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COMPANY REGISTRATION NUMBER: 09009790
Herringbone Kitchens Limited
Filleted Unaudited Financial Statements
30 June 2024
Herringbone Kitchens Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Herringbone Kitchens Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
712,181
296,439
Current assets
Stocks
80,000
168,221
Debtors
6
501,373
168,828
Cash at bank and in hand
119,734
727,428
---------
------------
701,107
1,064,477
Creditors: amounts falling due within one year
7
1,007,459
924,648
------------
------------
Net current (liabilities)/assets
( 306,352)
139,829
---------
---------
Total assets less current liabilities
405,829
436,268
Creditors: amounts falling due after more than one year
8
74,790
38,133
---------
---------
Net assets
331,039
398,135
---------
---------
Capital and reserves
Called up share capital
4
4
Profit and loss account
331,035
398,131
---------
---------
Shareholders funds
331,039
398,135
---------
---------
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 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Herringbone Kitchens Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 25 March 2025 , and are signed on behalf of the board by:
Mr W J Durrant
Director
Company registration number: 09009790
Herringbone Kitchens Limited
Notes to the Financial Statements
Year ended 30 June 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 23a Palace Street, Canterbury, CT1 2DZ, 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
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:
Long leasehold property
-
25% reducing balance
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% 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.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 33 (2023: 28 ).
5. Tangible assets
Long leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jul 2023
36,956
273,132
27,102
203,514
22,310
563,014
Additions
454,000
27,577
23,666
2,223
507,466
Disposals
( 32,000)
( 32,000)
---------
---------
--------
---------
--------
------------
At 30 Jun 2024
490,956
300,709
27,102
195,180
24,533
1,038,480
---------
---------
--------
---------
--------
------------
Depreciation
At 1 Jul 2023
23,855
138,744
9,718
79,179
15,079
266,575
Charge for the year
3,275
39,521
4,346
31,567
5,131
83,840
Disposals
( 24,116)
( 24,116)
---------
---------
--------
---------
--------
------------
At 30 Jun 2024
27,130
178,265
14,064
86,630
20,210
326,299
---------
---------
--------
---------
--------
------------
Carrying amount
At 30 Jun 2024
463,826
122,444
13,038
108,550
4,323
712,181
---------
---------
--------
---------
--------
------------
At 30 Jun 2023
13,101
134,388
17,384
124,335
7,231
296,439
---------
---------
--------
---------
--------
------------
6. Debtors
2024
2023
£
£
Trade debtors
( 22,663)
79,367
Other debtors
524,036
89,461
---------
---------
501,373
168,828
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
141,204
91,179
Trade creditors
320,495
256,794
Corporation tax
73,932
101,791
Social security and other taxes
244,731
228,086
Other creditors
227,097
246,798
------------
---------
1,007,459
924,648
------------
---------
The company's bankers have fixed and floating charges over all assets.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
74,790
38,133
--------
--------
The company's bankers have fixed and floating charges over all assets.
9. Related party transactions
At the year end the company owed the Directors £26,032 (2023: £186,446). At the year end the company was owed £307,762 (2023: £19,555 owed to) from a group company.
10. Controlling party
The company is controlled by Herringbone Storage Limited . The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN .