11 false false false false false false false false false true false false false true true true No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021 356,999 69,615 23,205 92,820 264,179 287,384 xbrli:pure xbrli:shares iso4217:GBP 08817449 2022-03-01 2023-02-28 08817449 2023-02-28 08817449 2022-02-28 08817449 2021-03-01 2022-02-28 08817449 2022-02-28 08817449 core:NetGoodwill 2022-03-01 2023-02-28 08817449 core:FurnitureFittings 2022-03-01 2023-02-28 08817449 core:MotorVehicles 2022-03-01 2023-02-28 08817449 bus:Director1 2022-03-01 2023-02-28 08817449 core:NetGoodwill 2022-02-28 08817449 core:NetGoodwill 2023-02-28 08817449 core:LandBuildings 2022-02-28 08817449 core:FurnitureFittings 2022-02-28 08817449 core:MotorVehicles 2022-02-28 08817449 core:LandBuildings 2023-02-28 08817449 core:FurnitureFittings 2023-02-28 08817449 core:MotorVehicles 2023-02-28 08817449 core:LandBuildings 2022-03-01 2023-02-28 08817449 core:WithinOneYear 2023-02-28 08817449 core:WithinOneYear 2022-02-28 08817449 core:AfterOneYear 2023-02-28 08817449 core:AfterOneYear 2022-02-28 08817449 core:ShareCapital 2023-02-28 08817449 core:ShareCapital 2022-02-28 08817449 core:RetainedEarningsAccumulatedLosses 2023-02-28 08817449 core:RetainedEarningsAccumulatedLosses 2022-02-28 08817449 core:MoreThanFiveYears 2023-02-28 08817449 core:MoreThanFiveYears 2022-02-28 08817449 core:NetGoodwill 2022-02-28 08817449 core:LandBuildings 2022-02-28 08817449 core:FurnitureFittings 2022-02-28 08817449 core:MotorVehicles 2022-02-28 08817449 bus:SmallEntities 2022-03-01 2023-02-28 08817449 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 08817449 bus:FullAccounts 2022-03-01 2023-02-28 08817449 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 08817449 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 08817449 core:LandBuildings core:ShortLeaseholdAssets 2022-03-01 2023-02-28
COMPANY REGISTRATION NUMBER: 08817449
H & S Superstores Limited
Filleted Unaudited Financial Statements
28 February 2023
H & S Superstores Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
264,179
287,384
Tangible assets
6
38,516
10,272
---------
---------
302,695
297,656
Current assets
Stocks
74,500
90,500
Debtors
7
5,747
5,747
Cash at bank and in hand
43,957
231,251
---------
---------
124,204
327,498
Creditors: amounts falling due within one year
8
163,195
240,761
---------
---------
Net current (liabilities)/assets
( 38,991)
86,737
---------
---------
Total assets less current liabilities
263,704
384,393
Creditors: amounts falling due after more than one year
9
46,984
192,914
---------
---------
Net assets
216,720
191,479
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
216,620
191,379
---------
---------
Shareholder funds
216,720
191,479
---------
---------
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 28 February 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 member has 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 .
H & S Superstores Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 10 October 2023 , and are signed on behalf of the board by:
Mr A Kangatheepan
Director
Company registration number: 08817449
H & S Superstores Limited
Notes to the Financial Statements
Year ended 28 February 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 102 West End Lane, London, NW6 2LS.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
6% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Short leasehold property
-
Over the term of the lease
Fixtures. fittings & equipment
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 11 ).
5. Intangible assets
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
356,999
---------
Amortisation
At 1 March 2022
69,615
Charge for the year
23,205
---------
At 28 February 2023
92,820
---------
Carrying amount
At 28 February 2023
264,179
---------
At 28 February 2022
287,384
---------
6. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2022
10,098
667
3,000
13,765
Additions
36,695
36,695
--------
----
--------
--------
At 28 February 2023
10,098
667
39,695
50,460
--------
----
--------
--------
Depreciation
At 1 March 2022
2,019
394
1,080
3,493
Charge for the year
673
55
7,723
8,451
--------
----
--------
--------
At 28 February 2023
2,692
449
8,803
11,944
--------
----
--------
--------
Carrying amount
At 28 February 2023
7,406
218
30,892
38,516
--------
----
--------
--------
At 28 February 2022
8,079
273
1,920
10,272
--------
----
--------
--------
7. Debtors
2023
2022
£
£
Other debtors
5,747
5,747
-------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,450
25,550
Trade creditors
34,898
32,347
Corporation tax
8,292
26,603
Social security and other taxes
8,806
11,799
Other creditors
101,749
144,462
---------
---------
163,195
240,761
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,762
192,914
Other creditors
23,222
--------
---------
46,984
192,914
--------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 5 years
70,000
70,000
--------
--------