STAFFORDSHIRE KITCHENS AND BEDROOMS LIMITED
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 7,414 9,268
Current assets
Stocks 39,974 67,837
Debtors 4 27,661 76,812
Cash at bank and in hand 14,435 10,654
82,070 155,303
Creditors: amounts falling due within one year 5 (39,716) (115,612)
Net current assets 42,354 39,691
Total assets less current liabilities 49,768 48,959
Creditors: amounts falling due after more than one year 6 (35,615) (40,115)
Provisions for liabilities - (1,606)
Net assets 14,153 7,238
Capital and reserves
Called up share capital 100 100
Profit and loss account 14,053 7,138
Shareholders' funds 14,153 7,238
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S.T. O'DONNELL
Director
Approved by the board on 12 May 2025
STAFFORDSHIRE KITCHENS AND BEDROOMS LIMITED
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Fixtures and fittings 20% reducing balance basis
Office equipment 20% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Fixtures and fittings Office equipment Total
£ £ £
Cost
At 1 September 2023 39,505 28,936 68,441
At 31 August 2024 39,505 28,936 68,441
Depreciation
At 1 September 2023 31,625 27,548 59,173
Charge for the year 1,576 278 1,854
At 31 August 2024 33,201 27,826 61,027
Net book value
At 31 August 2024 6,304 1,110 7,414
At 31 August 2023 7,880 1,388 9,268
4 Debtors 2024 2023
£ £
Trade debtors 19,596 44,026
Value Added Tax Account 8,065 23,889
Corporation Tax recoverable - 8,897
27,661 76,812
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loan (unsecured) 4,500 4,260
Trade creditors 35,216 111,352
39,716 115,612
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loan (unsecured) 35,615 40,115
7 Controlling party
Mr. S.T. O'Donnell, the sole director of the company, owns 51% of the issued share capital of the company. Mrs. A.K. O'Donnell, the company secretary and wife of Mr. S.T. O'Donnell, owns 49% of the issued share capital of the company.
8 Other information
STAFFORDSHIRE KITCHENS AND BEDROOMS LIMITED is a private company limited by shares and incorporated in England (Company Number 03052150). Its registered office is 20, King Street, Newcastle-under-Lyme, Staffordshire, ST5 1EJ.
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