| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| CONCEPT KITCHENS ISLINGTON LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| CONCEPT KITCHENS ISLINGTON LIMITED |
| CONCEPT KITCHENS ISLINGTON LIMITED (REGISTERED NUMBER: 05760514) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| CONCEPT KITCHENS ISLINGTON LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Certified Accountants |
| Southgate Office Village |
| 286a Chase Road |
| Southgate |
| London |
| N14 6HF |
| CONCEPT KITCHENS ISLINGTON LIMITED (REGISTERED NUMBER: 05760514) |
| STATEMENT OF FINANCIAL POSITION |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year | 7 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The director acknowledges his 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 were approved by the director and authorised for issue on |
| CONCEPT KITCHENS ISLINGTON LIMITED (REGISTERED NUMBER: 05760514) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Concept Kitchens Islington Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| On the re-opening of the showroom and following the two floods in recent years, which had hampered previous sales, the sales for 2024 did not return as expected. The company has had a transitional year in which it has attempted to move away from being a showroom based company with a majority of retail sales, to focusing primarily on installation work. This has however, further depleted sales in the current year to negligible levels. Despite the successful reduction of overheads to more than a quarter of the previous year's overheads the company was still in a loss making position. |
| The director is expecting to eventually be generating more installation sales in the future and is hopeful that this coupled with the low overheads, would improve the company's profitability. He has also expressed a willingness to support the company. He therefore, does not consider that a material uncertainty about the going concern status of the company exists. In making this assessment he has also considered the likely trading conditions and possible support he can provide to the company for a period of twelve months from the date of approval of these accounts. |
| On this basis, it is deemed appropriate by the director that the financial statements are prepared on a going concern basis. |
| Turnover |
| Turnover represents net invoiced sales of goods and services, excluding value added tax. |
| Tangible fixed assets |
| Short leasehold | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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 Income Statement, 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 statement of financial position date. |
| CONCEPT KITCHENS ISLINGTON LIMITED (REGISTERED NUMBER: 05760514) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Short | Plant and | and |
| leasehold | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| CONCEPT KITCHENS ISLINGTON LIMITED (REGISTERED NUMBER: 05760514) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to connected companies |
| Social security and other taxes |
| VAT | 66,861 | 54,384 |
| Net wages | - | 2,978 |
| Director's current account | 260,300 | 260,847 |
| Accrual and deferred income |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Included in loans is a Bounce Back Loan amounting to £35,000 that was advanced in May 2020. The government guaranteed 100% of the loan and there were no fees or interest to pay for the first 12 months. After 12 months, the loan interest is fixed at a cap of 2.5% per year and the loan can be repaid at any time before its full term of 6 years. The balance remaining on the loan as at the end of the financial year is £9,917. |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans | 6,661 | 51,449 |
| 9. | RELATED PARTY DISCLOSURES |
| Included in 'Creditors: Amounts falling due within one year' is an amount of £260,300 (2023 : £260,847) due to D Williams, director of the company. The loan was interest free. |
| Included in 'Creditors: Amounts falling due within one year' is an amount of £357,636 (2023: £357,636) due to a connected company in which the director, D Williams, is sole director and shareholder. |