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Registration number: 13900473

Clifton Outdoor Kitchens Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Clifton Outdoor Kitchens Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Clifton Outdoor Kitchens Ltd

(Registration number: 13900473)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

30,435

236

Current assets

 

Stocks

5

-

5,274

Debtors

6

4,844

14,208

Cash at bank and in hand

 

5,950

2,237

 

10,794

21,719

Creditors: Amounts falling due within one year

7

(37,648)

(9,146)

Net current (liabilities)/assets

 

(26,854)

12,573

Total assets less current liabilities

 

3,581

12,809

Creditors: Amounts falling due after more than one year

7

(41,361)

(18,000)

Net liabilities

 

(37,780)

(5,191)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(37,781)

(5,192)

Shareholders' deficit

 

(37,780)

(5,191)

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 April 2025 and signed on its behalf by:
 

Mr N Connolly
Director

   
     
 

Clifton Outdoor Kitchens Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Freshford House
Redcliffe Way
Bristol
BS1 6NL

These financial statements were authorised for issue by the Board on 13 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Going concern

The company's balance sheet at 29 February 2024 shows net liabilities of £37,780 (2023 - £5,191). The directors are committed to support the company and ensure it is able to meet its liabilities on a day to day basis, therefore the directors believe it is appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.

 

Clifton Outdoor Kitchens Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20 -33% straight line

Motor Vehicles

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Clifton Outdoor Kitchens Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2023 - 1).

 

Clifton Outdoor Kitchens Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

274

-

274

Additions

3,403

29,527

32,930

At 29 February 2024

3,677

29,527

33,204

Depreciation

At 1 March 2023

38

-

38

Charge for the year

270

2,461

2,731

At 29 February 2024

308

2,461

2,769

Carrying amount

At 29 February 2024

3,369

27,066

30,435

At 28 February 2023

236

-

236

The net book value of assets held under hire purchase contracts is £27,066 (2023 - £Nil).

 

Clifton Outdoor Kitchens Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Stocks

2024
£

2023
£

Stock

-

5,274

6

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

8

-

10,623

Other debtors

 

4,844

3,585

 

4,844

14,208

7

Creditors

Due within one year

Note

2024
£

2023
£

 

HP and finance lease liabilities

3,470

-

Trade creditors

 

1,042

-

Amounts due to related parties

8

20,293

-

Social security and other taxes

 

-

1,961

Other creditors

 

1,675

-

Accruals

 

7,200

3,600

Corporation tax liability

3,968

3,585

 

37,648

9,146

Due after one year

 

HP and finance lease liabilities

19,711

-

Amounts due to related parties

 

21,650

18,000

 

41,361

18,000

Hire purchase liabilities are secured against the assets to which they relate.

 

Clifton Outdoor Kitchens Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Related party transactions

Summary of transactions with parent

The company has taken advantage of the exemption available under The Small Companies and Groups Regulations 2008, Schedule 1 paragraph 66(4) from disclosing details of any transactions entered into between two or more members of a group where they are wholly owned members of this group.
 

Loans to related parties

2024

Key management
£

Total
£

At start of period

10,623

10,623

Repaid

(10,623)

(10,623)

At end of period

-

-

2023

Key management
£

Total
£

Advanced

10,623

10,623

At end of period

10,623

10,623

Terms of loans to related parties

Loans to key management are interest free and repayable on demand.
 

Loans from related parties

2024

Key management
£

Total
£

Advanced

20,767

20,767

Repaid

(474)

(474)

At end of period

20,293

20,293

Terms of loans from related parties

Amounts owed to key management are interest free and repayable on demand.
 

9

Parent and ultimate parent undertaking

The company's immediate parent is XIV8 Limited, incorporated in England and Wales.