4 false false false false false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP 11524458 2024-01-01 2024-12-31 11524458 2024-12-31 11524458 2023-12-31 11524458 2023-01-01 2023-12-31 11524458 2023-12-31 11524458 2022-12-31 11524458 core:PlantMachinery 2024-01-01 2024-12-31 11524458 core:FurnitureFittings 2024-01-01 2024-12-31 11524458 core:MotorVehicles 2024-01-01 2024-12-31 11524458 bus:RegisteredOffice 2024-01-01 2024-12-31 11524458 bus:LeadAgentIfApplicable 2024-01-01 2024-12-31 11524458 bus:Director2 2024-01-01 2024-12-31 11524458 core:PlantMachinery 2023-12-31 11524458 core:FurnitureFittings 2023-12-31 11524458 core:MotorVehicles 2023-12-31 11524458 core:PlantMachinery 2024-12-31 11524458 core:FurnitureFittings 2024-12-31 11524458 core:MotorVehicles 2024-12-31 11524458 core:WithinOneYear 2024-12-31 11524458 core:WithinOneYear 2023-12-31 11524458 core:AfterOneYear 2024-12-31 11524458 core:AfterOneYear 2023-12-31 11524458 core:ShareCapital 2024-12-31 11524458 core:ShareCapital 2023-12-31 11524458 core:RetainedEarningsAccumulatedLosses 2024-12-31 11524458 core:RetainedEarningsAccumulatedLosses 2023-12-31 11524458 core:PlantMachinery 2023-12-31 11524458 core:FurnitureFittings 2023-12-31 11524458 core:MotorVehicles 2023-12-31 11524458 bus:Director1 2024-01-01 2024-12-31 11524458 bus:SmallEntities 2024-01-01 2024-12-31 11524458 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 11524458 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 11524458 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 11524458 bus:FullAccounts 2024-01-01 2024-12-31 11524458 core:OfficeEquipment 2024-01-01 2024-12-31 11524458 core:OfficeEquipment 2023-12-31 11524458 core:OfficeEquipment 2024-12-31
COMPANY REGISTRATION NUMBER: 11524458
THE LINCOLN KITCHEN CO LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2024
THE LINCOLN KITCHEN CO LTD
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
THE LINCOLN KITCHEN CO LTD
OFFICERS AND PROFESSIONAL ADVISERS
Director
A Krantz
Registered office
48 Bailgate
Lincoln
England
LN1 3AP
Accountants
Streets LLP
Chartered accountants
Tower House
Lucy Tower Street
Lincoln
Lincolnshire
LN1 1XW
THE LINCOLN KITCHEN CO LTD
STATEMENT OF FINANCIAL POSITION
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
18,516
21,389
Current assets
Stocks
20,215
44,608
Debtors
6
165,688
102,751
Cash at bank and in hand
330
330
----------
----------
186,233
147,689
Creditors: amounts falling due within one year
7
287,476
389,485
----------
----------
Net current liabilities
101,243
241,796
----------
----------
Total assets less current liabilities
( 82,727)
( 220,407)
Creditors: amounts falling due after more than one year
8
14,181
30,827
Provisions
4,629
4,064
----------
----------
Net liabilities
( 101,537)
( 255,298)
----------
----------
THE LINCOLN KITCHEN CO LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 101,637)
( 255,398)
----------
----------
Shareholders deficit
( 101,537)
( 255,298)
----------
----------
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 31 December 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 .
These financial statements were approved by the board of directors and authorised for issue on 19 March 2025 , and are signed on behalf of the board by:
A Krantz
Director
Company registration number: 11524458
THE LINCOLN KITCHEN CO LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 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 48 Bailgate, Lincoln, LN1 3AP, England.
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.
Going concern
The directors are mindful of the position the company is in and are of the opinion that the company will be able to continue to meet its liabilities as they fall due, for a period of at least twelve months from the date of the approval of the accounts.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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 and machinery
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are recognised at fair value, with any subsequent changes to fair value recognised in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2024
5,302
755
33,150
3,706
42,913
Additions
746
593
291
1,630
-------
-------
---------
-------
---------
At 31 December 2024
6,048
1,348
33,150
3,997
44,543
-------
-------
---------
-------
---------
Depreciation
At 1 January 2024
3,848
393
14,851
2,432
21,524
Charge for the year
488
99
3,660
256
4,503
-------
-------
---------
-------
---------
At 31 December 2024
4,336
492
18,511
2,688
26,027
-------
-------
---------
-------
---------
Carrying amount
At 31 December 2024
1,712
856
14,639
1,309
18,516
-------
-------
---------
-------
---------
At 31 December 2023
1,454
362
18,299
1,274
21,389
-------
-------
---------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
100,123
13,599
Other debtors
65,565
89,152
----------
----------
165,688
102,751
----------
----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
13,537
55,955
Trade creditors
113,063
104,773
Corporation tax
6,942
Social security and other taxes
53,846
58,879
Other creditors
107,030
162,936
----------
----------
287,476
389,485
----------
----------
Included within other creditors is a balance of £6,614 relating to assets held under hire purchase.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,586
19,618
Other creditors
4,595
11,209
---------
---------
14,181
30,827
---------
---------
Included within other creditors is a balance of £4,595 relating to assets held under hire purchase.
9. Related party transactions
The controlling party of the company is also the ultimate controlling party of Krantz Designs Ltd, a company registered in England & Wales, number 09657143. At the year end an amount of £35,360, (2023 - £106,634) was owed to Krantz Designs Ltd, this balance is included in other creditors.
10. Controlling party
The ultimate controlling party is J Krantz.