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Company No: 07705495 (England and Wales)

YORK KITCHENS & INTERIORS LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

YORK KITCHENS & INTERIORS LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

YORK KITCHENS & INTERIORS LTD

COMPANY INFORMATION

For the financial year ended 31 March 2024
YORK KITCHENS & INTERIORS LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Oliver Martin Shipley
Robyn Heather Shipley
SECRETARY Oliver Shipley
REGISTERED OFFICE Unit 21 Evans Business Centre Rose Avenue
York Business Park
York
YO26 6RR
United Kingdom
COMPANY NUMBER 07705495 (England and Wales)
ACCOUNTANT Morrell Middleton Auditors Ltd
Chartered Certified Accountants
Wellington House
Aviator Court
York
YO30 4UZ
YORK KITCHENS & INTERIORS LTD

BALANCE SHEET

As at 31 March 2024
YORK KITCHENS & INTERIORS LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Intangible assets 3 25,591 0
Tangible assets 4 159,053 123,824
184,644 123,824
Current assets
Stocks 5 166,000 20,000
Debtors 6 68,672 45,496
Cash at bank and in hand 7 162,595 328,115
397,267 393,611
Creditors: amounts falling due within one year 8 ( 460,321) ( 338,538)
Net current (liabilities)/assets (63,054) 55,073
Total assets less current liabilities 121,590 178,897
Creditors: amounts falling due after more than one year 9 ( 46,072) ( 77,918)
Provision for liabilities 10, 11 ( 27,675) ( 20,266)
Net assets 47,843 80,713
Capital and reserves
Called-up share capital 12 100 100
Profit and loss account 47,743 80,613
Total shareholders' funds 47,843 80,713

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of York Kitchens & Interiors Ltd (registered number: 07705495) were approved and authorised for issue by the Board of Directors on 25 November 2024. They were signed on its behalf by:

Oliver Martin Shipley
Director
YORK KITCHENS & INTERIORS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
YORK KITCHENS & INTERIORS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

York Kitchens & Interiors Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 21 Evans Business Centre Rose Avenue, York Business Park, York, YO26 6RR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 1 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance
4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

31.03.2024 31.03.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 8

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 April 2023 0 0
Additions 26,185 26,185
At 31 March 2024 26,185 26,185
Accumulated amortisation
At 01 April 2023 0 0
Charge for the financial year 594 594
At 31 March 2024 594 594
Net book value
At 31 March 2024 25,591 25,591
At 31 March 2023 0 0

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 239,470 239,470
Additions 79,259 79,259
At 31 March 2024 318,729 318,729
Accumulated depreciation
At 01 April 2023 115,646 115,646
Charge for the financial year 44,030 44,030
At 31 March 2024 159,676 159,676
Net book value
At 31 March 2024 159,053 159,053
At 31 March 2023 123,824 123,824

5. Stocks

31.03.2024 31.03.2023
£ £
Stocks 20,000 20,000
Work in progress 146,000 0
166,000 20,000

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

6. Debtors

31.03.2024 31.03.2023
£ £
Trade debtors 14,077 15,636
Other debtors 54,595 29,860
68,672 45,496

7. Cash and cash equivalents

31.03.2024 31.03.2023
£ £
Cash at bank and in hand 162,595 328,115

8. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Bank loans (secured) 25,000 51,598
Trade creditors 177,488 70,599
Amounts owed to directors 66,033 0
Accruals and deferred income 149,195 164,306
Taxation and social security 35,773 45,696
Obligations under finance leases and hire purchase contracts 6,832 5,801
Other creditors 0 538
460,321 338,538

9. Creditors: amounts falling due after more than one year

31.03.2024 31.03.2023
£ £
Bank loans (secured) 6,250 31,250
Obligations under finance leases and hire purchase contracts 39,822 46,668
46,072 77,918

Secured debt has a fixed and floating charge over all assets.

10. Provision for liabilities

31.03.2024 31.03.2023
£ £
Deferred tax 27,675 20,266
Deferred taxation Total
£ £
At 01 April 2023 20,266 20,266
Charged to the Statement of Income and Retained Earnings 7,409 7,409
At 31 March 2024 27,675 27,675

Deferred tax

31.03.2024 31.03.2023
£ £
Accelerated capital allowances 27,675 20,266
Provision for deferred tax 27,675 20,266

11. Deferred tax

31.03.2024 31.03.2023
£ £
At the beginning of financial year ( 20,266) 0
Charged to the Statement of Income and Retained Earnings ( 7,409) ( 20,266)
At the end of financial year ( 27,675) ( 20,266)

12. Called-up share capital

31.03.2024 31.03.2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100