Company Registration No. 03453573 (England and Wales)
Retail Therapy (South West) Ltd
Unaudited accounts
for the year ended 31 January 2023
Retail Therapy (South West) Ltd
Company Information
for the year ended 31 January 2023
Directors
Mrs J Southcombe
Company Number
03453573 (England and Wales)
Registered Office
Radigan Farm
Stewley, Ashill
Ilminster
TA19 9NL
Accountants
D J Goodall & Co Ltd
Church Barns
Hockworthy
Wellington
Somerset
TA21 0NW
Retail Therapy (South West) Ltd
Statement of financial position
as at 31 January 2023
Tangible assets
6,538
9,411
Cash at bank and in hand
264,091
244,709
Creditors: amounts falling due within one year
(41,897)
(40,090)
Net current assets
261,738
244,434
Total assets less current liabilities
268,276
253,845
Creditors: amounts falling due after more than one year
(24,766)
(34,401)
Provisions for liabilities
Net assets
243,510
218,171
Called up share capital
2
2
Profit and loss account
243,508
218,169
Shareholders' funds
243,510
218,171
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 4 July 2023 and were signed on its behalf by
Mrs J Southcombe
Director
Company Registration No. 03453573
Retail Therapy (South West) Ltd
Notes to the Accounts
for the year ended 31 January 2023
Retail Therapy (South West) Ltd is a private company, limited by shares, registered in England and Wales, registration number 03453573. The registered office is Radigan Farm, Stewley, Ashill, Ilminster, TA19 9NL.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
20% on reducing balance
Motor vehicles
25% on reducing balance
Fixtures & fittings
20% on reducing balance
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets where appropriate.
Inventories have been valued at the lower of cost and net realisable value, after due regards for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Retail Therapy (South West) Ltd
Notes to the Accounts
for the year ended 31 January 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Land & buildings
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 February 2022
28,549
1,650
145,555
175,754
At 31 January 2023
28,549
825
145,555
174,929
At 1 February 2022
26,386
413
139,544
166,343
Charge for the year
434
412
1,202
2,048
At 31 January 2023
26,820
825
140,746
168,391
At 31 January 2023
1,729
-
4,809
6,538
At 31 January 2022
2,163
1,237
6,011
9,411
Amounts falling due within one year
Accrued income and prepayments
-
8,497
Retail Therapy (South West) Ltd
Notes to the Accounts
for the year ended 31 January 2023
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,000
Trade creditors
13,559
7,170
Taxes and social security
7,393
4,314
Other creditors
3,134
4,179
Loans from directors
(1,306)
(86)
7
Creditors: amounts falling due after more than one year
2023
2022
8
Average number of employees
During the year the average number of employees was 6 (2022: 6).