Registered number
07245752
Groby Kitchens Bedrooms and Bathrooms Limited
Filleted Accounts
31 May 2024
Groby Kitchens Bedrooms and Bathrooms Limited
Registered number: 07245752
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 30,000 35,000
Tangible assets 4 26,242 27,954
56,242 62,954
Current assets
Stocks 298,300 303,990
Debtors 5 112,717 109,422
Cash at bank and in hand 4,379 13,942
415,396 427,354
Creditors: amounts falling due within one year 6 (220,466) (208,148)
Net current assets 194,930 219,206
Total assets less current liabilities 251,172 282,160
Creditors: amounts falling due after more than one year 7 (224,964) (250,082)
Net assets 26,208 32,078
Capital and reserves
Called up share capital 100 100
Profit and loss account 26,108 31,978
Shareholders' funds 26,208 32,078
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Maurice Ian Jewell
Director
Approved by the board on 29 October 2024
Groby Kitchens Bedrooms and Bathrooms Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2023 100,000
At 31 May 2024 100,000
Amortisation
At 1 June 2023 65,000
Provided during the year 5,000
At 31 May 2024 70,000
Net book value
At 31 May 2024 30,000
At 31 May 2023 35,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 June 2023 17,831 42,800 60,631
At 31 May 2024 17,831 42,800 60,631
Depreciation
At 1 June 2023 10,981 21,696 32,677
Charge for the year 1,712 - 1,712
At 31 May 2024 12,693 21,696 34,389
Net book value
At 31 May 2024 5,138 21,104 26,242
At 31 May 2023 6,850 21,104 27,954
5 Debtors 2024 2023
£ £
Trade debtors 93,956 96,858
Other debtors 18,761 12,564
112,717 109,422
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 43,750 30,000
Trade creditors 120,082 131,476
Taxation and social security costs 53,633 43,672
Other creditors 3,001 3,000
220,466 208,148
7 Creditors: amounts falling due after one year 2024 2023
£ £
Director's loan account 224,964 250,082
8 Other information
Groby Kitchens Bedrooms and Bathrooms Limited is a private company limited by shares and incorporated in England. Its registered office is:
2A Firtree Lane
Groby
Leicester
LE6 0FH
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