Abbots Store limited - Abbreviated accounts

Abbots Store limited - Abbreviated accounts

ABBOTS STORE LIMITED - Company Information

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Abbots Store limited
Registered number: 04006227
Directors' Report
The directors present their report and accounts for the year ended 31 May 2015.
Principal activities
The company's principal activity during the year continued to be Newsagent Grocery and Commission from Lottery sales and paypoint
Directors
The following persons served as directors during the year:
Bhawesh Ruparelia
Sangita Ruparelia
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 10 December 2015 and signed on its behalf.
Bhawesh Ruparelia
Director
Abbots Store limited
Notes to the Accounts
for the year ended 31 May 2015
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and machinery 5% on cost straight line
Motor vehicles 10% on cost straight line
Goodwill 4% On cost straight line
Stocks
Stock is valued at the lower of cost and net realisable value.
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.
Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Operating profit 2015 2014
£ £
This is stated after charging:
Depreciation of owned fixed assets 1,686 1,686
Amortisation of goodwill 2,513 2,513
3 Interest payable 2015 2014
£ £
Interest payable 7,114 5,232
4 Taxation 2015 2014
£ £
UK corporation tax 948 2,475
5 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2014 62,834
At 31 May 2015 62,834
Amortisation
At 1 June 2014 17,591
Provided during the year 2,513
At 31 May 2015 20,104
Net book value
At 31 May 2015 42,730
At 31 May 2014 45,243
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
6 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2014 2,001 59,434 61,435
At 31 May 2015 2,001 59,434 61,435
Depreciation
At 1 June 2014 1,200 19,316 20,516
Charge for the year 200 1,486 1,686
At 31 May 2015 1,400 20,802 22,202
Net book value
At 31 May 2015 601 38,632 39,233
At 31 May 2014 801 40,118 40,919
7 Debtors 2015 2014
£ £
Trade debtors 1,385 1,487
Other debtors 1,335 -
2,720 1,487
8 Creditors: amounts falling due within one year 2015 2014
£ £
Bank loans and overdrafts 38,250 38,211
Trade creditors 6,258 6,518
Corporation tax 3,223 2,475
Other taxes and social security costs 210 379
Director loan account (990) (1,869)
Other creditors 30,336 20,481
77,287 66,195
9 Creditors: amounts falling due after one year 2015 2014
£ £
Bank loans 29,034 39,450
10 Share capital Nominal 2015 2015 2014
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each - - 2
11 Profit and loss account 2015
£
At 1 June 2014 69
Profit for the year 2,758
Dividends (2,500)
At 31 May 2015 327
12 Dividends 2015 2014
£ £
Dividends for which the company became liable during the year:
Dividends paid 2,500 12,500
13 Related party transactions 2015 2014
£ £
Bhawesh Ruparelia
Director and Shareholder
At 31st May 2014 following amount was owed to the Director. The balance arose as a series of small loans. During the period expenses were paid by directors on behalf of the business and were subsequently reimbursed.
[Amount due from (to) the related party] 990 1,869
Registered number
04006227
Abbots Store limited
Abbreviated Accounts
31 May 2015
Abbots Store limited
Report to the directors on the preparation of the unaudited abbreviated accounts of Abbots Store limited for the year ended 31 May 2015
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Abbots Store limited for the year ended 31 May 2015 which comprise of the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
This report is made solely to the Board of Directors of Abbots Store limited, as a body, in accordance with the terms of our engagement letter dated 0 January 1900. Our work has been undertaken solely to prepare for your approval the accounts of Abbots Store limited and state those matters that we have agreed to state to the Board of Directors of Abbots Store limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abbots Store limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Abbots Store limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Abbots Store limited. You consider that Abbots Store limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Abbots Store limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the abbreviated accounts.
A J Shah and Company
Chartered Accountants
8 Pinner View
Harrow
Middlesex
HA1 4QA
14 December 2015
Abbots Store limited
Registered number: 04006227
Abbreviated Balance Sheet
as at 31 May 2015
Notes 2015 2014
£ £
Fixed assets
Intangible assets 2 42,730 45,243
Tangible assets 3 39,233 40,919
81,963 86,162
Current assets
Stocks 20,845 17,865
Debtors 2,720 1,487
Cash at bank and in hand 1,120 202
24,685 19,554
Creditors: amounts falling due within one year (77,287) (66,195)
Net current liabilities (52,602) (46,641)
Total assets less current liabilities 29,361 39,521
Creditors: amounts falling due after more than one year (29,034) (39,450)
Net assets 327 71
Capital and reserves
Called up share capital 4 - 2
Profit and loss account 327 69
Shareholders' funds 327 71
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
Bhawesh Ruparelia
Director
Approved by the board on 10 December 2015
Abbots Store limited
Notes to the Abbreviated Accounts
for the year ended 31 May 2015
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and machinery 5% on cost straight line
Motor vehicles 10% on cost straight line
Stocks
Stock is valued at the lower of cost and net realisable value.
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.
Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Intangible fixed assets £
Cost
At 1 June 2014 62,834
At 31 May 2015 62,834
Amortisation
At 1 June 2014 17,591
Provided during the year 2,513
At 31 May 2015 20,104
Net book value
At 31 May 2015 42,730
At 31 May 2014 45,243
3 Tangible fixed assets £
Cost
At 1 June 2014 61,435
At 31 May 2015 61,435
Depreciation
At 1 June 2014 20,516
Charge for the year 1,686
At 31 May 2015 22,202
Net book value
At 31 May 2015 39,233
At 31 May 2014 40,919
4 Share capital Nominal 2015 2015 2014
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each - - 2
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