Sam 99p Limited - Abbreviated accounts

Registered number

05546000

Sam 99p Limited

Report and Accounts

31 August 2014

Sam 99p Limited
Report and accounts
Contents




Page

Company information	1
Directors' report	2
Profit and loss account	3
Balance sheet	4
Notes to the accounts	5

Sam 99p Limited

Company Information

Directors

Fida Hussain Asghar Raja

Mohammad Riaz

Accountants

DeanCoopers

Suite 4, Cranbrook House

61 Cranbrook Road

Ilford

Essex

IG1 4PG

Registered office

67 Cranbrook Road

Ilford

Essex

IG1 4PG

Registered number

05546000

Sam 99p Limited
Registered number:		05546000
Directors' Report

The directors present their report and accounts for the year ended 31 August 2014.

Principal activities
The company's principal activity during the year continued to be that of selling pound line goods and management of the leases for the shops and supply of goods. Review of Business The company had a very good year. The turnover of the business for the year ended 31st August 2013 amounted to £14,562,107 (2012: 10483642), an increase of 38.9%. The company leased six new stores during the year and the company's plan to add new product line were also successful to increase revenues. New bigger warehouse last year had helped to achieve economy of scales and resulted gross profit margin to improve. Future Developments The Directors do not envisage the current economic climate to have an effect on the healthy profitability of the Company and is planning to acquire more stores. The company expects to maintain its highly successful relationship with its suppliers and the loyalty of its customers.

Directors
The following persons served as directors during the year:

	Fida Hussain Asghar Raja
	Mohammad Riaz

Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

This report was approved by the board on 21 May 2015 and signed on its behalf.





Fida Hussain Asghar Raja
Director

Sam 99p Limited
Profit and Loss Account
for the year ended 31 August 2014


Notes		2014		2013
£			£

Turnover		16,121,162		14,562,107

Cost of sales		(13,386,814)		(12,156,015)

Gross profit		2,734,348		2,406,092

Administrative expenses		(2,645,315)		(2,313,528)

Operating profit	2	89,033		92,564

Interest receivable		1		14
Interest payable	3	(7,799)		(8,903)

Profit on ordinary activities before taxation		81,235		83,675

Tax on profit on ordinary activities	4	(14,666)		(27,556)

Profit for the financial year		66,569		56,119

Sam 99p Limited
Registered number:		05546000
Abbreviated Balance Sheet
as at 31 August 2014

Notes			2014			2013
£				£
Fixed assets
Intangible assets	2		876			876
Tangible assets	3		638,555			526,863
			639,431			527,739

Current assets
Stocks		1,695,943			1,110,788
Debtors		788,375			1,214,440
Investments held as current assets		7,500			7,500
Cash at bank and in hand		54,121			213,711
		2,545,939			2,546,439

Creditors: amounts falling due within one year		(2,688,389)			(2,659,361)

Net current liabilities			(142,450)			(112,922)

Total assets less current liabilities			496,981			414,817

Creditors: amounts falling due after more than one year			(36,216)			(35,287)

Provisions for liabilities			(41,352)			(26,686)


Net assets			419,413			352,844

Capital and reserves
Called up share capital	4		200			200
Capital contribution reserves			122,000			122,000
Profit and loss account			297,213			230,644

Shareholders' funds			419,413			352,844

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



Fida Hussain Asghar Raja
Director
Approved by the board on 21 May 2015

Sam 99p Limited
Notes to the Abbreviated Accounts
for the year ended 31 August 2014

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

	Turnover
	Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. Turnover is derived from the sale of goods, management income and rentals from retail units.

	Depreciation
	Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

	Plant and machinery			20% reducing balance
	Motor vehicles			20% reducing balance

	Stocks
	Stock is valued at the lower of cost and net realisable value.

	Deferred taxation
	Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

	Leasing and hire purchase commitments
	Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term.


2	Intangible fixed assets					£

	Cost
	At 1 September 2013					876
	At 31 August 2014					876

	Amortisation
	At 31 August 2014					-

	Net book value
	At 31 August 2014					876
	At 31 August 2013					876


3	Tangible fixed assets					£

	Cost
	At 1 September 2013					640,749
	Additions					186,072
	At 31 August 2014					826,821

	Depreciation
	At 1 September 2013					113,886
	Charge for the year					74,380
	At 31 August 2014					188,266

	Net book value
	At 31 August 2014					638,555
	At 31 August 2013					526,863


4	Share capital	Nominal		2014		2014		2013
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		200		200		200