Kitchen Specialists Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04952288

Unaudited Financial Statements

For The Year Ended 31 January 2020

for

Kitchen Specialists Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

M Lord

S Lord

REGISTERED OFFICE:

424 Waterloo Road

Blackpool

FY4 4BL

REGISTERED NUMBER:

04952288

ACCOUNTANTS:

Danbro Accounting Ltd

Jubilee House

East Beach

Lytham St.annes

Lancashire

FY8 5FT

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

53,646

63,115

53,646

63,115

CURRENT ASSETS

Stocks

6

26,333

75,000

Debtors

7

53,224

149,230

Cash at bank

8,107

269

87,664

224,499

CREDITORS

Amounts falling due within one year

8

150,484

196,662

NET CURRENT (LIABILITIES)/ASSETS

(62,820

)

27,837

TOTAL ASSETS LESS CURRENT LIABILITIES

(9,174

)

90,952

CREDITORS

Amounts falling due after more than one year

9

(32,228

)

(46,077

)

PROVISIONS FOR LIABILITIES

11

(9,827

)

(11,495

)

NET (LIABILITIES)/ASSETS

(51,229

)

33,380

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

12

(51,329

)

33,280

SHAREHOLDERS' FUNDS

(51,229

)

33,380

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 26 February 2020 and were signed on its behalf by:

M Lord - Director

S Lord - Director

1.	STATUTORY INFORMATION

Kitchen Specialists Limited is a private company, limited by shares , registered in Not specified/Other. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax, plus the value of

work-in-progress performed which remained uninvoiced at the balance sheet date, less the value of

work-in-progress brought forward from the previous year.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, has now been fully

amortised.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Work in progress

Work in progress represents sales of services during the year but not yet invoiced.

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 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over the estimated useful lives or the lease terms, whichever is the shorter.

The interest element of these obligations is charged to the profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2019 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2019

and 31 January 2020

9,000

AMORTISATION

At 1 February 2019

and 31 January 2020

9,000

NET BOOK VALUE

At 31 January 2020

-

At 31 January 2019

-

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 February 2019

169,098

130,510

299,608

Additions

-

8,700

8,700

Disposals

-

(30,314

)

(30,314

)

At 31 January 2020

169,098

108,896

277,994

DEPRECIATION

At 1 February 2019

147,353

89,140

236,493

Charge for year

5,436

11,507

16,943

Eliminated on disposal

-

(29,088

)

(29,088

)

At 31 January 2020

152,789

71,559

224,348

NET BOOK VALUE

At 31 January 2020

16,309

37,337

53,646

At 31 January 2019

21,745

41,370

63,115

6.

STOCKS

2020

2019

£

£

Work-in-progress

26,333

75,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

46,127

79,438

Other debtors

-

6,130

Directors' current accounts

7,097

63,662

53,224

149,230

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

3,820

3,820

Hire purchase contracts

9,889

15,244

Trade creditors

9,826

61,301

Amounts owed to group undertakings

26,117

20,297

Tax

25,063

42,088

Social security and other taxes

1,580

-

VAT

22,887

17,045

Other creditors

51,302

36,867

150,484

196,662

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 1-2 years

3,820

3,820

Bank loans - 2-5 years

11,461

11,461

Bank loans more 5 yr by instal

14,480

18,440

Hire purchase contracts

2,467

12,356

32,228

46,077

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

14,480

18,440

10.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

33,581

37,541

Hire purchase contracts

12,356

27,600

45,937

65,141

11.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

9,827

11,495

Deferred

tax

£

Balance at 1 February 2019

11,495

Provided during year

(1,668

)

Balance at 31 January 2020

9,827

12.

RESERVES

Retained

earnings

£

At 1 February 2019

33,280

Deficit for the year

(56,609

)

Dividends

(28,000

)

At 31 January 2020

(51,329

)

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2020 and

31 January 2019:

2020

2019

£

£

S Lord

Balance outstanding at start of year

12,327

28,646

Amounts advanced

16,100

31,961

Amounts repaid

(26,033

)

(48,280

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,394

12,327

M Lord

Balance outstanding at start of year

51,335

66,817

Amounts advanced

43,725

200,833

Amounts repaid

(90,357

)

(216,315

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

4,703

51,335

14.	RELATED PARTY DISCLOSURES

During the year, total dividends of £28,000 were paid to the directors .

S Lord is also a director of Smaart Developments Limited and Smoove Property Limited.

During the year various monies have been loaned between the above companies and included within amounts

owed by/to group undertakings at 31 January 2020 is £6,598 (2019:£5,415) due to Smaart Developments

Limited and £19,517 (2019:£14,882) due to Smoove Property Limited.

Included within rent is £22,200 (2019:£22,200) paid to M Lord and within turnover is a sale of £3,076

(2019:£9,863) to Smaart Developments Limited.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Kitchen Specialists Limited for the year ended 31 January 2020 which comprise the Income

Statement, Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.

This report is made solely to the Board of Directors of Kitchen Specialists Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kitchen Specialists Limited and state those matters that we have agreed to state to the Board of Directors of Kitchen Specialists Limited, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Kitchen Specialists Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Kitchen Specialists Limited. You consider that Kitchen Specialists Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kitchen Specialists Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Danbro Accounting Ltd

Jubilee House

East Beach

Lytham St.annes

Lancashire

FY8 5FT

Date: .............................................