Storeglove Limited - Accounts to registrar (filleted) - small 18.2
Storeglove Limited - Accounts to registrar (filleted) - small 18.2
Storeglove Limited |
Financial Statements for the Year Ended 30 June 2021 |
Storeglove Limited |
Company Information |
for the Year Ended 30 June 2021 |
DIRECTOR: |
SECRETARIES: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Radnor House |
Greenwood Close |
Cardiff Gate Business Park |
Cardiff |
CF23 8AA |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Storeglove Limited |
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 2021 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. |
Chartered Accountants |
Storeglove Limited (Registered number: 01890498) |
Balance Sheet |
30 June 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
DEFERRED TAXATION | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
Storeglove Limited (Registered number: 01890498) |
Balance Sheet - continued |
30 June 2021 |
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. |
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 |
Storeglove Limited (Registered number: 01890498) |
Notes to the Financial Statements |
for the Year Ended 30 June 2021 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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. |
Storeglove Limited (Registered number: 01890498) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2021 |
1. | ACCOUNTING POLICIES - continued |
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 |
3. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2020 |
Additions |
At 30 June 2021 |
DEPRECIATION |
At 1 July 2020 |
Charge for year |
At 30 June 2021 |
NET BOOK VALUE |
At 30 June 2021 |
At 30 June 2020 |
Storeglove Limited (Registered number: 01890498) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2021 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
Other debtors & prepayments |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans & overdrafts |
Hire purchase contracts |
Trade creditors |
Taxes & social security costs |
Other creditors & accruals |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
Hire purchase contracts |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2021 | 2020 |
£ | £ |
Bank loans |
Hire purchase contracts | 19,433 | 12,569 |
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. |