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COMPANY REGISTRATION NUMBER: 07201022
PRESTIGE KITCHEN & BEDROOM LTD
Filleted Unaudited Financial Statements
29 February 2024
PRESTIGE KITCHEN & BEDROOM LTD
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
154,898
145,410
Current assets
Stocks
40,290
42,753
Debtors
6
19,750
19,750
Cash at bank and in hand
275,072
207,693
---------
---------
335,112
270,196
Creditors: amounts falling due within one year
7
78,137
53,984
---------
---------
Net current assets
256,975
216,212
---------
---------
Total assets less current liabilities
411,873
361,622
Creditors: amounts falling due after more than one year
8
49,710
34,097
---------
---------
Net assets
362,163
327,525
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
362,063
327,425
---------
---------
Shareholders funds
362,163
327,525
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PRESTIGE KITCHEN & BEDROOM LTD
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
N S JOHAL
Director
Company registration number: 07201022
PRESTIGE KITCHEN & BEDROOM LTD
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is UNIT-3, 192 PASADENA CLOSE, HAYES, MIDDX, UB3 3NQ, UK.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
20% reducing balance
Motor Vehicles
-
20% reducing balance
Equipment
-
20% reducing balance
The Leasehold Property is maintained in good order therefore the Director has decided not to depreciate it.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2023: 19 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 March 2023
4,098
316,420
84,486
13,037
418,041
Additions
1,267
56,099
57,366
Disposals
( 11,145)
( 11,145)
-------
---------
---------
--------
---------
At 29 February 2024
4,098
317,687
129,440
13,037
464,262
-------
---------
---------
--------
---------
Depreciation
At 1 March 2023
221,307
40,733
10,591
272,631
Charge for the year
19,276
16,968
489
36,733
-------
---------
---------
--------
---------
At 29 February 2024
240,583
57,701
11,080
309,364
-------
---------
---------
--------
---------
Carrying amount
At 29 February 2024
4,098
77,104
71,739
1,957
154,898
-------
---------
---------
--------
---------
At 28 February 2023
4,098
95,113
43,753
2,446
145,410
-------
---------
---------
--------
---------
6. Debtors
2024
2023
£
£
Other debtors
19,750
19,750
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
26,852
23,996
Social security and other taxes
18,796
7,318
Other creditors
32,489
22,670
--------
--------
78,137
53,984
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bounce back loan
23,280
34,097
Other creditors
26,430
--------
--------
49,710
34,097
--------
--------
9. Related party transactions
The company was under the control of Mr N S JOHAL throughout the current year. Mr N S JOHAL is the managing director and majority shareholder.