Registration number:
Fieldhouse Kitchens & Bedrooms Limited
for the
Year Ended 30 April 2023
Fieldhouse Kitchens & Bedrooms Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Fieldhouse Kitchens & Bedrooms Limited
Company Information
Directors |
C E Down S R Down |
Company secretary |
C E Down |
Registered office |
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Accountants |
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Fieldhouse Kitchens & Bedrooms Limited
(Registration number: 03682252)
Balance Sheet as at 30 April 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investments |
- |
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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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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
( |
( |
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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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Retained earnings |
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Shareholders' funds |
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For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Fieldhouse Kitchens & Bedrooms Limited
(Registration number: 03682252)
Balance Sheet as at 30 April 2023
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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Fieldhouse Kitchens & Bedrooms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' 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.
These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis.
Fieldhouse Kitchens & Bedrooms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
2 |
Accounting policies (continued) |
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 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 current and deferred 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the balance sheet 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:
Fieldhouse Kitchens & Bedrooms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
2 |
Accounting policies (continued) |
Asset class |
Depreciation method and rate |
Improvements to property |
20% on cost and 15% on reducing balance |
Plant and machinery |
25% on cost, 15% on cost and 15% on reducing balance |
Fixtures and fittings |
15% on reducing balance and 15% on cost |
Motor vehicles |
25% on reducing balance |
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:
Asset class |
Amortisation method and rate |
Goodwill |
10 years |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Fieldhouse Kitchens & Bedrooms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
2 |
Accounting policies (continued) |
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.
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.
Fieldhouse Kitchens & Bedrooms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
2 |
Accounting policies (continued) |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Financial instruments
Classification
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Fieldhouse Kitchens & Bedrooms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 May 2022 |
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At 30 April 2023 |
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Amortisation |
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At 1 May 2022 |
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At 30 April 2023 |
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Carrying amount |
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At 30 April 2023 |
- |
- |
Fieldhouse Kitchens & Bedrooms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 May 2022 |
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Additions |
- |
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- |
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Disposals |
- |
- |
( |
- |
( |
At 30 April 2023 |
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Depreciation |
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At 1 May 2022 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
- |
( |
At 30 April 2023 |
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Carrying amount |
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At 30 April 2023 |
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At 30 April 2022 |
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Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings and £850 (2022 - £1,077) in respect of short leasehold land and buildings.
Fieldhouse Kitchens & Bedrooms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Investments |
2023 |
2022 |
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Investments in subsidiaries |
- |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 May 2022 |
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Disposals |
( |
At 30 April 2023 |
- |
Carrying amount |
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At 30 April 2023 |
- |
At 30 April 2022 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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5 Longton Trading Estate,Winterstoke Road,Weston-super-Mare, North Somerset, BS23 3YB England |
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The principle activity of Weston Ceramics Limited was the retail of ceramic tiles and associated products. This company ceased to trade on 28 February 2022 and was dissolved on 7 March 2023.
Fieldhouse Kitchens & Bedrooms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Stocks |
2023 |
2022 |
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Other inventories |
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Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Fieldhouse Kitchens & Bedrooms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
9 |
Creditors (continued) |
Creditors: amounts falling due after more than one year
2023 |
2022 |
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Due after one year |
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Other non-current financial liabilities |
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- |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Not later than one year |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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Ordinary of £1 each |
100 |
100 |
100 |
100 |
Fieldhouse Kitchens & Bedrooms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Transition to FRS 102 |
The company has transitioned from FRS 105 to FRS 102 (Section 1A) as at 1 May 2021. Details of the transition to FRS 102 (Section 1A) from FRS 105 are disclosed below:
Section 29 'Income Tax' of FRS 102 requires deferred tax to be recognised whereas, deferred tax is not permitted under FRS 105. Remeasurements have therefore been made in respect of prior year deferred tax and these are represented within the tables below.
Balance Sheet at 1 May 2021
As originally reported |
Reclassification |
Remeasurement |
As restated |
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Fixed assets |
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Tangible assets |
23,457 |
- |
- |
23,457 |
Investments |
55 |
- |
- |
55 |
23,512 |
- |
- |
23,512 |
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Current assets |
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Stocks |
51,112 |
- |
- |
51,112 |
Debtors |
80,432 |
- |
- |
80,432 |
Cash at bank and in hand |
105,435 |
- |
- |
105,435 |
236,979 |
- |
- |
236,979 |
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Creditors: Amounts falling due within one year |
(187,998) |
- |
- |
(187,998) |
Net current assets |
48,981 |
- |
- |
48,981 |
Total assets less current liabilities |
72,493 |
- |
- |
72,493 |
Fieldhouse Kitchens & Bedrooms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
12 |
Transition to FRS 102 (continued) |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Provisions for liabilities |
- |
- |
(4,438) |
(4,438) |
Net assets/(liabilities) |
72,493 |
- |
(4,438) |
68,055 |
Capital and reserves |
||||
Called up share capital |
(100) |
- |
- |
(100) |
Profit and loss account |
(72,393) |
- |
4,438 |
(67,955) |
Total equity |
(72,493) |
- |
4,438 |
(68,055) |
Fieldhouse Kitchens & Bedrooms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
12 |
Transition to FRS 102 (continued) |
Balance Sheet at 30 April 2022
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
||||
Tangible assets |
86,613 |
- |
- |
86,613 |
Investments |
55 |
- |
- |
55 |
86,668 |
- |
- |
86,668 |
|
Current assets |
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Stocks |
40,198 |
- |
- |
40,198 |
Debtors |
114,392 |
- |
- |
114,392 |
Cash at bank and in hand |
103,291 |
- |
- |
103,291 |
257,881 |
- |
- |
257,881 |
|
Creditors: Amounts falling due within one year |
(219,455) |
- |
- |
(219,455) |
Net current assets |
38,426 |
- |
- |
38,426 |
Total assets less current liabilities |
125,094 |
- |
- |
125,094 |
Provisions for liabilities |
- |
- |
(12,315) |
(12,315) |
Net assets/(liabilities) |
125,094 |
- |
(12,315) |
112,779 |
Capital and reserves |
||||
Called up share capital |
(100) |
- |
- |
(100) |
Profit and loss account |
(124,994) |
- |
12,315 |
(112,679) |
Total equity |
(125,094) |
- |
12,315 |
(112,779) |
Fieldhouse Kitchens & Bedrooms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
12 |
Transition to FRS 102 (continued) |
Profit and Loss Account for the year ended 30 April 2022
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Turnover |
796,104 |
- |
- |
796,104 |
Cost of sales |
(507,922) |
- |
- |
(507,922) |
Gross profit |
288,182 |
- |
- |
288,182 |
Administrative expenses |
(210,284) |
- |
- |
(210,284) |
Other operating income |
41,673 |
- |
- |
41,673 |
Operating profit |
119,571 |
- |
- |
119,571 |
Income from shares in group undertakings |
1,833 |
- |
- |
1,833 |
Other interest receivable and similar income |
51 |
- |
- |
51 |
1,884 |
- |
- |
1,884 |
|
Profit before tax |
121,455 |
- |
- |
121,455 |
Taxation |
(14,854) |
- |
(7,877) |
(22,731) |
Profit/(loss) for the financial year |
106,601 |
- |
(7,877) |
98,724 |