Company Registration No. 5739132 (England and Wales)
HATT KITCHENS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
PAGES FOR FILING WITH REGISTRAR
HATT KITCHENS LIMITED
COMPANY INFORMATION
Directors
Mr D E Powell
Mrs S McConville
Secretary
Mrs S McConville
Company number
5739132
Registered office
Unit 111
Hartlebury Trading Estate
Hartlebury
Worcestershire
DY10 4JB
Accountants
CK Accounting Services
No.4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
Business address
Unit 111
Hartlebury Trading Estate
Hartlebury
Worcestershire
DY10 4JB
HATT KITCHENS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
HATT KITCHENS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2017
30 April 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investments
4
411,488
411,488
Current assets
Debtors
1,624
2,068
Creditors: amounts falling due within one year
(106,374)
(105,813)
Net current liabilities
(104,750)
(103,745)
Total assets less current liabilities
306,738
307,743
Capital and reserves
Called up share capital
5
402,487
402,487
Profit and loss reserves
(95,749)
(94,744)
Total equity
306,738
307,743
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 27 September 2017 and are signed on its behalf by:
Mrs S McConville
Director
Company Registration No. 5739132
HATT KITCHENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
- 2 -
1
Accounting policies
Company information
Hatt Kitchens Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 111, Hartlebury Trading Estate, Hartlebury, Worcestershire, DY10 4JB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention as modified by the use of fair value accounting policies set out below.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group
.
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related
party transactions with wholly owned subsidiaries within the group.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.3
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
HATT KITCHENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 3 -
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was - (2016 - 0
).
HATT KITCHENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 4 -
3
Intangible fixed assets
Total
£
Cost
At 1 May 2016 and 30 April 2017
55,000
Amortisation and impairment
At 1 May 2016 and 30 April 2017
55,000
Carrying amount
At 30 April 2017
-
At 30 April 2016
-
4
Fixed asset investments
2017
2016
£
£
Investments
411,488
411,488
5
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and not fully paid
488 'A' Ordinary shares of £1 each
488
488
999 'B' Ordinary shares of £1 each
999
999
401,000 'C' Ordinary non voting shares of £1 each
401,000
401,000
402,487
402,487
The 'A' shares have full voting rights; they do not confer any rights of redemption. Dividends are payable at the discretion of the directors. The shares rank behind 'C' redeemable shares on capital distribution (including on winding up).
The 'B' shares have no voting rights. They do not confer any rights of redemption. Dividends are payable at the discretion of the directors. on sale or dissolution, the shares rank behind the 'C' redeemable shares.
The 'C' shares have no voting rights and are owned by Belward Limited, a related party. The shares are redeemable after a minimum period of 2 years from the date of issue. Shareholders have no rights to demand redemption. Dividends are at the discretion of the directors. The shares carry prior rights to capital distributions in the event of dissolution or sale.
HATT KITCHENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 5 -
6
Financial commitments, guarantees and contingent liabilities
Hatt Kitchens Limited and Belward Limited have provided a cross guarantee in support of a Hire Purchase Agreement in the name of Pembar Limited. At the balance sheet date, the liability outstanding amounted to £105,000
(2016 £168,000).
Hatt Kitchens Limited and Belward Limited have provided a cross guarantee in support of a Hire Purchase Agreement in the name of Pembar Limited. At the balance sheet date, there was no liability outstanding
(2016 £23,333)
.
C T Hatt and WEK Kane also provided a guarantees in support of the same Hire Purchase Agreement amounting to £25,000 each.
7
Related party transactions
The following amounts were outstanding at the reporting end date:
2017
Balance
Amounts owed by related parties
£
Related parties
103,350
2016
Balance
Amounts owed in previous period
£
Related parties
103,350