Company registration number 04160544 (England and Wales)
TERMA KITCHENS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
PAGES FOR FILING WITH REGISTRAR
TERMA KITCHENS LIMITED
BALANCE SHEET
AS AT 30 APRIL 2025
30 April 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,206
3,756
Current assets
Stocks
31,484
31,484
Debtors
4
71,780
65,072
Cash at bank and in hand
108
13,977
103,372
110,533
Creditors: amounts falling due within one year
5
(101,832)
(99,820)
Net current assets
1,540
10,713
Total assets less current liabilities
4,746
14,469
Creditors: amounts falling due after more than one year
6
(2,501)
(12,501)
Provisions for liabilities
Deferred tax liability
609
714
(609)
(714)
Net assets
1,636
1,254
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
1,536
1,154
Total equity
1,636
1,254
TERMA KITCHENS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2025
30 April 2025
- 2 -

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

For the financial year ended 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 4 September 2025
Mr M P Witcombe
Director
Company Registration No. 04160544
TERMA KITCHENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 3 -
1
Accounting policies
Company information

Terma Kitchens Limited is a private company limited by shares incorporated in England and Wales. The registered office is 13-15 High Street, Witney, Oxfordshire, OX28 6HW.

1.1
Accounting convention

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 a mounts 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.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and is shown net of VAT.

Revenue from the sale of kitchens is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on installation or delivery of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for installation services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.3
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:

Fixtures, fittings and equipment
33% straight line
Motor vehicles
25% 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.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

TERMA KITCHENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks consist of display kitchens and appliances and are stated at cost. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. The director considers the cost of display kitchens to be recoverable.

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.7
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.

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, customer deposits and bank loans, 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 paymen ts 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.

1.8
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.

TERMA KITCHENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 5 -
1.9
Taxation

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

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.

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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Employees

The average monthly number of persons (including the director) employed by the company during the year was:

2025
2024
Number
Number
Total
2
2
TERMA KITCHENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2024
20,052
Additions
466
At 30 April 2025
20,518
Depreciation and impairment
At 1 May 2024
16,296
Depreciation charged in the year
1,016
At 30 April 2025
17,312
Carrying amount
At 30 April 2025
3,206
At 30 April 2024
3,756
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
10,533
914
Other debtors
61,247
64,158
71,780
65,072
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
10,000
10,000
Trade creditors
33,878
4,677
Taxation and social security
5,810
11,152
Other creditors
52,144
73,991
101,832
99,820

As at the year end, £10,000 (2024 - £10,000) included within bank loans is a Coronavirus Bounce Back Loan, which is secured by the UK Government.

TERMA KITCHENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 7 -
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans
2,501
12,501

At the year end, £2,501 (2024 - £12,501) included within bank loans is a Coronavirus Bounce Back Loan, which is secured by the UK Government.

7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Operating lease commitments

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

2025
2024
£
£
Total commitments
28,750
43,750
9
Directors' transactions

Interest free loans have been granted by the company to its director as follows:

Loans
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr M P Witcombe - Director's loan
-
3,808
8,972
(5,515)
7,265
3,808
8,972
(5,515)
7,265
2025-04-30 2024-05-01 false false false 22 September 2025 CCH Software CCH Accounts Production 2025.300 No description of principal activity Mr M P Witcombe Mrs K A Witcombe 2025-09-04 04160544 2024-05-01 2025-04-30 04160544 2025-04-30 04160544 2024-04-30 04160544 core:OtherPropertyPlantEquipment 2025-04-30 04160544 core:OtherPropertyPlantEquipment 2024-04-30 04160544 core:CurrentFinancialInstruments core:WithinOneYear 2025-04-30 04160544 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 04160544 core:CurrentFinancialInstruments 2025-04-30 04160544 core:CurrentFinancialInstruments 2024-04-30 04160544 core:Non-currentFinancialInstruments 2025-04-30 04160544 core:Non-currentFinancialInstruments 2024-04-30 04160544 core:ShareCapital 2025-04-30 04160544 core:ShareCapital 2024-04-30 04160544 core:RetainedEarningsAccumulatedLosses 2025-04-30 04160544 core:RetainedEarningsAccumulatedLosses 2024-04-30 04160544 core:ShareCapitalOrdinaryShareClass1 2025-04-30 04160544 core:ShareCapitalOrdinaryShareClass1 2024-04-30 04160544 bus:Director1 2024-05-01 2025-04-30 04160544 core:FurnitureFittings 2024-05-01 2025-04-30 04160544 core:MotorVehicles 2024-05-01 2025-04-30 04160544 2023-05-01 2024-04-30 04160544 core:OtherPropertyPlantEquipment 2024-04-30 04160544 core:OtherPropertyPlantEquipment 2024-05-01 2025-04-30 04160544 bus:OrdinaryShareClass1 2024-05-01 2025-04-30 04160544 bus:OrdinaryShareClass1 2025-04-30 04160544 bus:OrdinaryShareClass1 2024-04-30 04160544 bus:PrivateLimitedCompanyLtd 2024-05-01 2025-04-30 04160544 bus:SmallCompaniesRegimeForAccounts 2024-05-01 2025-04-30 04160544 bus:FRS102 2024-05-01 2025-04-30 04160544 bus:AuditExemptWithAccountantsReport 2024-05-01 2025-04-30 04160544 bus:CompanySecretary1 2024-05-01 2025-04-30 04160544 bus:FullAccounts 2024-05-01 2025-04-30 xbrli:pure xbrli:shares iso4217:GBP