Storeglove Limited - Accounts to registrar (filleted) - small 18.2

Storeglove Limited

Financial Statements for the Year Ended 30 June 2020

DIRECTOR:

G John

SECRETARIES:

G John

S Murphy

REGISTERED OFFICE:

Unit D3

Westpoint Industrial Estate

Penarth Road

Cardiff

CF11 8JQ

REGISTERED NUMBER:

01890498 (England and Wales)

ACCOUNTANTS:

BPU Limited

Chartered Accountants

Radnor House

Greenwood Close

Cardiff Gate Business Park

Cardiff

CF23 8AA

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Storeglove Limited for the year ended 30 June 2020 which comprise the Profit & Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Storeglove Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Storeglove Limited and state those matters that we have agreed to state to the director of Storeglove Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Storeglove Limited and its director for our work or for this report.

It is your duty to ensure that Storeglove Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Storeglove Limited. You consider that Storeglove Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Storeglove Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

BPU Limited

Chartered Accountants

5 June 2021

FIXED ASSETS

Tangible assets

3

292,493

289,692

CURRENT ASSETS

Stocks

40,000

80,000

Debtors

4

64,913

131,996

Cash at bank

22,967

73,355

127,880

285,351

CREDITORS

Amounts falling due within one year

5

206,118

364,249

NET CURRENT LIABILITIES

(78,238

)

(78,898

)

TOTAL ASSETS LESS CURRENT LIABILITIES

214,255

210,794

CREDITORS

Amounts falling due after more than one year

6

(10,160

)

(31,205

)

DEFERRED TAXATION

(4,000

)

(6,400

)

NET ASSETS

200,095

173,189

CAPITAL AND RESERVES

Called up share capital

126

126

Retained earnings

199,969

173,063

SHAREHOLDERS' FUNDS

200,095

173,189

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 June 2021 and were signed by:

G John - Director

1.	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 represents the value of goods and services supplied by the company, net of value added tax and trade discounts. Turnover in respect of contracts for uninvoiced ongoing services is recognised by reference to the stage of completion at the year end.

Depreciation

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

Freehold property

-

not provided

Plant and machinery

-

20% straight line and 10% straight line

Fixtures and fittings

-

10% straight line

Motor vehicles

-

25% reducing balance

Stocks and work-in-progress

Stock is valued at the lower of cost and net realisable value. All incomplete contracts are valued at cost with an appropriate addition for direct overheads.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.

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 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.

Pension costs

The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they became payable in accordance with the rules of the scheme.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2019 - 9 ) .

3.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 July 2019

251,827

79,702

12,148

92,361

436,038

Additions

-

-

-

21,670

21,670

Disposals

-

-

-

(34,298

)

(34,298

)

At 30 June 2020

251,827

79,702

12,148

79,733

423,410

DEPRECIATION

At 1 July 2019

-

71,874

7,707

66,765

146,346

Charge for year

-

1,184

1,215

10,487

12,886

Eliminated on disposal

-

-

-

(28,315

)

(28,315

)

At 30 June 2020

-

73,058

8,922

48,937

130,917

NET BOOK VALUE

At 30 June 2020

251,827

6,644

3,226

30,796

292,493

At 30 June 2019

251,827

7,828

4,441

25,596

289,692

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

64,913

123,862

Other debtors & prepayments

-

8,134

64,913

131,996

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans & overdrafts

31,848

54,387

Hire purchase contracts

5,585

8,484

Trade creditors

28,922

171,729

Taxes & social security costs

79,077

86,142

Other creditors & accruals

60,686

43,507

206,118

364,249

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

3,176

31,205

Hire purchase contracts

6,984

-

10,160

31,205

7.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

35,024

85,592

Hire purchase contracts

12,569

8,484

47,593

94,076

The bank has fixed and floating charges over all of the assets held by the company. The hire purchase contracts are secured over the assets to which they relate.