Registered number
03405493
A + H Kitchens Limited
Report and Unaudited Accounts
31 July 2018
Collins
Chartered Accountants
West Midlands
A + H Kitchens Limited
Registered number: 03405493
Balance Sheet
as at 31 July 2018
Notes 2018 2017
£ £ £ £
Fixed assets
Tangible assets 3 234,029 242,399
Current assets
Stocks 93,182 101,423
Debtors 4 310,964 305,948
Cash at bank and in hand 157,912 86,572
562,058 493,943
Creditors: amounts falling due within one year 5 (491,501) (445,650)
Net current assets 70,557 48,293
Total assets less current liabilities 304,586 290,692
Creditors: amounts falling due after more than one year 6 (64,384) (77,332)
Provisions for liabilities (40,351) (41,562)
Net assets 199,851 171,798
Capital and reserves
Called up share capital 60 60
Profit and loss account 199,791 171,738
Shareholders' funds 199,851 171,798
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
H Kavanagh
Director
Approved by the board on 27 November 2018
A + H Kitchens Limited
Notes to the Accounts
for the year ended 31 July 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 (as applicable to small companies), The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from the sale of goods, this is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Motor vehicles over 4 years
Fixtures, fittings, tools and equipment over 3 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets also recognised at transaction price including any transaction costs.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are also recognised at transaction price net of any transaction costs.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2018 2017
Number Number
Average number of persons employed by the company 36 34
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2017 617,846 54,347 672,193
Additions 78,891 - 78,891
Disposals - (19,872) (19,872)
At 31 July 2018 696,737 34,475 731,212
Depreciation
At 1 August 2017 400,729 29,065 429,794
Charge for the year 73,582 8,624 82,206
On disposals - (14,817) (14,817)
At 31 July 2018 474,311 22,872 497,183
Net book value
At 31 July 2018 222,426 11,603 234,029
At 31 July 2017 217,117 25,282 242,399
4 Debtors 2018 2017
£ £
Trade debtors 298,065 293,843
Prepayments and accrued income 9,199 8,275
Other debtors 3,700 3,830
310,964 305,948
5 Creditors: amounts falling due within one year 2018 2017
£ £
Obligations under finance lease and hire purchase contracts 61,839 58,029
Trade creditors 155,780 153,594
Corporation tax 56,404 43,865
Other taxes and social security costs 98,947 82,138
Directors loans 3,072 3,603
Accruals and deferred income 115,459 104,421
491,501 445,650
6 Creditors: amounts falling due after one year 2018 2017
£ £
Obligations under finance lease and hire purchase contracts 64,384 77,332
7 Pension commitments
The company operates an auto enrolement pension in respect of it's employees. Contributions in the year amounted to £5463 (2017 £2218).
8 Other financial commitments 2018 2017
£ £
Total future minimum payments under non-cancellable operating leases 41,250 28,500
9 Other information
A + H Kitchens Limited is a private company limited by shares and incorporated in England. Its registered office is:
Ferrofort Works
6-18 Arthur Road
Hay Mills
Birmingham
B25 8HA
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