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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017 |
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LIFE'S KITCHEN LTD. |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017 |
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LIFE'S KITCHEN LTD. |
LIFE'S KITCHEN LTD. (REGISTERED NUMBER: 04639147) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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LIFE'S KITCHEN LTD. |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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2a Chequers Court |
Huntingdon |
Cambridgeshire |
PE29 3LJ |
LIFE'S KITCHEN LTD. (REGISTERED NUMBER: 04639147) |
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BALANCE SHEET |
31 MARCH 2017 |
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31.3.17 | 31.3.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
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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. |
LIFE'S KITCHEN LTD. (REGISTERED NUMBER: 04639147) |
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BALANCE SHEET - continued |
31 MARCH 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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LIFE'S KITCHEN LTD. (REGISTERED NUMBER: 04639147) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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1. | STATUTORY INFORMATION |
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Life'S Kitchen Ltd. is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The principal accounting policies adopted in the preparation of the financial statements are set out below and |
have remained unchanged from the previous year, and have also been consistently applied within the same |
accounts. |
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Compliance with accounting standards |
These financial statements have been prepared in accordance with the provisions of Section 1A "Smaller |
Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and |
Republic of Ireland" and the Companies Act 2006. |
There were no material departures from that standard. |
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Transition to FRS 102 |
These financial statements for the year ended 31 March 2017 are the first financial statements that comply with |
FRS 102 Section 1A small entities. The date of transition is 1 April 2016. |
The transition to FRS 102 Section 1A small entities has resulted in a small number of changes in accounting |
policies to those used previously, however there has been no material impact on the financial statements. |
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First year adoption |
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The company has adopted FRS 102 for the first time in the year ended 31 March 2017. |
The effect of the transition from the previous financial reporting framework to FRS 102 has been considered. |
There has been no material impact in relation to the following: |
- changes in accounting policies. |
- changes in shareholders funds. |
- comparative year profit or loss. |
On that basis, no restatement has been |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or |
substantively enacted by the balance sheet date. |
LIFE'S KITCHEN LTD. (REGISTERED NUMBER: 04639147) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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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. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2016 |
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Additions |
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At 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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5. | STOCKS |
31.3.17 | 31.3.16 |
£ | £ |
Stocks |
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LIFE'S KITCHEN LTD. (REGISTERED NUMBER: 04639147) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Trade debtors |
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Amounts owed by associates |
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Called up share capital unpaid | - | 50,400 |
Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Trade creditors |
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Tax |
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P.A.Y.E | 15,568 | 17,680 |
VAT | 72,108 | 77,044 |
Other creditors |
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Other loans | 90,000 | - |
Accruals and deferred income |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.17 | 31.3.16 |
£ | £ |
Within one year |
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Between one and five years |
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9. | PROVISIONS FOR LIABILITIES |
31.3.17 | 31.3.16 |
£ | £ |
Deferred tax | 4,385 | 5,792 |
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Deferred |
tax |
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Balance at 1 April 2016 |
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Utilised during year | ( |
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Balance at 31 March 2017 |
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LIFE'S KITCHEN LTD. (REGISTERED NUMBER: 04639147) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.17 | 31.3.16 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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Preference B shares | £1 | 26 | 26 |
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Ordinary D shares | £1 | 252 | 252 |
378 | 378 |
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11. | PENSION COMMITMENTS |
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The company operates a non-contributory pension scheme. It is a defined non-contribution scheme and |
contributions are charged in the profit and loss account as they accrue. The charge for the year was £35,640 |
(2016 - £31,304). |
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12. | RELATED PARTY DISCLOSURES |
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During the year dividends were paid to the directors as follows : |
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2017 | 2016 |
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N B Levens | 72,000 | 72,000 |
D Pay | 72,000 | 72,000 |
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Fusion Catering Solutions Ltd |
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Included within Debtors is an amount of £70,000 owed by associated company Fusion Catering Solutions Ltd to |
Life's Kitchen Limited as at 31 March 2017. |
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13. | ULTIMATE CONTROLLING PARTY |
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The company is controlled by the directors, N B Levens and D D Pay, by virtue of their shareholdings. |