Charge for year - 577 33,576
Eliminated on disposal - - (28,300 )
At 31st May 2024 - 5,206 173,254
NET BOOK VALUE
At 31st May 2024 80,260 1,761 189,284
At 31st May 2023 79,310 2,338 107,555

ABILITY KITCHENS LTD (REGISTERED NUMBER: 03812124)
TRADING AS KITCHEN CREATIONS

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

4. TANGIBLE FIXED ASSETS - continued

Fixtures Motor Kitchen
& fittings vehicles displays Totals
£    £    £    £   
COST
At 1st June 2023 28,863 179,427 24,468 594,568
Additions 3,428 - - 119,683
Disposals - - - (28,300 )
At 31st May 2024 32,291 179,427 24,468 685,951
DEPRECIATION
At 1st June 2023 13,002 137,574 24,468 347,651
Charge for year 3,041 19,422 - 56,616
Eliminated on disposal - - - (28,300 )
At 31st May 2024 16,043 156,996 24,468 375,967
NET BOOK VALUE
At 31st May 2024 16,248 22,431 - 309,984
At 31st May 2023 15,861 41,853 - 246,917

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:
Motor
vehicles
£   
COST
At 1st June 2023
and 31st May 2024 99,551
DEPRECIATION
At 1st June 2023 89,596
Charge for year 9,955
At 31st May 2024 99,551
NET BOOK VALUE
At 31st May 2024 -
At 31st May 2023 9,955

5. STOCKS
31.5.24 31.5.23
£    £   
Stocks 46,385 59,366
Work-in-progress 81,100 98,170
127,485 157,536

ABILITY KITCHENS LTD (REGISTERED NUMBER: 03812124)
TRADING AS KITCHEN CREATIONS

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 52,359 59,516
Other debtors 80 4,183
Tax 11,631 -
VAT 1,207 -
Prepayments and accrued income 5,830 5,318
71,107 69,017

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts and finance leases 10,800 13,556
Trade creditors 60,838 54,703
Tax - 11,631
Social security and other taxes 4,098 6,612
Pension control account 873 834
VAT - 14,305
Other creditors 44,774 51,276
Directors' current accounts 29,523 28,949
Accrued expenses 8,143 7,345
159,049 189,211

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts and finance leases 23,014 22,093

9. SECURED DEBTS

Finance leases are secured on the assets concerned.

10. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax
Accelerated capital allowances 56,992 38,829
Tax losses carried forward (2,342 ) -
54,650 38,829

ABILITY KITCHENS LTD (REGISTERED NUMBER: 03812124)
TRADING AS KITCHEN CREATIONS

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1st June 2023 38,829
Movement in the year due to:
change in tax allowances 18,163
changes in tax rates
changes in tax losses (2,342 )
Balance at 31st May 2024 54,650

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
2 Ordinary £1 2 2

12. CAPITAL COMMITMENTS
31.5.24 31.5.23
£    £   
Contracted but not provided for in the
financial statements - -