Company registration number NI603693 (Northern Ireland)
RATHMORE STORES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
RATHMORE STORES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
RATHMORE STORES LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
10,342
10,983
Current assets
Stocks
72,503
60,833
Debtors
5
3,615
7,528
Cash at bank and in hand
114,809
156,159
190,927
224,520
Creditors: amounts falling due within one year
6
(128,360)
(183,933)
Net current assets
62,567
40,587
Net assets
72,909
51,570
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
72,907
51,568
Total equity
72,909
51,570

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 12 October 2023 and are signed on its behalf by:
Mr Andrew McBurney
Director
Company Registration No. NI603693
RATHMORE STORES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Rathmore Stores Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office is 10 Rathmore Road, Bangor, Co Down, BT19 1DL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
0%
Plant and machinery
10% straight line
Fixtures, fittings & equipment
16.67% straight line
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

RATHMORE STORES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

RATHMORE STORES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
26
16
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
220,000
Amortisation and impairment
At 1 April 2022 and 31 March 2023
220,000
Carrying amount
At 31 March 2023
-
0
At 31 March 2022
-
0
RATHMORE STORES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
10,342
10,529
134,240
155,111
Depreciation and impairment
At 1 April 2022
-
0
10,221
133,906
144,127
Depreciation charged in the year
-
0
308
334
642
At 31 March 2023
-
0
10,529
134,240
144,769
Carrying amount
At 31 March 2023
10,342
-
0
-
0
10,342
At 31 March 2022
10,342
308
333
10,983
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
3,615
7,528
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,769
15,768
Trade creditors
86,724
79,221
Corporation tax
20,152
37,530
Other taxation and social security
4,644
3,639
Other creditors (including Directors' current account)
11,071
47,775
128,360
183,933
2023-03-312022-04-01false12 October 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr Andrew McBurneyMr Ian McBurneyfalseNI6036932022-04-012023-03-31NI6036932023-03-31NI6036932022-03-31NI603693core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-31NI603693core:PlantMachinery2023-03-31NI603693core:FurnitureFittings2023-03-31NI603693core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-31NI603693core:PlantMachinery2022-03-31NI603693core:FurnitureFittings2022-03-31NI603693core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-31NI603693core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-31NI603693core:CurrentFinancialInstruments2023-03-31NI603693core:CurrentFinancialInstruments2022-03-31NI603693core:ShareCapital2023-03-31NI603693core:ShareCapital2022-03-31NI603693core:RetainedEarningsAccumulatedLosses2023-03-31NI603693core:RetainedEarningsAccumulatedLosses2022-03-31NI603693bus:Director12022-04-012023-03-31NI603693core:LandBuildingscore:OwnedOrFreeholdAssets2022-04-012023-03-31NI603693core:PlantMachinery2022-04-012023-03-31NI603693core:FurnitureFittings2022-04-012023-03-31NI6036932021-10-012022-03-31NI603693core:NetGoodwill2022-03-31NI603693core:NetGoodwill2023-03-31NI603693core:NetGoodwill2022-03-31NI603693core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-31NI603693core:PlantMachinery2022-03-31NI603693core:FurnitureFittings2022-03-31NI6036932022-03-31NI603693bus:PrivateLimitedCompanyLtd2022-04-012023-03-31NI603693bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-31NI603693bus:FRS1022022-04-012023-03-31NI603693bus:AuditExemptWithAccountantsReport2022-04-012023-03-31NI603693bus:Director22022-04-012023-03-31NI603693bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP