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Company registration number: NI627220
New Leaf Kitchens & Bedrooms Limited
Unaudited filleted financial statements
31 December 2024
New Leaf Kitchens & Bedrooms Limited
Contents
Statement of financial position
Notes to the financial statements
New Leaf Kitchens & Bedrooms Limited
Statement of financial position
31 December 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 26,794 15,064
________ ________
26,794 15,064
Current assets
Stocks 39,800 47,750
Debtors 6 34,596 8,554
Cash at bank and in hand 122,102 122,799
________ ________
196,498 179,103
Creditors: amounts falling due
within one year 7 ( 173,222) ( 155,137)
________ ________
Net current assets 23,276 23,966
________ ________
Total assets less current liabilities 50,070 39,030
Creditors: amounts falling due
after more than one year 8 ( 20,859) ( 12,820)
Provisions for liabilities ( 6,699) ( 3,013)
________ ________
Net assets 22,512 23,197
________ ________
Capital and reserves
Called up share capital 1 1
Profit and loss account 22,511 23,196
________ ________
Shareholders funds 22,512 23,197
________ ________
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 29 September 2025 , and are signed on behalf of the board by:
Mr G Kerr
Director
Company registration number: NI627220
New Leaf Kitchens & Bedrooms Limited
Notes to the financial statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is New Leaf Kitchens & Bathrooms Ltd, 13 Carn Business Park, Portadown, Co Armagh, BT63 5WG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Current tax is recognised on taxable profit for the current and past periods. It is measured at the amount expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences. Deferred tax assets and liabilities recognised have not been discounted.
Tangible assets
The tangible fixed assets are recorded at their purchase cost, together with any incidental costs of acquisition less accumulated depreciation and impairment losses.
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:
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event; it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Financial instruments
The fair values of the company's financial assets, cash and cash equivalents and financial liabilities are assumed to approximate to their book value. The company does not enter into derivative financial instruments.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 1 ).
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 January 2024 42,055 25,100 67,155
Additions 993 31,900 32,893
Disposals - ( 25,100) ( 25,100)
________ ________ ________
At 31 December 2024 43,048 31,900 74,948
________ ________ ________
Depreciation
At 1 January 2024 39,039 13,052 52,091
Charge for the year 1,140 7,975 9,115
Disposals - ( 13,052) ( 13,052)
________ ________ ________
At 31 December 2024 40,179 7,975 48,154
________ ________ ________
Carrying amount
At 31 December 2024 2,869 23,925 26,794
________ ________ ________
At 31 December 2023 3,016 12,048 15,064
________ ________ ________
6. Debtors
2024 2023
£ £
Trade debtors 27,225 1,690
Other debtors 7,371 6,864
________ ________
34,596 8,554
________ ________
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 2,508 2,508
Trade creditors 41,082 32,860
Corporation tax 3,823 6
Social security and other taxes 1,784 -
Other creditors 124,025 119,763
________ ________
173,222 155,137
________ ________
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 10,002 12,376
Other creditors 10,857 444
________ ________
20,859 12,820
________ ________
9. Directors advances, credits and guarantees
At the end of the year the company owed the director £115,541,441 (2023- £112,441) This loan provided to the company is interest free and has no fixed date for repayment and is included in creditors.
10. Controlling party
The company is controlled by G Kerr who owns 100% of the share capital.