Detail Retail Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 07769071 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

DETAIL RETAIL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

H Schramli

C Brammall

W J Brammall

REGISTERED OFFICE:

Market Place

Ambleside

LA22 9BU

REGISTERED NUMBER:

07769071 (England and Wales)

ACCOUNTANTS:

Ribchesters

Chartered Accountants

Finchale House

Belmont Business Park

Durham

DH1 1TW

FIXED ASSETS

Tangible assets

4

2,617

2,160

CURRENT ASSETS

Stocks

52,933

58,599

Debtors

5

5,397

5,755

Cash at bank and in hand

26,098

64,266

84,428

128,620

CREDITORS

Amounts falling due within one year

6

85,348

63,747

NET CURRENT (LIABILITIES)/ASSETS

(920

)

64,873

TOTAL ASSETS LESS CURRENT LIABILITIES

1,697

67,033

PROVISIONS FOR LIABILITIES

1,195

540

NET ASSETS

502

66,493

CAPITAL AND RESERVES

Called up share capital

8

101

3

Retained earnings

401

66,490

SHAREHOLDERS' FUNDS

502

66,493

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 June 2023 and were signed on its behalf by:

H Schramli - Director

1.	STATUTORY INFORMATION

Detail Retail Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	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 derives from the principal activity of the company which is that of a retailer of gifts, homeware and stationery. Income from that activity is recognised at the point of sale of goods.

Tangible fixed assets

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

Improvements to property

-

10% on reducing balance

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company has elected to apply the provisions of section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

62,048

Additions

1,264

At 31 March 2023

63,312

DEPRECIATION

At 1 April 2022

59,888

Charge for year

807

At 31 March 2023

60,695

NET BOOK VALUE

At 31 March 2023

2,617

At 31 March 2022

2,160

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

5,397

5,755

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

9,108

9,998

Taxation and social security

13,608

16,465

Other creditors

62,632

37,284

85,348

63,747

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£

£

Within one year

20,000

20,000

Between one and five years

80,000

80,000

In more than five years

-

20,000

100,000

120,000

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

98

Ordinary

£1

100

2

1

Ordinary B

£1

1

1

101

3

98 Ordinary shares of £1 each were allotted and fully paid for cash at par during the year.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023

2022

£

£

W J Brammall

Balance outstanding at start of year

-

-

Amounts advanced

1,289

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,289

-

10.	RELATED PARTY DISCLOSURES

During the year two directors maintained an interest free loan to the company. As at the balance sheet date the balance on the loan was £44,862 (2022: £35,085).

During the year Chris Brammall Limited made an interest free loan to the company, at the year end the amount outstanding was £10,000.