Registration number:
Academy Kitchens Limited
for the Year Ended 31 December 2017
Accountants
Produce House
1a Wickham Court Road
West Wickham
Kent
BR4 9LN
Academy Kitchens Limited
Contents
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Company Information |
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Director's Report |
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Statement of Director's Responsibilities |
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Accountants' Report |
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Profit and Loss Account |
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Profit and Loss Account and Statement of Retained Earnings |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Academy Kitchens Limited
Company Information
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Director |
Mr Luke Sebastian Cutting |
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Registered office |
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Accountants |
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Page 1 |
Academy Kitchens Limited
Director's Report for the Year Ended 31 December 2017
The director presents his report and the financial statements for the year ended 31 December 2017.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is that of kitchen installation and general building work.
Going concern
The financial statements have been prepared on a going concern basis.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
.........................................
Mr Luke Sebastian Cutting
Director
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Page 2 |
Academy Kitchens Limited
Statement of Director's Responsibilities
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Page 3 |
Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Academy Kitchens Limited
for the Year Ended 31 December 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Academy Kitchens Limited for the year ended 31 December 2017 as set out on pages 5 to 15 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Academy Kitchens Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Academy Kitchens Limited and state those matters that we have agreed to state to the Board of Directors of Academy Kitchens Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Academy Kitchens Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Academy Kitchens Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Academy Kitchens Limited. You consider that Academy Kitchens 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 accounts of Academy Kitchens 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 accounts.
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Accountants
1a Wickham Court Road
West Wickham
Kent
BR4 9LN
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Page 4 |
Academy Kitchens Limited
Profit and Loss Account for the Year Ended 31 December 2017
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Note |
2017 |
2016 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating (loss)/profit |
( |
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(Loss)/profit before tax |
( |
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Taxation |
- |
( |
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(Loss)/profit for the financial year |
( |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
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Page 5 |
Academy Kitchens Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2017
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Note |
2017 |
2016 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating (loss)/profit |
( |
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(Loss)/profit before tax |
( |
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Taxation |
- |
( |
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(Loss)/profit for the financial year |
( |
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Retained earnings brought forward |
597,102 |
632,635 |
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Dividends paid |
( |
( |
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Retained earnings carried forward |
448,239 |
597,102 |
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Page 6 |
Academy Kitchens Limited
Statement of Comprehensive Income for the Year Ended 31 December 2017
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2017 |
2016 |
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(Loss)/profit for the year |
( |
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Total comprehensive income for the year |
( |
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Page 7 |
Academy Kitchens Limited
(Registration number: 2315184)
Balance Sheet as at 31 December 2017
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Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
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Page 8 |
Academy Kitchens Limited
(Registration number: 2315184)
Balance Sheet as at 31 December 2017
Approved and authorised by the
.........................................
Mr Luke Sebastian Cutting
Director
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Page 9 |
Academy Kitchens Limited
Statement of Changes in Equity for the Year Ended 31 December 2017
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Share capital |
Profit and loss account |
Total |
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At 1 January 2017 |
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Loss for the year |
- |
( |
( |
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Total comprehensive income |
- |
( |
( |
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Dividends |
- |
( |
( |
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At 31 December 2017 |
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Share capital |
Profit and loss account |
Total |
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At 1 January 2016 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
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At 31 December 2016 |
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Page 10 |
Academy Kitchens Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
147 Main Road
Biggin Hill
Kent
TN16 3JP
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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Page 11 |
Academy Kitchens Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Office equipment |
33.3% per annum, straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Goodwill |
No amortisation provided |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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Page 12 |
Academy Kitchens Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Page 13 |
Academy Kitchens Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
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Intangible assets |
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Goodwill |
Total |
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Cost or valuation |
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At 1 January 2017 |
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At 31 December 2017 |
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Amortisation |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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Tangible assets |
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Office equipment |
Total |
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Cost or valuation |
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At 1 January 2017 |
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Disposals |
( |
( |
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At 31 December 2017 |
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Depreciation |
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At 1 January 2017 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
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At 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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Stocks |
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2017 |
2016 |
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Other inventories |
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Page 14 |
Academy Kitchens Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
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Debtors |
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2017 |
2016 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2017 |
2016 |
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Due within one year |
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Trade creditors |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
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2017 |
2016 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
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Dividends |
Final dividends paid
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2017 |
2016 |
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Final dividend of £ |
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Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
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2017 |
2016 |
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Remuneration |
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Page 15 |