The Smarterbuys Store Limited
Filleted Accounts
31 October 2022
Registered number
07526461
Charity Registration No 1144676
The Smarterbuys Store Limited
Registered number: 07526461
Balance Sheet
as at 31 October 2022
Notes 2022 2021
£ £
Current assets
Debtors 3 642,243 832,024
Cash at bank and in hand 44,199 111,159
686,442 943,183
Creditors: amounts falling due within one year 4 (602,140) (40,840)
Net current assets 84,302 902,343
Total assets less current liabilities 84,302 902,343
Creditors: amounts falling due after more than one year 5 (60,357) (696,338)
Net assets 23,945 206,005
Capital and reserves
Profit and loss account 23,945 206,005
Retained earnings 23,945 206,005
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 member has 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.
Mr Christopher Imrie
Director
Approved by the board on 19 October 2023
The Smarterbuys Store Limited
Notes to the Accounts
for the period from 1 June 2021 to 31 October 2022
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.
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 2022 2021
Number Number
Average number of persons employed by the company 3 5
3 Debtors 2022 2021
£ £
Trade debtors 624,438 818,481
Other debtors 17,805 13,543
642,243 832,024
4 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 6,360 37,256
Trade creditors - 701
Taxation and social security costs 2,857 2,883
Other creditors 592,923 -
602,140 40,840
5 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 37,973 255,935
Other creditors 22,384 440,403
60,357 696,338
6 Other information
The Smarterbuys Store Limited is a charity limited by guarantee and incorporated in England. Its registered office is:
Baird House City West Business Park
Scotswood Road
Newcastle upon Tyne
NE4 7DF
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