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COMPANY REGISTRATION NUMBER: SC459492
J N K Kitchen Studios Ltd
Filleted Unaudited Financial Statements
31 October 2024
J N K Kitchen Studios Ltd
Financial Statements
Year ended 31 October 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
J N K Kitchen Studios Ltd
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
596,842
630,321
Current assets
Stocks
443,706
445,933
Debtors
6
94,825
103,621
Cash at bank and in hand
190,964
155,183
---------
---------
729,495
704,737
Creditors: amounts falling due within one year
7
602,125
593,715
---------
---------
Net current assets
127,370
111,022
---------
---------
Total assets less current liabilities
724,212
741,343
Creditors: amounts falling due after more than one year
8
24,350
31,633
Provisions
Taxation including deferred tax
27,055
31,156
---------
---------
Net assets
672,807
678,554
---------
---------
Capital and reserves
Called up share capital
2
2
Non-distributable reserve
25,940
25,940
Profit and loss account
646,865
652,612
---------
---------
Shareholders funds
672,807
678,554
---------
---------
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 comprehensive income has not been delivered.
For the year ending 31 October 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 .
J N K Kitchen Studios Ltd
Statement of Financial Position (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 27 June 2025 , and are signed on behalf of the board by:
Mr R Stewart
Mrs J Stewart
Director
Director
Company registration number: SC459492
J N K Kitchen Studios Ltd
Notes to the Financial Statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 25 Tyock Industrial Estate, Elgin, IV30 1XY, Moray.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Leasehold Property
-
2% straight line
Plant & Machinery
-
20% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
20% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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
The following assets and liabilities are classified as financial instruments - bank, trade debtors, trade creditors, bank loans, directors' loans to the company. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Bank overdrafts are shown within creditors due within one year. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings. Loans received from a bank at the market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transition costs. Directors' loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 12 ).
5. Tangible assets
Investment Property
Long leasehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Nov 2023
300,000
254,187
233,522
103,018
9,513
900,240
Disposals
( 6,150)
( 6,150)
---------
---------
---------
---------
-------
---------
At 31 Oct 2024
300,000
248,037
233,522
103,018
9,513
894,090
---------
---------
---------
---------
-------
---------
Depreciation
At 1 Nov 2023
24,833
185,900
52,203
6,983
269,919
Charge for the year
4,961
9,524
12,703
510
27,698
Disposals
( 369)
( 369)
---------
---------
---------
---------
-------
---------
At 31 Oct 2024
29,425
195,424
64,906
7,493
297,248
---------
---------
---------
---------
-------
---------
Carrying amount
At 31 Oct 2024
300,000
218,612
38,098
38,112
2,020
596,842
---------
---------
---------
---------
-------
---------
At 31 Oct 2023
300,000
229,354
47,622
50,815
2,530
630,321
---------
---------
---------
---------
-------
---------
The investment property is held at its fair value. The investment property was independently valued on 30th August 2023 by Allied Surveyors, Scotland Plc. Allied Surveyors are Chartered Surveyors regulated by The Royal Institution of Chartered Surveyors (RICS). The fair value of the Investment Property is £300,000.
6. Debtors
2024
2023
£
£
Trade debtors
41,101
68,452
Other debtors
53,724
35,169
--------
---------
94,825
103,621
--------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,928
3,832
Trade creditors
208,099
205,882
Corporation tax
58,931
27,591
Social security and other taxes
36,736
39,669
Other creditors
294,431
316,741
---------
---------
602,125
593,715
---------
---------
Obligations under hire purchase and finance leases of £3,268 (2023 - £7,757) included within other creditors are secured on the assets concerned.
The bank hold a floating charge over the property and undertakings of the company.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,591
6,606
Other creditors
21,759
25,027
--------
--------
24,350
31,633
--------
--------
Obligations under hire purchase and finance leases of £21,759 (2023 - £25,027) included within other creditors are secured on the assets concerned.
The bank hold a floating charge over the property and undertakings of the company.
9. Analysis of other comprehensive income
Non-distributable reserve
Profit and loss account
Total
£
£
£
Year ended 31 October 2023
Reclassification from revaluation reserve to profit and loss account
(25,940)
(25,940)
Reclassification from fair value reserve to profit and loss account
25,940
25,940
--------
--------
--------
25,940
( 25,940)
--------
--------
--------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
12,000
12,000
Later than 1 year and not later than 5 years
48,000
48,000
Later than 5 years
805,200
817,200
---------
---------
865,200
877,200
---------
---------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr R Stewart
26,333
127,311
( 109,734)
43,910
--------
---------
---------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr R Stewart
38,411
111,174
( 123,252)
26,333
--------
---------
---------
--------
J N K Kitchen Studios Ltd
Notes to the Financial Statements (continued)
Year ended 31 October 2024
11. Directors' advances, credits and guarantees (continued)
The directors loan account has no set repayment terms. Interest is being charged at 2.25% .