Registered number
SC619912
JR Convenience Store Ltd
Filleted Accounts
28 February 2023
JR Convenience Store Ltd
Registered number: SC619912
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 30,000 35,000
Current assets
Stocks 24,515 24,115
Debtors 4 - 15,635
Cash at bank and in hand 37,211 31,783
61,726 71,533
Creditors: amounts falling due within one year 5 (26,537) (27,903)
Net current assets 35,189 43,630
Total assets less current liabilities 65,189 78,630
Creditors: amounts falling due after more than one year 6 (65,036) (78,049)
Net assets 153 581
Capital and reserves
Called up share capital 100 100
Profit and loss account 53 481
Shareholder's funds 153 581
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her 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.
Sujata Gindha
Director
Approved by the board on 11 September 2023
JR Convenience Store Ltd
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
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.
Intangible fixed assets
Intangible fixed assets, comprising Goodwill, are measured at cost less accumulative amortisation and any accumulative impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 50,000
At 28 February 2023 50,000
Amortisation
At 1 March 2022 15,000
Provided during the year 5,000
At 28 February 2023 20,000
Net book value
At 28 February 2023 30,000
At 28 February 2022 35,000
Goodwill is being written off over its useful life of 10 years
4 Debtors 2023 2022
£ £
Trade debtors - 15,635
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 753 1,902
Trade creditors 15,100 14,228
Accrued expenses 1,000 1,000
Taxation and social security costs 9,684 10,773
26,537 27,903
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 65,036 78,049
7 Controlling party
The director, Sujata Gindha, held a 100% beneficial interest in the share capital of the company.
8 Other information
JR Convenience Store Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
76 Blackstoun Road
Paisley
PA3 1NT
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