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REGISTERED NUMBER: 01431283 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Country Kitchenware Supplies Limited

Country Kitchenware Supplies Limited (Registered number: 01431283)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Country Kitchenware Supplies Limited

Company Information
for the Year Ended 31 May 2024







Directors: R H M Bartleet
Mrs J M Bartleet
J H M Bartleet





Secretary: Mrs J M Bartleet





Registered office: Willow End Park
Blackmore Park Road
Malvern
Worcestershire
WR13 6NN





Registered number: 01431283 (England and Wales)





Accountants: Crowthers Chartered Accountants
10 The Southend
Ledbury
Herefordshire
HR8 2EY

Country Kitchenware Supplies Limited (Registered number: 01431283)

Statement of Financial Position
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 78,546 96,333
Property, plant and equipment 5 70,343 51,545
148,889 147,878

CURRENT ASSETS
Inventories 1,112,317 1,235,642
Debtors 6 378,500 322,003
Cash at bank and in hand 477,550 492,779
1,968,367 2,050,424
CREDITORS
Amounts falling due within one year 7 443,051 470,480
NET CURRENT ASSETS 1,525,316 1,579,944
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,674,205

1,727,822

CREDITORS
Amounts falling due after more than one
year

8

(103,293

)

(149,381

)

PROVISIONS FOR LIABILITIES (6,220 ) (4,363 )
NET ASSETS 1,564,692 1,574,078

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 1,564,592 1,573,978
SHAREHOLDERS' FUNDS 1,564,692 1,574,078

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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.

Country Kitchenware Supplies Limited (Registered number: 01431283)

Statement of Financial Position - continued
31 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 18 February 2025 and were signed on its behalf by:




Mrs J M Bartleet - Director R H M Bartleet - Director




J H M Bartleet - Director


Country Kitchenware Supplies Limited (Registered number: 01431283)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Country Kitchenware Supplies Limited 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.

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.

The functional currency of Country Kitchenware Supplies Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Therefore actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Within the company, the area where significant judgements and estimates are made by the directors is in the stock valuation. Stock of materials is valued on an average cost price basis but is subject to ongoing reviews and a provision made where the directors are of the opinion that specific items are slow moving and require being written down to net realisable value. At the year-end, the directors have no concerns over the recoverability of the company's stock balance as shown on The Statement of Financial Position.

Turnover
Turnover represents the value of goods sold during the period net of VAT. Turnover is recognised when goods are physically delivered to the customer.

Uninvoiced deliveries at the year end are included in accrued income. Invoiced deliveries are included in debtors. Where customers pay in advance for goods, the amount is recorded as deferred income until the goods have been delivered.

Intangible assets
Trademarks and designs are being amortised evenly over their estimated useful lives of 10 and 5 years.

Website infrastructure costs within intangible assets are comprised of the costs associated with building and developing the company's own online presence. In particular, this relates to the building of a digital image library for all of the company's product lines. All studio photography, image management and associated costs are capitalised and are to be amortised over 5 to 10 years depending on the estimated useful life of the image assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on reducing balance
Plant and machinery etc - 25% on reducing balance

Country Kitchenware Supplies Limited (Registered number: 01431283)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stock of goods is valued at the lower of average cost price and net realisable value.

Cost represents the purchase price of goods plus an apportionment of the relevant costs in transporting the goods to the company's storage locations. This would include relevant duty charges, dock charges and handling fees for imports, apportioned per item that the costs relate to.

Net realisable value represents the selling price of completed goods less any costs necessary to complete the goods. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement in the period in which they arise.

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.

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

Country Kitchenware Supplies Limited (Registered number: 01431283)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Derivative financial instruments
The company uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The company does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Income Statement immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the Income Statement depends on the nature of the hedge relationship.

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 16 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
Cost
At 1 June 2023 422,845
Additions 20,892
At 31 May 2024 443,737
Amortisation
At 1 June 2023 326,512
Charge for year 38,679
At 31 May 2024 365,191
Net book value
At 31 May 2024 78,546
At 31 May 2023 96,333

Country Kitchenware Supplies Limited (Registered number: 01431283)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
Cost
At 1 June 2023 98,387 329,534 427,921
Additions 18,918 11,719 30,637
At 31 May 2024 117,305 341,253 458,558
Depreciation
At 1 June 2023 75,551 300,825 376,376
Charge for year 3,257 8,582 11,839
At 31 May 2024 78,808 309,407 388,215
Net book value
At 31 May 2024 38,497 31,846 70,343
At 31 May 2023 22,836 28,709 51,545

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 213,291 194,977
Other debtors 57,771 36,369
Section 455 tax 9,478 -
Directors' current accounts 28,085 -
Prepayments 69,875 90,657
378,500 322,003

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 43,018 39,641
Trade creditors 217,970 159,114
Tax 33,575 14,534
Social security and other taxes 60,705 46,489
Other creditors 1,108 1,023
Directors' current accounts 40,979 181,386
Accrued expenses 45,696 28,293
443,051 470,480

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 39,508 36,233
Bounce back loan 12,269 22,513
Bank loans - 2-5 years 51,516 90,635
103,293 149,381

Country Kitchenware Supplies Limited (Registered number: 01431283)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
In more than five years 162,998 162,998

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 146,311 189,022

The bank loan is secured by a debenture held by the bank.

11. FINANCIAL INSTRUMENTS

As at 31 May 2024 there was one USD Forward Contract totalling US$88,421 outstanding (2023: US$175,000).

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
J H M Bartleet
Balance outstanding at start of year (28,749 ) (33,565 )
Amounts advanced 87,154 36,775
Amounts repaid (30,320 ) (31,959 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 28,085 (28,749 )

At the year-end an amount of £40,979 (2023:£181,386) was due to the directors. The loans carry an interest rate of 8% with no fixed repayment terms, but they are repayable on demand.

Country Kitchenware Supplies Limited (Registered number: 01431283)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

14. RELATED PARTY DISCLOSURES

An amount of £182, (2023: £3,581) is owed by Cintek Ltd, a company owned by W Bartleet, a son of 2 of the directors of Country Kitchenware Supplies Ltd. The balance arose as a result of Country Kitchenware Supplies Ltd having paid two invoices on Cintek's behalf in 2021.

During the year, Country Kitchenware Supplies Ltd also loaned Cintek a total of $20,000 (2023: $24,000) in short-term loans. These were fully repaid during the year.

Inhabito Limited, is a company owned and directed by the same individuals as Country Kitchenware Supplies Limited. During the year, Country Kitchenware Supplies Ltd charged management fees to Inhabito Limited totalling £35,946 (2023: £42,890). An amount of £57,178 (2023: £31,081) was outstanding as at 31 May 2024.

During the year, Country Kitchenware Supplies Ltd sold goods to Inhabito Limited on an arms-length basis. The total of the supplies was £78,598 (2023: £64,169). At 31 May 2024 £7,988 (2023: £10,608) was outstanding in respect of those goods.