Factory Bargains Limited - Period Ending 2022-03-31
Factory Bargains Limited - Period Ending 2022-03-31
Registration number:
Factory Bargains Limited
for the
Year Ended 31 March 2022
Factory Bargains Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Factory Bargains Limited
Company Information
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Director |
S Brown |
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Registered office |
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Accountants |
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Factory Bargains Limited
(Registration number: 09892354)
Balance Sheet as at 31 March 2022
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2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' deficit |
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For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Factory Bargains Limited
(Registration number: 09892354)
Balance Sheet as at 31 March 2022
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Factory Bargains Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency of the financial statements is Pound Sterling (£).
Factory Bargains Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
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Accounting policies (continued) |
Going concern
The financial statements have been prepared on a going concern basis, which assumes that the company will continue to trade in operational existence for the foreseeable future. At 31 March 2022 the company had net current liabilities of £196,164 (2021 - net current liabilities of £187,558) and net liabilities of £180,501 (2021 - £185,194).
The director has assessed the challenges arising from the uncertainty around the actual and potential impacts upon the company posed by COVID-19 and has taken steps to mitigate the impact including taking advantage of the Government support available to the company in particular the furlough scheme, local grants available and a Bounce Back Loan.
The other creditors include a loan owed to the director of £196,449. The director has indicated that he will not request repayment of this loan until such time as the company is a suitable position to do so and has indicated that he will continue to support the company for the foreseeable future.
After considering all of the above, the director therefore feels that it is appropriate to adopt the going concern basis for preparing these financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Factory Bargains Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
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Accounting policies (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
15% Reducing balance |
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Fixtures, fittings and office equipment |
15% Reducing balance, 33% Straight line |
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Motor vehicles |
15% Reducing balance |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Factory Bargains Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
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Accounting policies (continued) |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Factory Bargains Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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Tangible assets |
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Land and buildings |
Fixtures, fittings and office equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2021 |
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Additions |
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At 31 March 2022 |
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Depreciation |
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At 1 April 2021 |
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Charge for the year |
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At 31 March 2022 |
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Carrying amount |
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At 31 March 2022 |
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At 31 March 2021 |
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Included within the net book value of land and buildings above is £6,743 (2021 - £6,743) in respect of short leasehold land and buildings.
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Stocks |
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2022 |
2021 |
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Closing stock |
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Factory Bargains Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
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Debtors |
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Current |
2022 |
2021 |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2022 |
2021 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Factory Bargains Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
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Loans and borrowings |
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2022 |
2021 |
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Non-current loans and borrowings |
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Hire purchase contracts |
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Other borrowings |
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2022 |
2021 |
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Current loans and borrowings |
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Bank overdrafts |
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Hire purchase contracts |
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Other borrowings |
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