Registered number
10396786
Newtown Village Store Ltd
Filleted Accounts
30 September 2023
Newtown Village Store Ltd
Registered number: 10396786
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - 67,995
Tangible assets 4 - 163,273
- 231,268
Current assets
Stocks - 87,800
Debtors 5 - 5,836
Cash at bank and in hand 100 -
100 93,636
Creditors: amounts falling due within one year 6 - (226,981)
Net current assets/(liabilities) 100 (133,345)
Total assets less current liabilities 100 97,923
Creditors: amounts falling due after more than one year 7 - (117,512)
Net assets/(liabilities) 100 (19,589)
Capital and reserves
Called up share capital 100 100
Profit and loss account - (19,689)
Shareholder's funds 100 (19,589)
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 his 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.
JASVIR SINGH
Director
Approved by the board on 20 November 2023
Newtown Village Store Ltd
Notes to the Accounts
for the year ended 30 September 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Goodwill 5% reducing balance method
Freehold buildings 2% reducing balance method
Plant and machinery 10% reducing balance method
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2022 92,499
Disposals (92,499)
At 30 September 2023 -
Amortisation
At 1 October 2022 24,504
On disposals (24,504)
At 30 September 2023 -
Net book value
At 30 September 2023 -
At 30 September 2022 67,995
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 October 2022 178,233 9,330 187,563
Disposals (178,233) (9,330) (187,563)
At 30 September 2023 - - -
Depreciation
At 1 October 2022 20,347 3,943 24,290
On disposals (20,347) (3,943) (24,290)
At 30 September 2023 - - -
Net book value
At 30 September 2023 - - -
At 30 September 2022 157,886 5,387 163,273
5 Debtors 2023 2022
£ £
Other debtors - 5,836
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 67,092
Trade creditors - 36,077
Other creditors - 123,812
- 226,981
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 117,512
8 Post balance sheet events
The company has ceased trading since 20 April 2023.
9 Related party transactions
There was no related party transaction apart from salary and dividend paid to the director.
10 Other information
Newtown Village Store Ltd is a private company limited by shares and incorporated in England. Its registered office is:
3 BAY VILLAS
NEWTOWN
BERKELEY
UK
GL13 9NR
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