Warley Supermarket Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 04296324 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017

FOR

WARLEY SUPERMARKET LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs J Kaur

G S Sandhar

REGISTERED OFFICE:

Harpal House

14 Holyhead Road

Handsworth

Birmingham

West Midlands

B21 0LT

REGISTERED NUMBER:

04296324 (England and Wales)

FIXED ASSETS

Intangible assets

4

3,825

4,575

Tangible assets

5

52,459

47,599

56,284

52,174

CURRENT ASSETS

Stocks

6

62,395

58,941

Debtors

7

-

6,442

Cash in hand

289

2,752

62,684

68,135

CREDITORS

Amounts falling due within one year

8

108,172

107,661

NET CURRENT LIABILITIES

(45,488

)

(39,526

)

TOTAL ASSETS LESS CURRENT LIABILITIES

10,796

12,648

CAPITAL AND RESERVES

Called up share capital

10

4

4

Retained earnings

11

10,792

12,644

SHAREHOLDERS' FUNDS

10,796

12,648

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 27 June 2018 and were signed on its behalf by:

G S Sandhar - Director

1.	STATUTORY INFORMATION

Warley Supermarket 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2016

and 30 September 2017

15,000

AMORTISATION

At 1 October 2016

10,425

Amortisation for year

750

At 30 September 2017

11,175

NET BOOK VALUE

At 30 September 2017

3,825

At 30 September 2016

4,575

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 October 2016

48,759

9,250

13,698

71,707

Additions

12,143

-

-

12,143

At 30 September 2017

60,902

9,250

13,698

83,850

DEPRECIATION

At 1 October 2016

9,885

2,313

11,910

24,108

Charge for year

5,102

1,734

447

7,283

At 30 September 2017

14,987

4,047

12,357

31,391

NET BOOK VALUE

At 30 September 2017

45,915

5,203

1,341

52,459

At 30 September 2016

38,874

6,937

1,788

47,599

6.

STOCKS

30/9/17

30/9/16

£

£

Stocks

62,395

58,941

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/17

30/9/16

£

£

VAT

-

6,442

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/17

30/9/16

£

£

Bank loans and overdrafts (see note 9)

28,237

32,934

Trade creditors

28,338

31,870

Tax

2,161

6,965

Social security and other taxes

199

-

VAT

37

-

Other creditors

7,878

7,276

Directors' current accounts

39,480

24,089

Accrued expenses

1,842

4,527

108,172

107,661

9.

LOANS

An analysis of the maturity of loans is given below:

30/9/17

30/9/16

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

28,237

32,934

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/9/17

30/9/16

value:

£

£

4

Ordinary Shares

£1

4

4

11.

RESERVES

Retained

earnings

£

At 1 October 2016

12,644

Profit for the year

18,148

Dividends

(20,000

)

At 30 September 2017

10,792

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £15,000 (2016 - £15,000) were paid to the directors .