ACCOUNTS - Final Accounts preparation

THE BULLION STORE LTD - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-04-302022-04-302021-05-01falseNo description of principal activity66truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09380133 2021-05-01 2022-04-30 09380133 2020-04-30 2021-04-30 09380133 2022-04-30 09380133 2021-04-30 09380133 c:Director1 2021-05-01 2022-04-30 09380133 d:OfficeEquipment 2021-05-01 2022-04-30 09380133 d:OfficeEquipment 2022-04-30 09380133 d:OfficeEquipment 2021-04-30 09380133 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-05-01 2022-04-30 09380133 d:CurrentFinancialInstruments 2022-04-30 09380133 d:CurrentFinancialInstruments 2021-04-30 09380133 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 09380133 d:CurrentFinancialInstruments d:WithinOneYear 2021-04-30 09380133 d:ShareCapital 2022-04-30 09380133 d:ShareCapital 2021-04-30 09380133 d:RetainedEarningsAccumulatedLosses 2022-04-30 09380133 d:RetainedEarningsAccumulatedLosses 2021-04-30 09380133 c:OrdinaryShareClass1 2021-05-01 2022-04-30 09380133 c:OrdinaryShareClass1 2022-04-30 09380133 c:OrdinaryShareClass1 2021-04-30 09380133 c:FRS102 2021-05-01 2022-04-30 09380133 c:AuditExempt-NoAccountantsReport 2021-05-01 2022-04-30 09380133 c:FullAccounts 2021-05-01 2022-04-30 09380133 c:PrivateLimitedCompanyLtd 2021-05-01 2022-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09380133

THE BULLION STORE LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2022

THE BULLION STORE LTD

REGISTERED NUMBER: 09380133

BALANCE SHEET

AS AT 30 APRIL 2022

		2022		2021
Note		£		£

Fixed assets
Tangible assets	4		2,039		3,792
			2,039		3,792
Current assets
Stocks		60,708		129,936
Debtors: amounts falling due within one year	5	1,209,878		1,039,047
Cash at bank and in hand		24,608		21,000
		1,295,194		1,189,983
Creditors: amounts falling due within one year	6	(1,102,353)		(1,090,768)
Net current assets			192,841		99,215
Total assets less current liabilities			194,880		103,007

Net assets			194,880		103,007

Capital and reserves
Called up share capital	7	100	100
Profit and loss account		194,780	102,907
		194,880	103,007

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THE BULLION STORE LTD

REGISTERED NUMBER: 09380133

BALANCE SHEET (CONTINUED)

AS AT 30 APRIL 2022

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 April 2023.

Ashok Kumar

Director

The notes on pages 3 to 7 form part of these financial statements.

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THE BULLION STORE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

1.	General information

The Company is a private company, limited by shares, incorporated and domiciled in England within the United Kingdom, registration number 09380133. The Company's registered office is 43 Frederick Street, Birmingham, West Midlands, B1 3HN.
The financial statements are presented in sterling which is the functional currency of the company and the financial statements are rounded to the nearest £1.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Cash flow
Under Financial Reporting Standard 102, the company is exempt from the requirement to prepare a cash flow statement on the grounds that it qualifies as a small company.

2.2

Going concern

The directors have prepared the accounts on a going concern basis.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

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THE BULLION STORE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

2.Accounting policies (continued)

2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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THE BULLION STORE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

2.Accounting policies (continued)

2.9

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

25%

Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.11

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 6 (2021 - 6).

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THE BULLION STORE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 May 2021	7,010
	At 30 April 2022	7,010
	Depreciation
	At 1 May 2021	3,218
	Charge for the year on owned assets	1,753
	At 30 April 2022	4,971
	Net book value
	At 30 April 2022	2,039
	At 30 April 2021	3,792

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THE BULLION STORE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

Debtors

					2022	2021
					£	£


Trade debtors	124,288	60,000
Other debtors	1,085,590	979,047
	1,209,878	1,039,047

6.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	81,590	6,585
Corporation tax	92,778	48,712
Other taxation and social security	88,748	50,098
Other creditors	836,707	980,403
Accruals and deferred income	2,530	4,970
	1,102,353	1,090,768

7.	Share capital
		2022	2021
		£	£

Allotted, called up and fully paid

100 (2021 - 100) Ordinary Shares shares of £1.00 each	100	100

8.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £265 (2021 - £426) were payable to the fund at the balance sheet date and are included in creditors.

9.	Related party transactions
	As at the balance sheet date £145,413 (2021: £136,490) was due to the director. This loan is interest free and repayable on demand.

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