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COMPANY REGISTRATION NUMBER: 06436889
Eagle Cash & Carry Limited
Filleted Unaudited Financial Statements
31 January 2023
Eagle Cash & Carry Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
21,268
26,476
Current assets
Stocks
388,724
339,896
Debtors
6
80,491
116,505
Cash at bank and in hand
2,610
34,902
---------
---------
471,825
491,303
Creditors: amounts falling due within one year
7
333,057
316,711
---------
---------
Net current assets
138,768
174,592
---------
---------
Total assets less current liabilities
160,036
201,068
Creditors: amounts falling due after more than one year
8
74,189
114,592
Provisions
Taxation including deferred tax
1,390
1,390
---------
---------
Net assets
84,457
85,086
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
84,357
84,986
--------
--------
Shareholders funds
84,457
85,086
--------
--------
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 statement of income and retained earnings has not been delivered.
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Eagle Cash & Carry Limited
Statement of Financial Position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 23 October 2023 , and are signed on behalf of the board by:
Mr K S Arora
Director
Company registration number: 06436889
Eagle Cash & Carry Limited
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit C13, Charles House, Bridge Road, Southall, Middlesex, UB2 4BD.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicle
-
20% reducing balance
Equipments
-
20% 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 3 (2022: 4 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 February 2022
3,517
28,931
13,930
1,387
47,765
Additions
109
109
-------
--------
--------
-------
--------
At 31 January 2023
3,517
29,040
13,930
1,387
47,874
-------
--------
--------
-------
--------
Depreciation
At 1 February 2022
3,067
11,653
5,418
1,151
21,289
Charge for the year
90
3,478
1,702
47
5,317
-------
--------
--------
-------
--------
At 31 January 2023
3,157
15,131
7,120
1,198
26,606
-------
--------
--------
-------
--------
Carrying amount
At 31 January 2023
360
13,909
6,810
189
21,268
-------
--------
--------
-------
--------
At 31 January 2022
450
17,278
8,512
236
26,476
-------
--------
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
712
857
Other debtors
79,779
115,648
--------
---------
80,491
116,505
--------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
50,504
55,313
Trade creditors
96,472
117,597
Corporation tax
1,944
Social security and other taxes
1,828
327
Other creditors
182,309
143,474
---------
---------
333,057
316,711
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
71,201
114,592
Other creditors
2,988
--------
---------
74,189
114,592
--------
---------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr K S Arora
( 23,825)
( 12,338)
( 36,163)
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr K S Arora
( 33,360)
9,535
( 23,825)
--------
-------
--------