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COMPANY REGISTRATION NUMBER: 11079479
The Emporium (Rugby) Ltd
Filleted Unaudited Financial Statements
30 November 2022
The Emporium (Rugby) Ltd
Financial Statements
Year ended 30 November 2022
Contents
Page
Balance sheet
1
Notes to the financial statements
3
The Emporium (Rugby) Ltd
Balance Sheet
30 November 2022
2022
2021
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,383
Current assets
Stocks
2,000
Debtors
6
2,842
29,250
Cash at bank and in hand
26,056
4,194
--------
--------
28,898
35,444
Creditors: amounts falling due within one year
7
( 192,887)
( 180,777)
---------
---------
Net current liabilities
( 163,989)
( 145,333)
---------
---------
Total assets less current liabilities
( 163,989)
( 143,950)
Creditors: amounts falling due after more than one year
8
( 6,715)
( 9,285)
---------
---------
Net liabilities
( 170,704)
( 153,235)
---------
---------
The Emporium (Rugby) Ltd
Balance Sheet (continued)
30 November 2022
2022
2021
Note
£
£
£
£
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 170,705)
( 153,236)
---------
---------
Shareholders deficit
( 170,704)
( 153,235)
---------
---------
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 profit and loss account has not been delivered.
For the year ending 30 November 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 were approved by the board of directors and authorised for issue on 29 August 2023 , and are signed on behalf of the board by:
Mr P R Catterall
Director
Company registration number: 11079479
The Emporium (Rugby) Ltd
Notes to the Financial Statements
Year ended 30 November 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Ashlawn Road, Rugby, CV22 5ET.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.
Going concern
The directors acknowledge the losses the company has incurred during the year, however with their continued support believe the company is a going concern.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Deferred tax is recognised in respect of all timing differences at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
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 stock to its 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. 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.
4. Other operating income
Other operating income is income received from Government grants.
5. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 December 2021
1,370
3,000
4,370
Disposals
( 3,000)
( 3,000)
-------
-------
-------
At 30 November 2022
1,370
1,370
-------
-------
-------
Depreciation
At 1 December 2021
936
2,051
2,987
Charge for the year
434
449
883
Disposals
( 2,500)
( 2,500)
-------
-------
-------
At 30 November 2022
1,370
1,370
-------
-------
-------
Carrying amount
At 30 November 2022
-------
-------
-------
At 30 November 2021
434
949
1,383
-------
-------
-------
6. Debtors
2022
2021
£
£
Other debtors
2,842
29,250
-------
--------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
2,570
2,506
Social security and other taxes
13,710
11,986
Other creditors
176,607
166,285
---------
---------
192,887
180,777
---------
---------
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
6,715
9,285
-------
-------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2022
2021
£
£
Not later than 1 year
39,000
Later than 1 year and not later than 5 years
35,750
----
--------
74,750
----
--------
10. Directors' advances, credits and guarantees
During the year the directors had an interest free, repayable on demand loan with the company. At the start of the year the directors were owed by the company £20,913 and at the end of the year were owed £29,808. During the year the company purchased £10,000, (2021: £17,000) of stock from the director at arms length.
11. Related party transactions
During the year the company received an interest free, repayable on demand loan from a company a director controls. At the start of the year the company owed £138,205 to this related party and at the end of the year the company owed £144,949.