REGISTERED NUMBER: 04991333 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

Kismet Furnishings Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Jenkins

S T Lewis

SECRETARY:

J W Jenkins

REGISTERED OFFICE:

21 Gold Tops

Newport

South Wales

NP20 4PG

REGISTERED NUMBER:

04991333 (England and Wales)

ACCOUNTANTS:

Guilfoyle Sage LLP

21 Gold Tops

Newport

South Wales

NP20 4PG

FIXED ASSETS

Owned

Tangible assets

5

11,953

10,728

Right-of-use

Tangible assets

5, 10

12,989

-

24,942

10,728

CURRENT ASSETS

Stocks

6

29,248

22,190

Debtors

7

-

39

Cash at bank

61,980

75,875

91,228

98,104

CREDITORS

Amounts falling due within one year

8

61,108

68,717

NET CURRENT ASSETS

30,120

29,387

TOTAL ASSETS LESS CURRENT LIABILITIES

55,062

40,115

CREDITORS

Amounts falling due after more than one year

9

7,164

15,213

NET ASSETS

47,898

24,902

CAPITAL AND RESERVES

Called up share capital

11

1

1

Retained earnings

47,897

24,901

SHAREHOLDERS' FUNDS

47,898

24,902

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 15 September 2025 and were signed on its behalf by:

S T Lewis - Director

S Jenkins - Director

1.	STATUTORY INFORMATION

Kismet Furnishings 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.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements have been prepared on the going concern basis as the directors believe that the company will be able to obtain sufficient funding to secure the continued financing of the company's activities for the foreseeable future.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Items of income are recognised in the financial statements, net of applicable VAT, when the risks and rewards of ownership have passed to the consumer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on cost, 15% on cost and 5% on cost

Stocks

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

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.

Leases

Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.

Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2024 - 9 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

56,025

Additions

20,496

At 31 March 2025

76,521

DEPRECIATION

At 1 April 2024

45,297

Charge for year

6,282

At 31 March 2025

51,579

NET BOOK VALUE

At 31 March 2025

24,942

At 31 March 2024

10,728

6.

STOCKS

31.3.25

31.3.24

£

£

Stocks

29,248

22,190

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Other debtors

-

39

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

7,314

-

Leases (see note 10)

4,600

-

Taxation and social security

31,823

26,894

Other creditors

17,371

41,823

61,108

68,717

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans

1,029

15,213

Leases (see note 10)

6,135

-

7,164

15,213

10.

LEASING

Right-of-use assets

Tangible fixed assets

31.3.25

31.3.24

£

£

COST

Additions

16,869

-

DEPRECIATION

Charge for year

3,880

-

NET BOOK VALUE

12,989

-

Lease liabilities

Minimum lease payments fall due as follows:

31.3.25

31.3.24

£

£

Gross obligations repayable:

Within one year

4,712

-

Between one and five years

6,284

-

10,996

-

Finance charges repayable:

Within one year

112

-

Between one and five years

149

-

261

-

Net obligations repayable:

Within one year

4,600

-

Between one and five years

6,135

-

10,735

-

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

1

Ordinary

£1

1

1