REGISTERED NUMBER: |
THE SOAP KITCHEN LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
REGISTERED NUMBER: |
THE SOAP KITCHEN LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
THE SOAP KITCHEN LIMITED (REGISTERED NUMBER: 07521057) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 | to | 4 |
THE SOAP KITCHEN LIMITED (REGISTERED NUMBER: 07521057) |
BALANCE SHEET |
31ST AUGUST 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
THE SOAP KITCHEN LIMITED (REGISTERED NUMBER: 07521057) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
1. | STATUTORY INFORMATION |
The Soap Kitchen Limited is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
In the prior year the company transferred its business to Supplies For Candles Limited, its parent company and therefore ceased trading. Accordingly as required by Accounting Standards, the directors have prepared the financial statements on the basis that the company is no longer a going concern. No material adjustments arose as a result of ceasing to apply the going concern basis. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the dispatch of goods. |
Financial instruments |
The company only enters into transactions in ‘basic’ financial instruments which result in the recognition of assets and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other third parties, and loans to related parties. These are recognised in the company’s balance sheet when it becomes party to the contractual provisions of the instrument. |
Basic financial assets (other than those classified as payable within one year) are initially measured at cost and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses. |
Basic financial assets classed as receivable within one year are not amortised. Basic financial liabilities (other than those classified as payable within one year) are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Basic financial liabilities classed as payable within one year are not amortised. |
Financial assets and liabilities are offset, with the net amount reported in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
THE SOAP KITCHEN LIMITED (REGISTERED NUMBER: 07521057) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation and social security |
6. | SECURED DEBTS |
The ultimate parent undertaking, Nicky Story Holdings Limited, held a loan of £2,205,291 at 31st August 2024 of which the security is in the form a fixed and floating charge over the assets of of all group undertakings. |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A | £1 | 50 | 50 |
Ordinary B | £1 | 50 | 50 |
100 | 100 |
THE SOAP KITCHEN LIMITED (REGISTERED NUMBER: 07521057) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | ULTIMATE CONTROLLING PARTY |
The ultimate parent undertaking is Nicky Story Holdings Limited and the controlling party is Nicky Story. |