The Store X Limited - Accounts to registrar (filleted) - small 18.2
The Store X Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 28 February 2019 |
| for |
| The Store X Limited |
| The Store X Limited (Registered number: 09732245) |
| Contents of the Financial Statements |
| for the Year Ended 28 February 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| The Store X Limited |
| Company Information |
| for the Year Ended 28 February 2019 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Chartered Accountants & Business Advisers |
| 15 Newland |
| Lincoln |
| Lincolnshire |
| LN1 1XG |
| The Store X Limited (Registered number: 09732245) |
| Balance Sheet |
| 28 February 2019 |
| 2019 | 2018 |
| as restated |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Retained earnings | 9 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director on |
| The Store X Limited (Registered number: 09732245) |
| Notes to the Financial Statements |
| for the Year Ended 28 February 2019 |
| 1. | STATUTORY INFORMATION |
| The Store X Limited is a private company, limited by shares, registered in England and Wales. The company's |
| registered number and registered office address can be found on the Company information page. |
| The trading addresses are as follows: |
| The Store X |
| 180 The Strand |
| London |
| WC2R 1EA |
| Soho Farmhouse |
| Great Tew |
| Chipping Norton |
| OX7 4JS |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The accounts are prepared on a going concern basis which assumes that the directors together with the Vinyl |
| Factory Limited, the parent company of the group, will continue to support the Company. If this support was not |
| to continue then the basis may not be appropriate. |
| Should the Company then not be able to continue trading, adjustments to the value of assets would be needed |
| to provide for any further liabilities which may arise and to reclassify fixed assets as current assets. |
| Turnover |
| Turnover represents net invoiced sales, excluding value added tax. Revenue is recognised on an accruals basis |
| in the period to which it relates. |
| Tangible fixed assets |
| Leasehold improvements | - |
| Fixtures and fittings | - |
| Artwork | - |
| Computer equipment | - |
| Furnishings are not depreciated as the value of the items is not estimated to decrease due to being artwork |
| furnishings. Regular impairment reviews are undertaken. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
| slow moving items. |
| 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. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the balance sheet date. |
| The Store X Limited (Registered number: 09732245) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| balance sheet date. |
| 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. |
| 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. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Leasehold | and | Computer |
| improvements | fittings | Artwork | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 March 2018 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 28 February 2019 |
| DEPRECIATION |
| At 1 March 2018 |
| Charge for year |
| At 28 February 2019 |
| NET BOOK VALUE |
| At 28 February 2019 |
| At 28 February 2018 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| as restated |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| The Store X Limited (Registered number: 09732245) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2019 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| as restated |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | DEFERRED TAX |
| £ |
| Balance at 1 March 2018 | ( |
) |
| Utilised during year |
| Balance at 28 February 2019 | ( |
) |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted and issued: |
| Number: | Class: | Nominal | 2019 | 2018 |
| value: | as restated |
| £ | £ |
| Share capital | £1 | 100 | 100 |
| 9. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 March 2018 | ( |
) |
| Profit for the year |
| At 28 February 2019 | ( |
) |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was qualified on the following basis: |
| Basis for opinion |
| Due to a limitation of scope we have been unable to audit the opening and closing stock figure within these |
| financial statements. |
| for and on behalf of |
| 11. | OTHER FINANCIAL COMMITMENTS |
| Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount |
| to £350,467 (2018: £725,467). |
| 12. | RELATED PARTY DISCLOSURES |
| 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. |
| The Store X Limited (Registered number: 09732245) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2019 |
| 13. | ULTIMATE CONTROLLING PARTY |
| The company's parent undertaking is The Vinyl Factory Limited. The registered office of the parent undertaking |
| is 15 Newland, Lincoln, Lincolnshire, LN1 1XG. The principle place of business is 16-18 Marshall Street, |
| London, W1F 7BE. |
| 14. | PRIOR YEAR ADJUSTMENT |
| There was capital expenditure of £100,116 which had not been recognised in the prior year's financial |
| statements. This in itself has no effect on the company trading results and only effects the balance sheet. |
| Due to a change in policy in the current year, there was also costs of £750,301 directly relating to marketing |
| sales which have been reallocated from administrative expenses to cost of sales in the prior year. |
| There was no overall effect on the profit. |