Just Corner Shop Ltd - Accounts

Just Corner Shop Ltd - Accounts

JUST CORNER SHOP LTD - Company Information

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Registered Number: 08918229
England and Wales

 

 

 

JUST CORNER SHOP LTD


Abridged Accounts
 


Period of accounts

Start date: 01 April 2020

End date: 31 March 2021

Just Corner Shop Ltd
Contents Page
For the year ended 31 March 2021
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 March 2021 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Temiz & Co Accountants
31 March 2021



....................................................
Temiz & Co Accountants
73 High Street
Gillingham
Kent
ME7 1BJ
31 December 2021
1
 
 		 Notes
 		 2021
£		   2020
£
Fixed assets      
Intangible fixed assets 19,772    22,080 
Tangible fixed assets 942    1,256 
20,714    23,336 
Current assets      
Stocks 38,000    37,228 
Debtors: amounts falling due within one year (5,217)   (7,590)
Debtors: amounts falling due after one year 5,750    5,750 
Cash at bank and in hand 72,542    24,107 
111,075    59,495 
Creditors: amount falling due within one year (22,749)   (24,778)
Net current assets 88,326    34,717 
 
Total assets less current liabilities 109,040    58,053 
Creditors: amount falling due after more than one year (50,000)   0 
Net assets 59,040    58,053 
 

Capital and reserves 		     
Called up share capital 100    100 
Profit and loss account 58,940    57,953 
Shareholder's funds 59,040    58,053 
 


For the year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 31 December 2021 and were signed on its behalf by:


--------------------------------
Huseyin Hisir
Director
2
General Information
Just Corner Shop Ltd is a private company, limited by shares, registered in England and Wales, registration number 08918229, registration address 73 High Street, Gillingham, Kent, ME7 1BJ

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Cost of sales
Cost of products sold includes cost of associated with purchasing inventory and includes handling cost incurred to deliver products to the customer. 
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
The charge for current corporation tax is based on the results for the period year ended 31 March 2021 as adjusted for items which are not taxed or are disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. 
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 14 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 25% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

During the year including the directors average no of employees were 5.
Average number of employees during the year was 3 (2020 : 5).
3.

Intangible fixed assets

Cost Goodwill   Other   Total
  £   £   £
At 01 April 2020 30,000    3,618    33,618 
Additions -    -    - 
Disposals -    -    - 
At 31 March 2021 30,000    3,618    33,618 
Amortisation
At 01 April 2020 11,538    -    11,538 
Charge for year 2,308    -    2,308 
On disposals -    -    - 
At 31 March 2021 13,846    -    13,846 
Net book values
At 31 March 2021 16,154    3,618    19,772 
At 31 March 2020 18,462    3,618    22,080 


4.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Total
  £   £
At 01 April 2020 4,625    4,625 
Additions -    - 
Disposals -    - 
At 31 March 2021 4,625    4,625 
Depreciation
At 01 April 2020 3,369    3,369 
Charge for year 314    314 
On disposals -    - 
At 31 March 2021 3,683    3,683 
Net book values
Closing balance as at 31 March 2021 942    942 
Opening balance as at 01 April 2020 1,256    1,256 


5.

Share Capital

Authorised
100 Class A shares of £1.00 each
Allotted, called up and fully paid
2021
£		   2020
£
100 Class A shares of £1.00 each 100    100 
100    100 

6.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2021
£		 2020
£		 2021
£		 2020
£
Mr Huseyin Hisir, Mr Yilmaz Boz and Mr Salman Bolat2,367 4,123 (2,367)(4,123)
3