Factory Bargains Limited - Period Ending 2023-03-31

FACTORY BARGAINS LIMITED - Company Information

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Registration number: 09892354

Factory Bargains Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

Factory Bargains Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Factory Bargains Limited

Company Information

Director

S Brown

Registered office

Unit 8 & 9
Saxon Place
Station Road
Cheddar
Somerset
BS27 3AG

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

Factory Bargains Limited

(Registration number: 09892354)
Balance Sheet as at 31 March 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	4	64,568	73,478
Current assets
Stocks	5	231,946	273,418
Debtors	6	128,127	57,938
Cash at bank and in hand		206	311
		360,279	331,667
Creditors: Amounts falling due within one year	7	(668,706)	(527,832)
Net current liabilities		(308,427)	(196,165)
Total assets less current liabilities		(243,859)	(122,687)
Creditors: Amounts falling due after more than one year	7	(40,576)	(57,814)
Net liabilities		(284,435)	(180,501)
Capital and reserves
Called up share capital		100	100
Retained earnings		(284,535)	(180,601)
Shareholders' deficit		(284,435)	(180,501)

For the financial year ending 31 March 2023 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 2023

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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 director on 29 December 2023

.........................................
S Brown
Director

Factory Bargains Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

2	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 (£).

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 2023 the company had net current liabilities of £308,427 (2022 - net current liabilities of £196,165) and net liabilities of £284,435 (2022 - £180,501).

The other creditors include a loan owed to the director of £343,920. 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.

Factory Bargains Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2	Accounting policies (continued)

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.

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:

Asset class	Depreciation method and rate
Plant and machinery	15% Reducing balance
Fixtures, fittings and office equipment	15% Reducing balance, 33% Straight line
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

Factory Bargains Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2	Accounting policies (continued)

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.

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
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2022 - 5).

Factory Bargains Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4	Tangible assets

	Land and buildings £	Fixtures, fittings and office equipment £	Motor vehicles £	Plant and machinery £	Total £
Cost or valuation
At 1 April 2022	6,743	89,883	44,114	6,515	147,255
Additions	-	1,679	-	-	1,679
At 31 March 2023	6,743	91,562	44,114	6,515	148,934
Depreciation
At 1 April 2022	-	58,185	12,566	3,027	73,778
Charge for the year	-	5,333	4,732	523	10,588
At 31 March 2023	-	63,518	17,298	3,550	84,366
Carrying amount
At 31 March 2023	6,743	28,044	26,816	2,965	64,568
At 31 March 2022	6,743	31,699	31,548	3,488	73,478

Included within the net book value of land and buildings above is £6,743 (2022 - £6,743) in respect of short leasehold land and buildings.

Stocks

	2023 £	2022 £
Closing stock	231,946	273,418

Factory Bargains Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Debtors

Current	2023 £	2022 £
Trade debtors	283	-
Prepayments	963	524
Other debtors	126,881	57,414
	128,127	57,938

Creditors

Creditors: amounts falling due within one year

	Note	2023 £	2022 £
Due within one year
Loans and borrowings	8	82,308	72,382
Trade creditors		112,858	146,380
Taxation and social security		53,598	52,423
Accruals and deferred income		5,037	8,271
Other creditors		414,905	248,376
		668,706	527,832

Factory Bargains Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8	Loans and borrowings

	2023 £	2022 £
Non-current loans and borrowings
Hire purchase contracts	14,970	20,390
Other borrowings	25,606	37,424
	40,576	57,814

	2023 £	2022 £
Current loans and borrowings
Bank overdrafts	24,273	22,040
Hire purchase contracts	7,068	7,068
Other borrowings	50,967	43,274
	82,308	72,382