REGISTERED NUMBER: 01312165 (England and Wales)

SOLENT KITCHEN DESIGN LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D J Praine

SECRETARY:

Mrs C E Praine

REGISTERED OFFICE:

110 Macnaghten Road

Bitterne

Southampton

Hampshire

SO18 1GH

REGISTERED NUMBER:

01312165 (England and Wales)

BANKERS:

Bank of Scotland

33 Old Broad Street

London

BX2 1LB

FIXED ASSETS

Tangible assets

4

25,161

15,189

CURRENT ASSETS

Stocks

62,820

103,263

Debtors

5

35,128

46,099

Cash at bank and in hand

416,340

468,755

514,288

618,117

CREDITORS

Amounts falling due within one year

6

(270,393

)

(389,474

)

NET CURRENT ASSETS

243,895

228,643

TOTAL ASSETS LESS CURRENT LIABILITIES

269,056

243,832

PROVISIONS FOR LIABILITIES

(6,290

)

(3,797

)

NET ASSETS

262,766

240,035

CAPITAL AND RESERVES

Called up share capital

27

27

Capital redemption reserve

73

73

Retained earnings

262,666

239,935

SHAREHOLDERS' FUNDS

262,766

240,035

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 4 April 2025 and were signed by:

D J Praine - Director

1.	STATUTORY INFORMATION

Solent Kitchen Design 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 FRS102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The disclosure requirements of section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover

Turnover represents net invoice sales of goods and services excluding value added tax. Deposits received in advance are excluded and shown within short term creditors.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Display units

-

25% Reducing balance

Fixtures and fittings

-

15% Reducing balance

Motor vehicles

-

25% Reducing balance

Computer equipment

-

20% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 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.

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.

Financial assets

The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities

Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Display

and

Motor

Computer

units

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 November 2023

64,907

6,039

71,307

4,018

146,271

Additions

16,701

-

-

-

16,701

At 31 October 2024

81,608

6,039

71,307

4,018

162,972

DEPRECIATION

At 1 November 2023

53,376

5,754

67,934

4,018

131,082

Charge for year

5,843

43

843

-

6,729

At 31 October 2024

59,219

5,797

68,777

4,018

137,811

NET BOOK VALUE

At 31 October 2024

22,389

242

2,530

-

25,161

At 31 October 2023

11,531

285

3,373

-

15,189

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

14,823

15,893

Other debtors

20,305

30,206

35,128

46,099

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Deposits received in advance

120,907

246,953

Trade creditors

89,763

82,462

Taxation and social security

14,481

12,284

Other creditors

45,242

47,775

270,393

389,474

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the period, advances totalling £Nil (2023: £25,440) were made to the company's director. £Nil (2023: £25,440) was repaid prior to the period end. The balance owed by the director at the period end was £Nil(2023: £6,000). No interest is payable and the advances are repayable on demand.