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Registered number: 03253659










KITCHEN TRADE SUPPLIERS LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
KITCHEN TRADE SUPPLIERS LTD
REGISTERED NUMBER: 03253659

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
75,216
77,284

Current assets
  

Stocks
  
404,462
355,497

Debtors: amounts falling due within one year
 5 
716,441
730,157

Cash at bank and in hand
  
1,404,565
1,002,107

  
2,525,468
2,087,761

Creditors: amounts falling due within one year
 6 
(1,103,828)
(1,200,942)

Net current assets
  
 
 
1,421,640
 
 
886,819

Total assets less current liabilities
  
1,496,856
964,103

Provisions for liabilities
  

Deferred tax
 7 
(14,893)
(15,157)

Net assets
  
1,481,963
948,946


Capital and reserves
  

Called up share capital 
  
12,050
12,050

Capital redemption reserve
  
50
50

Profit and loss account
  
1,469,863
936,846

  
1,481,963
948,946


Page 1

 
KITCHEN TRADE SUPPLIERS LTD
REGISTERED NUMBER: 03253659
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 March 2025.





P E Dunne
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
KITCHEN TRADE SUPPLIERS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Kitchen Trade Suppliers Ltd is a private Company limited by shares, incorporated in England and Wales (registered number: 03253659). Its registered office is 95-97 Green Lane, Ecclesfield, Sheffield, S35 9WY. The principal activity of the Company throughout the year continued to be that of a kitchen appliance retailer. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
KITCHEN TRADE SUPPLIERS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

The depreciation rates used are:

Plant and machinery
-
15%
Reducing balance
Motor vehicles
-
20%
Reducing balance
Fixtures and fittings
-
15%
Reducing balance
Computer equipment
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each Balance Sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained Earnings.

Page 4

 
KITCHEN TRADE SUPPLIERS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
KITCHEN TRADE SUPPLIERS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.


3.


Employees

The average monthly number of employees, including directors, during the year was 31 (2023 - 31).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 October 2023
20,843
7,000
71,226
32,630
131,699


Additions
-
7,000
3,463
2,040
12,503



At 30 September 2024

20,843
14,000
74,689
34,670
144,202



Depreciation


At 1 October 2023
9,558
2,334
20,709
21,814
54,415


Charge for the year on owned assets
1,693
2,100
7,855
2,923
14,571



At 30 September 2024

11,251
4,434
28,564
24,737
68,986



Net book value



At 30 September 2024
9,592
9,566
46,125
9,933
75,216



At 30 September 2023
11,285
4,666
50,517
10,816
77,284

Page 6

 
KITCHEN TRADE SUPPLIERS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Debtors

2024
2023
£
£


Trade debtors
647,426
694,255

Prepayments
69,015
35,902

716,441
730,157



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
120,000

Trade creditors
595,095
678,581

Corporation tax
193,401
97,270

Other taxation and social security
140,931
65,325

Other creditors
10,647
17,298

Accruals
163,754
222,468

1,103,828
1,200,942



7.


Deferred taxation




2024
2023


£

£






At beginning of year
15,157
1,846


Charged to profit or loss
(264)
13,311



At end of year
14,893
15,157

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
15,236
15,486

Short term timing differences
(343)
(329)

14,893
15,157

Page 7

 
KITCHEN TRADE SUPPLIERS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £76,703 (2023 - £64,628). Contributions totalling £1,371 (2023 - £1,319) were payable to the fund at the Balance Sheet date and are included in creditors.


9.


Commitments under operating leases

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
48,955
109,768

Later than 1 year and not later than 5 years
36,895
38,507

85,850
148,275

 
Page 8