31/01/2022 2022-01-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2021-02-01 Sage Accounts Production 21.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 06795141 2021-02-01 2022-01-31 06795141 2022-01-31 06795141 2021-01-31 06795141 2020-02-01 2021-01-31 06795141 2021-01-31 06795141 bus:RegisteredOffice 2021-02-01 2022-01-31 06795141 bus:LeadAgentIfApplicable 2021-02-01 2022-01-31 06795141 bus:Director1 2021-02-01 2022-01-31 06795141 bus:Director2 2021-02-01 2022-01-31 06795141 bus:CompanySecretary1 2021-02-01 2022-01-31 06795141 core:WithinOneYear 2022-01-31 06795141 core:WithinOneYear 2021-01-31 06795141 core:NetGoodwill 2022-01-31 06795141 core:FurnitureFittingsToolsEquipment 2021-01-31 06795141 core:FurnitureFittingsToolsEquipment 2022-01-31 06795141 core:AfterOneYear 2022-01-31 06795141 core:ShareCapital 2022-01-31 06795141 core:ShareCapital 2021-01-31 06795141 core:RetainedEarningsAccumulatedLosses 2022-01-31 06795141 core:RetainedEarningsAccumulatedLosses 2021-01-31 06795141 core:FurnitureFittingsToolsEquipment 2021-02-01 2022-01-31 06795141 core:NetGoodwill 2021-01-31 06795141 core:FurnitureFittingsToolsEquipment 2021-01-31 06795141 bus:Director1 2021-01-31 06795141 bus:Director1 2022-01-31 06795141 bus:Director1 2020-01-31 06795141 bus:Director1 2021-01-31 06795141 bus:Director1 2020-02-01 2021-01-31 06795141 bus:SmallEntities 2021-02-01 2022-01-31 06795141 bus:AuditExemptWithAccountantsReport 2021-02-01 2022-01-31 06795141 bus:FullAccounts 2021-02-01 2022-01-31 06795141 bus:SmallCompaniesRegimeForAccounts 2021-02-01 2022-01-31 06795141 bus:PrivateLimitedCompanyLtd 2021-02-01 2022-01-31 06795141 core:NetGoodwill 2021-02-01 2022-01-31
Company registration number: 06795141
Here4U Stores Limited
Unaudited filleted financial statements
31 January 2022
HERE4U STORES LIMITED
DIRECTORS AND OTHER INFORMATION
Directors Mrs L M Tipper
Mr R Tipper
Secretary Mrs L M Tipper
Company number 06795141
Registered office Costcutter
Kinnerton Way
Exwick
Devon
EX4 2PR
Business address Costcutter
Kinnerton Way
Exwick
Exeter, Devon
EX4 2PR
Accountants Thomas Westcott LLP
Timberly
South Street
Axminster
Devon
EX13 5AD
HERE4U STORES LIMITED
STATEMENT OF FINANCIAL POSITION
31 JANUARY 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 30,823 27,214
_______ _______
30,823 27,214
Current assets
Stocks 149,740 97,990
Debtors 7 41,619 4,861
Cash at bank and in hand 44,454 53,219
_______ _______
235,813 156,070
Creditors: amounts falling due
within one year 8 ( 230,247) ( 143,555)
_______ _______
Net current assets 5,566 12,515
_______ _______
Total assets less current liabilities 36,389 39,729
Creditors: amounts falling due
after more than one year 9 ( 72,432) -
Provisions for liabilities ( 5,856) ( 5,171)
_______ _______
Net (liabilities)/assets ( 41,899) 34,558
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 10 ( 41,901) 34,556
_______ _______
Shareholders (deficit)/funds ( 41,899) 34,558
_______ _______
For the year ending 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 September 2022 , and are signed on behalf of the board by:
Mr R Tipper
Director
Company registration number: 06795141
HERE4U STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2022
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Here4U Stores Limited , Costcutter, Kinnerton Way, Exwick, Devon, EX4 2PR.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have assessed that the company will have adequate resources available to finance its trading and other obligations during the course of 12 months from the date of approval of these financial statements. These financial statements have therefore been prepared on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 5 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 20% and 15% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 44 (2021: 25 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 February 2021 and 31 January 2022 100,000 100,000
_______ _______
Amortisation
At 1 February 2021 and 31 January 2022 100,000 100,000
_______ _______
Carrying amount
At 31 January 2022 - -
_______ _______
At 31 January 2021 - -
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 February 2021 142,787 142,787
Additions 11,190 11,190
_______ _______
At 31 January 2022 153,977 153,977
_______ _______
Depreciation
At 1 February 2021 115,573 115,573
Charge for the year 7,581 7,581
_______ _______
At 31 January 2022 123,154 123,154
_______ _______
Carrying amount
At 31 January 2022 30,823 30,823
_______ _______
At 31 January 2021 27,214 27,214
_______ _______
7. Debtors
2022 2021
£ £
Other debtors 41,619 4,861
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 20,800 -
Trade creditors 133,152 71,319
Accruals and deferred income 17,795 14,656
Social security and other taxes 41,939 37,681
Other creditors 16,561 19,899
_______ _______
230,247 143,555
_______ _______
The bank loan and overdraft are secured by a fixed and floating charge over all the company's assets.
9. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 30,941 -
Social security and other taxes 41,491 -
_______ _______
72,432 -
_______ _______
The bank loan is secured by a fixed and floating charge over all the company's assets.
10. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Directors ( 4,518) 56,287 ( 34,000) 17,769
_______ _______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Directors 16,503 38,979 ( 60,000) ( 4,518)
_______ _______ _______ _______