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REGISTERED NUMBER: 04609419 (England and Wales)













Unaudited Financial Statements

for the Year Ended 28 February 2022

for

The Cut-Price Bookstore Limited

The Cut-Price Bookstore Limited (Registered number: 04609419)






Contents of the Financial Statements
for the Year Ended 28 February 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Cut-Price Bookstore Limited

Company Information
for the Year Ended 28 February 2022







DIRECTORS: M D Cohen
J A Cohen
Mrs L G Rawnsley



SECRETARY: J A Cohen



REGISTERED OFFICE: 43 Chester Avenue
Beverley
East Yorkshire
HU17 8UQ



REGISTERED NUMBER: 04609419 (England and Wales)



ACCOUNTANTS: Anderson Barrowcliff LLP
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX



BANKERS: HSBC
4 Baxtergate
Whitby
North Yorkshire
YO21 1BD

The Cut-Price Bookstore Limited (Registered number: 04609419)

Balance Sheet
28 February 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 3,449 3,168
3,449 3,168

CURRENT ASSETS
Stocks 106,249 76,906
Debtors 6 11,394 41,684
Cash at bank and in hand 271,889 245,087
389,532 363,677
CREDITORS
Amounts falling due within one year 7 101,406 127,895
NET CURRENT ASSETS 288,126 235,782
TOTAL ASSETS LESS CURRENT
LIABILITIES

291,575

238,950

CAPITAL AND RESERVES
Called up share capital 9 125 125
Retained earnings 291,450 238,825
SHAREHOLDERS' FUNDS 291,575 238,950

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2022 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 Cut-Price Bookstore Limited (Registered number: 04609419)

Balance Sheet - continued
28 February 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 1 September 2022 and were signed on its behalf by:





M D Cohen - Director


The Cut-Price Bookstore Limited (Registered number: 04609419)

Notes to the Financial Statements
for the Year Ended 28 February 2022

1. STATUTORY INFORMATION

The Cut Price Bookstore 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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2. ACCOUNTING POLICIES

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

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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 can be split into two separate amounts as follows:

Goodwill of £35,000 arising on incorporation in 2003 was amortised evenly over its estimated useful life of ten years, and;

Goodwill of £59,999, being the amount paid in connection with the acquisition of a business in 2011, was amortised evenly over its estimated useful life of three years.

Both amounts have now been fully written down to nil.

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.
Leasehold property - over the period of the lease
Fixtures and fittings - 33% on cost and 20% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


The Cut-Price Bookstore Limited (Registered number: 04609419)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2022

2. ACCOUNTING POLICIES - continued
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The Company operates a defined contribution pension scheme for the benefit of its staff. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The Company also operates a non contributory pension scheme for certain directors. Expenditure is charged to the profit and loss account as it is paid.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

Debtors and creditors receivable/payable
Debtors and creditors with no stated interest rate and receivable or payable are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

Leasing commitments
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

GOVERNMENT GRANTS
The business received government grants in respect of the Coronavirus Job Retention Scheme & the Small Business Grant Fund. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attached to them. The grants were received using the accrual model.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2021 - 15 ) .

The Cut-Price Bookstore Limited (Registered number: 04609419)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2022

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2021
and 28 February 2022 94,999
AMORTISATION
At 1 March 2021
and 28 February 2022 94,999
NET BOOK VALUE
At 28 February 2022 -
At 28 February 2021 -

5. TANGIBLE FIXED ASSETS
Fixtures
Leasehold and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 March 2021 44,574 39,277 1,760 85,611
Additions - 1,676 - 1,676
At 28 February 2022 44,574 40,953 1,760 87,287
DEPRECIATION
At 1 March 2021 44,552 37,457 434 82,443
Charge for year - 814 581 1,395
At 28 February 2022 44,552 38,271 1,015 83,838
NET BOOK VALUE
At 28 February 2022 22 2,682 745 3,449
At 28 February 2021 22 1,820 1,326 3,168

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 3,779 8,432
Other debtors 7,615 33,252
11,394 41,684

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 52,159 5,741
Taxation and social security 44,506 49,201
Other creditors 4,741 72,953
101,406 127,895

The Cut-Price Bookstore Limited (Registered number: 04609419)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2022

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2021
£    £   
Within one year 64,900 51,150
Between one and five years 89,375 -
154,275 51,150

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary A £1 100 100
25 Ordinary B £1 25 25
125 125