FSW Retail Ltd
Registered number: 01432268
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 150,582 156,955
Current assets
Cash at bank and in hand 39,203 30,520
Creditors: amounts falling due within one year 4 (9,355) (8,487)
Net current assets 29,848 22,033
Total assets less current liabilities 180,430 178,988
Creditors: amounts falling due after more than one year 5 (320) (154)
Provisions for liabilities (25,312) (25,312)
Net assets 154,798 153,522
Capital and reserves
Called up share capital 20,000 20,000
Profit and loss account 134,798 133,522
Shareholders' funds 154,798 153,522
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs S Wake
Director
Approved by the board on 8 October 2023
FSW Retail Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2022 287,623 2,160 289,783
At 31 March 2023 287,623 2,160 289,783
Depreciation
At 1 April 2022 131,100 1,728 132,828
Charge for the year 5,941 432 6,373
At 31 March 2023 137,041 2,160 139,201
Net book value
At 31 March 2023 150,582 - 150,582
At 31 March 2022 156,523 432 156,955
4 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax 6,955 7,669
Other taxes and social security costs 2,400 818
9,355 8,487
5 Creditors: amounts falling due after one year 2023 2022
£ £
Directors' loans 320 154
6 Other information
FSW Retail Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Westacre
High Urpeth
Nr Beamish
Co Durham
DH9 0SE
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