Bargain Homeware Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07820979 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

BARGAIN HOMEWARE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

JW Hughes

REGISTERED OFFICE:

2 Alexander Court

Fleming Road

Earlstrees Industrial Estate

Corby

NN17 4SW

REGISTERED NUMBER:

07820979 (England and Wales)

ACCOUNTANTS:

Fortus Midlands Limited

Hamilton Office Park

31 High View Close

Leicester

Leicestershire

LE4 9LJ

FIXED ASSETS

Tangible assets

4

305,399

304,566

CURRENT ASSETS

Stocks

155,617

261,000

Debtors

5

255,200

159,464

Cash at bank

23,890

34,238

434,707

454,702

CREDITORS

Amounts falling due within one year

6

447,655

437,903

NET CURRENT (LIABILITIES)/ASSETS

(12,948

)

16,799

TOTAL ASSETS LESS CURRENT LIABILITIES

292,451

321,365

CREDITORS

Amounts falling due after more than one year

7

300,000

300,000

NET (LIABILITIES)/ASSETS

(7,549

)

21,365

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(7,550

)

21,364

(7,549

)

21,365

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 24 September 2020 and were signed by:

JW Hughes - Director

1.	STATUTORY INFORMATION

Bargain Homeware 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the

company will continue to receive ongoing support from its director, creditors and shareholder.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

in accordance with the property

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

At the year end the director reviewed the net book value of the freehold property brought forward

and considered that this represents a materially fair value for the property. On this basis the director

considers that 0% depreciation should be applied to the property for the year. The director will

review this rate on an annual basis.

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.

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 12 (2019 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2019

356,200

6,794

12,496

17,470

392,960

Additions

-

-

-

5,235

5,235

At 31 March 2020

356,200

6,794

12,496

22,705

398,195

DEPRECIATION

At 1 April 2019

71,240

3,252

6,098

7,804

88,394

Charge for year

-

708

1,280

2,414

4,402

At 31 March 2020

71,240

3,960

7,378

10,218

92,796

NET BOOK VALUE

At 31 March 2020

284,960

2,834

5,118

12,487

305,399

At 31 March 2019

284,960

3,542

6,398

9,666

304,566

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

210,543

114,807

Other debtors

44,657

44,657

255,200

159,464

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

31,550

78,362

Taxation and social security

132,757

129,414

Other creditors

283,348

230,127

447,655

437,903

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Other loans

300,000

300,000

8.	SECURED DEBTS

Other loans are secured by way of a fixed and floating charge over the assets of the company.

9.	RELATED PARTY DISCLOSURES

Included in other creditors is a directors loan of £157,359 (2019 £222,564). The loan is interest free and

repayable on demand. Also included in other creditors is a loan to a connected company of

£86,400 (2019 £nil). This loan is interest free and repayable on demand.

During the year the company made sales of £418,628 (2019 £594,154) to connected companies. At

the year end an amount of £(40,764) (2019 £50,400) was owed (by)/to the company.

10.	ULTIMATE CONTROLLING PARTY

Bargain Homeware Limited is a wholly subsidiary of Willoughby (609) Limited.