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REGISTERED NUMBER: SC439048 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 December 2021

for

Buyrite (Glasgow) Ltd

Buyrite (Glasgow) Ltd (Registered number: SC439048)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Buyrite (Glasgow) Ltd

Company Information
for the Year Ended 31 December 2021







DIRECTOR: Z P Mohammed





REGISTERED OFFICE: 121 Moffat Street
New Gorbals
Glasgow
G5 0ND





REGISTERED NUMBER: SC439048 (Scotland)





ACCOUNTANTS: KPP Glasgow South Ltd
Chartered Certified Accountants
Unit 3 , Morris Park
Glasgow
G5 0YD

Buyrite (Glasgow) Ltd (Registered number: SC439048)

Balance Sheet
31 December 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 140,217 140,217
Tangible assets 5 208,097 184,576
348,314 324,793

CURRENT ASSETS
Stocks 6 39,780 45,657
Debtors 7 22,642 49,344
Cash at bank and in hand 458,046 357,931
520,468 452,932
CREDITORS
Amounts falling due within one year 8 311,455 298,941
NET CURRENT ASSETS 209,013 153,991
TOTAL ASSETS LESS CURRENT
LIABILITIES

557,327

478,784

CREDITORS
Amounts falling due after more than one
year

9

(2,545

)

(8,605

)

PROVISIONS FOR LIABILITIES (6,344 ) -
NET ASSETS 548,438 470,179

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 548,338 470,079
SHAREHOLDERS' FUNDS 548,438 470,179

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Buyrite (Glasgow) Ltd (Registered number: SC439048)

Balance Sheet - continued
31 December 2021


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 director and authorised for issue on 12 September 2022 and were signed by:





Z P Mohammed - Director


Buyrite (Glasgow) Ltd (Registered number: SC439048)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

Buyrite (Glasgow) Ltd is a private company, limited by shares , registered in Scotland. 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 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.

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 0, is being amortised evenly over its estimated useful life of nil 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 - 20% 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.

Buyrite (Glasgow) Ltd (Registered number: SC439048)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2020 - 21 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2021
and 31 December 2021 140,217
NET BOOK VALUE
At 31 December 2021 140,217
At 31 December 2020 140,217

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2021 150,020 36,000 28,507 237 214,764
Additions - 11,333 29,470 92 40,895
At 31 December 2021 150,020 47,333 57,977 329 255,659
DEPRECIATION
At 1 January 2021 - 17,568 12,472 148 30,188
Charge for year - 5,953 11,376 45 17,374
At 31 December 2021 - 23,521 23,848 193 47,562
NET BOOK VALUE
At 31 December 2021 150,020 23,812 34,129 136 208,097
At 31 December 2020 150,020 18,432 16,035 89 184,576

6. STOCKS
31.12.21 31.12.20
£    £   
Stocks 39,780 45,657

Buyrite (Glasgow) Ltd (Registered number: SC439048)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Loan - W.Anwar - 16,500
Other debtors 22,500 32,500
Prepayments and accrued income 142 344
22,642 49,344

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Hire purchase contracts 6,060 6,060
Tax 18,600 14,946
Social security and other taxes 965 1,671
VAT 1,659 4,118
Directors' current accounts 235,145 230,843
Creditors & Accrued Charges 49,026 41,303
311,455 298,941

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.21 31.12.20
£    £   
Hire purchase contracts 2,545 8,605

10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.12.21 31.12.20
value: £    £   
100 Ordinary Share Capital £1 100 100