Buymart Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08829742

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2020

FOR

BUYMART LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S A Byrne

REGISTERED OFFICE:

Kings Chambers

Queens Cross

High Steet

Dudley

West Midlands

DY1 1QT

REGISTERED NUMBER:

08829742

ACCOUNTANTS:

Saxon & Co.

Kings Chambers

Queens Cross

High Street

Dudley

West Midlands

DY1 1QT

BANKERS:

Barclays Bank

Telford

Shropshire

FIXED ASSETS

Tangible assets

4

1,369

1,606

CURRENT ASSETS

Stocks

12,112

11,336

Debtors

5

958

1,415

Cash at bank and in hand

2,838

17,995

15,908

30,746

CREDITORS

Amounts falling due within one year

6

64,763

73,851

NET CURRENT LIABILITIES

(48,855

)

(43,105

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(47,486

)

(41,499

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(47,487

)

(41,500

)

SHAREHOLDERS' FUNDS

(47,486

)

(41,499

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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 28 February 2021 and were signed by:

S A Byrne - Director

1.	STATUTORY INFORMATION

Buymart Ltd is a private company, limited by shares , registered in Not specified/Other. 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.

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.

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 6 (2019 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 March 2019

1,208

933

2,141

Additions

165

-

165

At 29 February 2020

1,373

933

2,306

DEPRECIATION

At 1 March 2019

302

233

535

Charge for year

227

175

402

At 29 February 2020

529

408

937

NET BOOK VALUE

At 29 February 2020

844

525

1,369

At 28 February 2019

906

700

1,606

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

958

1,415

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

30,491

48,409

Taxation and social security

34,195

25,365

Other creditors

77

77

64,763

73,851

7.	ULTIMATE CONTROLLING PARTY

The controlling party is J B Byrne.