The Store X Limited - Accounts to registrar (filleted) - small 23.2.5
The Store X Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 28 February 2023 |
| for |
| The Store X Limited |
| The Store X Limited (Registered number: 09732245) |
| Contents of the Financial Statements |
| for the Year Ended 28 February 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| The Store X Limited |
| Company Information |
| for the Year Ended 28 February 2023 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Chartered Accountants & Business Advisers |
| 15 Newland |
| Lincoln |
| Lincolnshire |
| LN1 1XG |
| The Store X Limited (Registered number: 09732245) |
| Balance Sheet |
| 28 February 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings | 10 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| The Store X Limited (Registered number: 09732245) |
| Notes to the Financial Statements |
| for the Year Ended 28 February 2023 |
| 1. | STATUTORY INFORMATION |
| The Store X 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. |
| The trading addresses are as follows: |
| The Store X |
| 180 The Strand |
| London |
| WC2R 1EA |
| Soho Farmhouse |
| Great Tew |
| Chipping Norton |
| OX7 4JS |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The accounts are prepared on a going concern basis which assumes that the directors together with the Vinyl Factory Limited, the parent company of the group, will continue to support the Company. If this support was not to continue then the basis may not be appropriate. |
| Should the Company then not be able to continue trading, adjustments to the value of assets would be needed to provide for any further liabilities which may arise and to reclassify fixed assets as current assets. |
| Turnover |
| Turnover represents net invoiced sales, excluding value added tax. Revenue is recognised on an accruals basis in the period to which it relates. |
| Tangible fixed assets |
| Leasehold improvements | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Artwork | - |
| Computer equipment | - |
| Furnishings are not depreciated as the value of the items is not estimated to decrease due to being artwork furnishings. Regular impairment reviews are undertaken. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| The Store X Limited (Registered number: 09732245) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Leasehold | Plant and | and |
| improvements | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 March 2022 |
| Additions |
| At 28 February 2023 |
| DEPRECIATION |
| At 1 March 2022 |
| Charge for year |
| At 28 February 2023 |
| NET BOOK VALUE |
| At 28 February 2023 |
| At 28 February 2022 |
| Computer |
| Artwork | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 March 2022 |
| Additions |
| At 28 February 2023 |
| DEPRECIATION |
| At 1 March 2022 |
| Charge for year |
| At 28 February 2023 |
| NET BOOK VALUE |
| At 28 February 2023 |
| At 28 February 2022 |
| The Store X Limited (Registered number: 09732245) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Bank loans |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | - | 6,163 |
| 8. | DEFERRED TAX |
| £ |
| Balance at 1 March 2022 | ( |
) |
| Balance at 28 February 2023 | ( |
) |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted and issued: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| Share capital | £1 | 100 | 100 |
| 10. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 March 2022 | ( |
) |
| Deficit for the year | ( |
) |
| At 28 February 2023 | ( |
) |
| The Store X Limited (Registered number: 09732245) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2023 |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was qualified on the following basis: |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Due to a limitation of scope we have been unable to audit opening stock amounting to £853,059 and the closing stock figure of £445,929 included in these financial statements. |
| for and on behalf of |
| 13. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| 14. | ULTIMATE CONTROLLING PARTY |
| The company's parent undertaking is The Vinyl Factory Limited. The registered office of the parent undertaking is 15 Newland, Lincoln, Lincolnshire, LN1 1XG. The principle place of business is 16-18 Marshall Street, London, W1F 7BE. |