| Abbots Store limited |
| Notes to the Accounts |
| for the year ended 31 May 2016 |
|
| 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 |
2016 |
|
2015 |
| £ |
£ |
|
This is stated after charging: |
|
|
Depreciation of owned fixed assets |
3,172 |
|
1,686 |
|
Amortisation of goodwill |
2,513 |
|
2,513 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Interest payable |
2016 |
|
2015 |
| £ |
£ |
|
|
Interest payable |
2,679 |
|
7,114 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Taxation |
2016 |
|
2015 |
| £ |
£ |
|
|
UK corporation tax |
2,227 |
|
948 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 June 2015 |
62,834 |
|
At 31 May 2016 |
62,834 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 June 2015 |
20,104 |
|
Provided during the year |
2,513 |
|
At 31 May 2016 |
22,617 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2016 |
40,217 |
|
At 31 May 2015 |
42,730 |
|
|
|
|
|
|
|
|
|
|
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 2015 |
2,001 |
|
59,434 |
|
61,435 |
|
At 31 May 2016 |
2,001 |
|
59,434 |
|
61,435 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2015 |
1,400 |
|
20,802 |
|
22,202 |
|
Charge for the year |
200 |
|
2,972 |
|
3,172 |
|
At 31 May 2016 |
1,600 |
|
23,774 |
|
25,374 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2016 |
401 |
|
35,660 |
|
36,061 |
|
At 31 May 2015 |
601 |
|
38,632 |
|
39,233 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Debtors |
2016 |
|
2015 |
| £ |
£ |
|
|
Trade debtors |
1,435 |
|
1,385 |
|
Other debtors |
- |
|
1,335 |
|
|
|
|
|
|
1,435 |
|
2,720 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Creditors: amounts falling due within one year |
2016 |
|
2015 |
| £ |
£ |
|
|
Bank loans and overdrafts |
20,566 |
|
38,250 |
|
Trade creditors |
9,755 |
|
6,258 |
|
Corporation tax |
2,227 |
|
3,223 |
|
Other taxes and social security costs |
448 |
|
210 |
|
Director loan account |
750 |
|
(992) |
|
Other creditors |
35,226 |
|
30,336 |
|
|
|
|
|
|
68,972 |
|
77,285 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Creditors: amounts falling due after one year |
2016 |
|
2015 |
| £ |
£ |
|
|
Bank loans |
30,486 |
|
29,034 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Share capital |
Nominal |
|
2016 |
|
2016 |
|
2015 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
- |
|
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 11 |
Profit and loss account |
2016 |
| £ |
|
|
At 1 June 2015 |
327 |
|
Profit for the year |
6,273 |
|
Dividends |
(6,500) |
|
|
At 31 May 2016 |
100 |
|
|
|
|
|
|
|
|
| 12 |
Dividends |
2016 |
|
2015 |
| £ |
£ |
|
|
Dividends for which the company became liable during the year: |
|
Dividends paid |
6,500 |
|
2,500 |
|
|
|
|
|
|
|
|
|
|
|
| 13 |
Related party transactions |
2016 |
|
2015 |
| £ |
£ |
|
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] |
(750) |
|
992 |
|
| 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 2016 |
| 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 2016 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 |
|
| 19 February 2017 |
|
| Abbots Store limited |
| Registered number: |
04006227 |
| Abbreviated Balance Sheet |
| as at 31 May 2016 |
|
| Notes |
|
|
2016 |
|
|
2015 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
2 |
|
|
40,217 |
|
|
42,730 |
| Tangible assets |
3 |
|
|
36,061 |
|
|
39,233 |
|
|
|
|
76,278 |
|
|
81,963 |
|
| Current assets |
| Stocks |
|
|
21,635 |
|
|
20,845 |
| Debtors |
|
|
1,435 |
|
|
2,720 |
| Cash at bank and in hand |
|
|
212 |
|
|
1,120 |
|
|
|
23,282 |
|
|
24,685 |
|
| Creditors: amounts falling due within one year |
|
|
(68,972) |
|
|
(77,285) |
|
| Net current liabilities |
|
|
|
(45,690) |
|
|
(52,600) |
|
| Total assets less current liabilities |
|
|
|
30,588 |
|
|
29,363 |
|
| Creditors: amounts falling due after more than one year |
|
|
|
(30,486) |
|
|
(29,034) |
|
|
|
| Net assets |
|
|
|
102 |
|
|
329 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
4 |
|
|
2 |
|
|
2 |
| Profit and loss account |
|
|
|
100 |
|
|
327 |
|
| Shareholders' funds |
|
|
|
102 |
|
|
329 |
|
|
|
|
|
|
|
|
| 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 18 February 2017 |
|
| Abbots Store limited |
| Notes to the Abbreviated Accounts |
| for the year ended 31 May 2016 |
|
| 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 2015 |
62,834 |
|
At 31 May 2016 |
62,834 |
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 June 2015 |
20,104 |
|
Provided during the year |
2,513 |
|
At 31 May 2016 |
22,617 |
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2016 |
40,217 |
|
At 31 May 2015 |
42,730 |
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
£ |
|
|
Cost |
|
At 1 June 2015 |
61,435 |
|
At 31 May 2016 |
61,435 |
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2015 |
22,202 |
|
Charge for the year |
3,172 |
|
At 31 May 2016 |
25,374 |
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2016 |
36,061 |
|
At 31 May 2015 |
39,233 |
|
|
|
|
|
|
|
|
| 4 |
Share capital |
Nominal |
|
2016 |
|
2016 |
|
2015 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
- |
|
2 |
|
2 |
|
|
|
|
|
|
|
|
|
