PHA KitchEssentials Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07576979 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

PHA KITCHESSENTIALS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTOR:

P W Hargreaves

REGISTERED OFFICE:

Kingsland House

39 Abbey Foregate

Shrewsbury

Shropshire

SY2 6BL

REGISTERED NUMBER:

07576979 (England and Wales)

ACCOUNTANTS:

D.R.E. & Co. Limited

Chartered Accountants

Kingsland House

39 Abbey Foregate

Shrewsbury

Shropshire

SY2 6BL

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

6,330

6,092

6,330

6,092

CURRENT ASSETS

Stocks

214,771

309,313

Debtors

7

150,384

204,916

Cash at bank

96,153

68,558

461,308

582,787

CREDITORS

Amounts falling due within one year

8

467,172

532,104

NET CURRENT (LIABILITIES)/ASSETS

(5,864

)

50,683

TOTAL ASSETS LESS CURRENT LIABILITIES

466

56,775

CREDITORS

Amounts falling due after more than one year

9

(27,333

)

(35,333

)

PROVISIONS FOR LIABILITIES

-

(92

)

NET (LIABILITIES)/ASSETS

(26,867

)

21,350

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(26,967

)

21,250

SHAREHOLDERS' FUNDS

(26,867

)

21,350

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

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 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 director and authorised for issue on 12 May 2022 and were signed by:

P W Hargreaves - Director

1.	STATUTORY INFORMATION

PHA KitchEssentials 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 accounts have been prepared on a going concern basis.

The financial statements are presented in Sterling (£) rounded to the nearest £1.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Improvements to property

-

not provided

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Government grants

Grants of a revenue nature are recognised in income over the period in which the company recognises the related costs, for which the grant is intended to compensate.

During the year, the company received government grants under the Coronavirus Job Retention Scheme (CJRS), which is recognised in income.

Inventories

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

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of impairment. Any impairment is recognised in profit and loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards or control of the ownership of the asset are transferred to another party.

Basic financial liabilities including trade and other creditors are initially recognised at transaction price and subsequently carried at amortised cost.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

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.

Going concern

At the balance sheet date the company had net liabilities of £26,867 (2020 - net assets of £21,350).

The company relies on the continued support of the director who have provided loans to enable the company to meet its liabilities when they fall due.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 4 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2021

and 31 December 2021

73,600

AMORTISATION

At 1 January 2021

and 31 December 2021

73,600

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

-

6.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2021

4,205

3,000

7,018

Additions

-

-

-

At 31 December 2021

4,205

3,000

7,018

DEPRECIATION

At 1 January 2021

-

2,229

6,592

Charge for year

-

193

106

At 31 December 2021

-

2,422

6,698

NET BOOK VALUE

At 31 December 2021

4,205

578

320

At 31 December 2020

4,205

771

426

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2021

7,995

9,898

32,116

Additions

-

1,106

1,106

At 31 December 2021

7,995

11,004

33,222

DEPRECIATION

At 1 January 2021

7,346

9,857

26,024

Charge for year

163

406

868

At 31 December 2021

7,509

10,263

26,892

NET BOOK VALUE

At 31 December 2021

486

741

6,330

At 31 December 2020

649

41

6,092

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

131,052

194,211

Tax

8,235

-

Prepayments

11,097

10,705

150,384

204,916

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans and overdrafts

8,000

4,667

Other loans

205,000

297,500

Trade creditors

92,240

54,454

Tax

-

8,233

Social security and other taxes

1,068

577

Pension fund

220

236

VAT

38,947

22,624

Other creditors

-

471

Directors' current accounts

118,520

139,597

Accrued expenses

3,177

3,745

467,172

532,104

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans - 1-2 years

8,000

8,000

Bank loans - 2-5 years

19,333

24,000

Bank loans more 5 yr by instal

-

3,333

27,333

35,333

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

3,333

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.21

31.12.20

£

£

Within one year

20,475

27,300

Between one and five years

-

20,475

20,475

47,775

The following reproduces the text of the report prepared for the director 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 Director 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 PHA KitchEssentials Limited for the year ended 31 December 2021 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of PHA KitchEssentials Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of PHA KitchEssentials Limited and state those matters that we have agreed to state to the director of PHA KitchEssentials Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PHA KitchEssentials Limited and its director for our work or for this report.

It is your duty to ensure that PHA KitchEssentials 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 PHA KitchEssentials Limited. You consider that PHA KitchEssentials 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 PHA KitchEssentials 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.

D.R.E. & Co. Limited

Chartered Accountants

Kingsland House

39 Abbey Foregate

Shrewsbury

Shropshire

SY2 6BL

13 May 2022