Kent Home Improvements (Swale) Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 00950990 (England and Wales)

Kent Home Improvements (Swale) Limited

Abbreviated Unaudited Accounts for the Year Ended 31 March 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

E M Williams

P J C Williams

SECRETARY:

E M Williams

REGISTERED OFFICE:

Tile Works

Borough Road

Queenborough

Kent

ME11 5DN

REGISTERED NUMBER:

00950990 (England and Wales)

ACCOUNTANTS:

Foreman Waller

Chartered Accountants

1 High Street

Sheerness

Kent

ME12 1NY

FIXED ASSETS

Tangible assets

2

126,615

92,039

Investments

3

-

-

126,615

92,039

CURRENT ASSETS

Stocks

24,728

25,709

Debtors

5,149

9,372

Cash at bank and in hand

40,615

69,903

70,492

104,984

CREDITORS

Amounts falling due within one year

133,416

110,118

NET CURRENT LIABILITIES

(62,924

)

(5,134

)

TOTAL ASSETS LESS CURRENT LIABILITIES

63,691

86,905

CAPITAL AND RESERVES

Called up share capital

4

7,900

7,900

Profit and loss account

55,791

79,005

SHAREHOLDERS' FUNDS

63,691

86,905

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 3 December 2014 and were signed on its behalf by:

P J C Williams - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

Despite the net current liabilities, the financial statements have been prepared adopting the going concern basis for

the reasons outlined in the note below entitled 'Going Concern Basis'.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Preparation of consolidated financial statements

The financial statements contain information about Kent Home Improvements (Swale) Limited as an individual

company and do not contain consolidated financial information as the parent of a group. The company has taken the

option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Land and buildings include an investment property which is revalued periodically. The aggregate surplus is

transferred to a revaluation reserve. Any deficits are written off to the profit and loss account to the extent that any

deficit exceeds previous revaluation surpluses.

No depreciation is to be charged on the investment property. The Companies Act 2006 requires all properties to be

depreciated. However, this requirement conflicts with the generally accepted accounting principle for investment

properties because they are held for their investment potential rather than for consumption, hence if depreciated the

accounts would not give a true and fair view.

If this departure from the Act had not been made, the results for the financial year would have been altered by

depreciation. However, the amount of depreciation cannot reasonably be quantified because depreciation is only one

of the many factors reflected in the valuation and the amount which might otherwise have been shown cannot be

separately identified or quantified.

Other tangible fixed assets are stated at cost less depreciation. Depreciation is calculated so as to write off the cost

of each asset, less its estimated residual value, over its expected useful life. Depreciation is charged at the following

rates:

Plant and machinery 15% on cost

Motor vehicles 25% on cost

Fixtures fittings and equipment 15% or 33% on cost

Stocks

Stocks and work in progress are stated at the lower of cost and net realisable value.

The cost of kitchen stock includes materials, direct labour and production overheads based on normal levels of

activity. Retail stock is valued at current selling price less normal gross margin to give approximate cost.

Net realisable value is based on estimated selling price less all further costs expected to be incurred prior to disposal.

Provision is made for obsolete, slow moving or defective items where necessary.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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 their estimated useful lives or the lease term, whichever is the shorter.

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

capital element of the future payments is treated as a liability.

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

of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

667,225

Additions

52,141

Disposals

(15,000

)

At 31 March 2014

704,366

DEPRECIATION

At 1 April 2013

575,186

Charge for year

13,815

Eliminated on disposal

(11,250

)

At 31 March 2014

577,751

NET BOOK VALUE

At 31 March 2014

126,615

At 31 March 2013

92,039

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 April 2013

and 31 March 2014

100

PROVISIONS

At 1 April 2013

and 31 March 2014

100

NET BOOK VALUE

At 31 March 2014

-

At 31 March 2013

-

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

7,900

Ordinary

£1

7,900

7,900

5.	GOING CONCERN BASIS

The financial statements have been prepared adopting the going concern principle despite the balance sheet showing

net current liabilities of £62,924. The current liabilities include an amount of £71,686 owed to the directors, E M

Williams and P J C Williams, who have both indicated that amounts owed to them will not be repayable by the

company until cash flow and profitability allow.