Company Registration No. NI605554 (Northern Ireland)
SINC KITCHENS LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
SINC KITCHENS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
SINC KITCHENS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Oisin O'Kane
Frances O'Kane
Company number
NI605554
Business address
108-114 Moneymore Road
Magherafelt
BT45 6HJ
Registered office
10 Pilots View
Heron Road
Belfast
BT3 9LE
Accountants
Johnston Kennedy DFK
10 Pilots View
Heron Road
Belfast
BT3 9LE
Bankers
Bank of Ireland
Market Street
Magherafelt
BT45 6EE
SINC KITCHENS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
757,937
699,735
Current assets
Stocks
4
437,867
455,869
Debtors
5
290,116
279,736
Cash at bank and in hand
1,169,537
921,518
1,897,520
1,657,123
Creditors: amounts falling due within one year
6
(1,067,340)
(1,066,434)
Net current assets
830,180
590,689
Total assets less current liabilities
1,588,117
1,290,424
Creditors: amounts falling due after more than one year
7
(162,000)
(103,745)
Provisions for liabilities
8
(173,500)
(151,800)
Net assets
1,252,617
1,034,879
Capital and reserves
Called up share capital
10
600
600
Profit and loss reserves
1,252,017
1,034,279
Total equity
1,252,617
1,034,879
The notes on pages 4 to 9 form part of these financial statements
Compiled without audit or independent verification
SINC KITCHENS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 3 -
Directors' statement in respect of the financial statements

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 of the Companies Act 2006.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard FRS102 1A - Small Entities.

The financial statements were approved by the board of directors and authorised for issue on 7 April 2025 and are signed on its behalf by:
Oisin O'Kane
Director
Company Registration No. NI605554
The notes on pages 4 to 9 form part of these financial statements
Compiled without audit or independent verification
SINC KITCHENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
General information and basis of preparation

Sinc Kitchens Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 10 Pilots View, Heron Road, Belfast, BT3 9LE. The principal place of business is 108-114 Moneymore Road, Magherafelt, BT45 6HJ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard 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 FRS 102 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 £.

The financial statements have been prepared under the historical cost convention.

 

The principal accounting policies adopted are set out below.

1.1
Turnover

Turnover represents the total invoice value, excluding value added taxation, of services provided and disbursements during the year.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold adaptations
10% Straight line
Plant and equipment
10% Straight line
Office equipment
20% Reducing balance
Motor vehicles
20% Reducing balance

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 credited or charged to profit or loss.

1.3
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

SINC KITCHENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors 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 financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

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

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.6
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

SINC KITCHENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.8

Dividend

Dividends to the company's ordinary shareholders are recognised as a liability of the company when approved by the company's directors.

2
Employees
The average monthly number of persons (including directors) employed by the company during the year was as follows:
2024
2023
Number
Number
36
37
SINC KITCHENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
3
Tangible fixed assets
Leasehold adaptations
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
157,416
798,440
88,435
31,500
1,075,791
Additions
12,520
201,635
2,827
-
0
216,982
Disposals
-
0
(62,500)
-
0
-
0
(62,500)
At 31 December 2024
169,936
937,575
91,262
31,500
1,230,273
Depreciation
At 1 January 2024
67,604
250,428
46,155
11,868
376,055
Depreciation charged in the year
14,553
89,920
8,924
3,927
117,324
Eliminated in respect of disposals
-
0
(21,043)
-
0
-
0
(21,043)
At 31 December 2024
82,157
319,305
55,079
15,795
472,336
Net book value
At 31 December 2024
87,779
618,270
36,183
15,705
757,937
At 31 December 2023
89,811
548,012
42,280
19,632
699,735
4
Stocks
2024
2023
£
£
Raw materials
247,767
278,682
Work in progress
190,100
177,187
437,867
455,869
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
15,355
24,715
Other debtors
245,106
221,612
Prepayments and accrued income
29,655
33,409
290,116
279,736
SINC KITCHENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
51,600
20,000
Other borrowings
31,258
32,786
Trade creditors
373,425
442,002
Corporation tax
88,868
57,453
Other taxation and social security
103,919
113,358
Other creditors
403,792
392,551
Accruals and deferred income
14,478
8,284
1,067,340
1,066,434
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases
162,000
76,667
Other borrowings
-
0
27,078
162,000
103,745
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
9
173,500
151,800
9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
173,500
151,800
2024
Movements in the year:
£
Liability at 1 January 2024
151,800
Charge to profit or loss
21,700
Liability at 31 December 2024
173,500
SINC KITCHENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
10
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
600 Ordinary shares of £1 each
600
600
11
Financial commitments, guarantees and contingent liabilities

The company had no financial commitments at 31 December 2024 or at 31 December 2023.

12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
131,625
131,625
13
Capital commitments

The company had no capital commitments at 31 December 2024 or at 31 December 2023.

14
Related party transactions

The balance on the directors' loan account amounted to £183,257 (2023: £165,691) and is included in debtors due within one year. Interest is charged on this loan at a commercial rate.

2024-12-312024-01-01falsefalsefalse07 April 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityOisin O'KaneFrances O'KaneNI6055542024-01-012024-12-31NI605554bus:Director12024-01-012024-12-31NI605554bus:Director22024-01-012024-12-31NI605554bus:RegisteredOffice2024-01-012024-12-31NI605554bus:Agent12024-01-012024-12-31NI6055542024-12-31NI6055542023-12-31NI605554core:LandBuildings2024-12-31NI605554core:PlantMachinery2024-12-31NI605554core:ComputerEquipment2024-12-31NI605554core:MotorVehicles2024-12-31NI605554core:LandBuildings2023-12-31NI605554core:PlantMachinery2023-12-31NI605554core:ComputerEquipment2023-12-31NI605554core:MotorVehicles2023-12-31NI605554core:CurrentFinancialInstruments2024-12-31NI605554core:CurrentFinancialInstruments2023-12-31NI605554core:Non-currentFinancialInstruments2024-12-31NI605554core:Non-currentFinancialInstruments2023-12-31NI605554core:ShareCapital2024-12-31NI605554core:ShareCapital2023-12-31NI605554core:RetainedEarningsAccumulatedLosses2024-12-31NI605554core:RetainedEarningsAccumulatedLosses2023-12-31NI605554core:ShareCapitalOrdinaryShareClass12024-12-31NI605554core:ShareCapitalOrdinaryShareClass12023-12-31NI605554core:LandBuildingscore:OwnedOrFreeholdAssets2024-01-012024-12-31NI605554core:PlantMachinery2024-01-012024-12-31NI605554core:ComputerEquipment2024-01-012024-12-31NI605554core:MotorVehicles2024-01-012024-12-31NI6055542023-01-012023-12-31NI605554core:LandBuildings2023-12-31NI605554core:PlantMachinery2023-12-31NI605554core:ComputerEquipment2023-12-31NI605554core:MotorVehicles2023-12-31NI6055542023-12-31NI605554core:LandBuildings2024-01-012024-12-31NI605554core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-01-012024-12-31NI605554bus:OrdinaryShareClass12024-12-31NI605554bus:OrdinaryShareClass12024-01-012024-12-31NI605554bus:PrivateLimitedCompanyLtd2024-01-012024-12-31NI605554bus:SmallCompaniesRegimeForAccounts2024-01-012024-12-31NI605554bus:FRS1022024-01-012024-12-31NI605554bus:AuditExemptWithAccountantsReport2024-01-012024-12-31NI605554bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP