Registered number
01651108
BURNS ROAD STORES LIMITED
Filleted Accounts
28 February 2023
BURNS ROAD STORES LIMITED
Registered number: 01651108
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 199,177 215,256
Investments 4 240,000 240,000
439,177 455,256
Current assets
Stocks 7,219 5,337
Debtors 5 89,468 91,368
Cash at bank and in hand 53,824 99,260
150,511 195,965
Creditors: amounts falling due within one year 6 (62,955) (101,278)
Net current assets 87,556 94,687
Total assets less current liabilities 526,733 549,943
Creditors: amounts falling due after more than one year 7 (28,333) (38,333)
Provisions for liabilities (26,502) (28,509)
Net assets 471,898 483,101
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 125,796 125,796
Profit and loss account 346,002 357,205
Shareholders' funds 471,898 483,101
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 members have 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.
B A V Snowdon
Director
Approved by the board on 29 November 2023
BURNS ROAD STORES LIMITED
Notes to the Accounts
for the year ended 28 February 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.
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:
Leasehold land and buildings 2.5% on cost
Plant and equipment 10% and 25% on cost
Fixtures and fittings 10% on cost
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
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.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 24 31
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 March 2022 213,778 223,335 437,113
Additions - 5,841 5,841
Disposals - (1,084) (1,084)
At 28 February 2023 213,778 228,092 441,870
Depreciation
At 1 March 2022 150,108 71,749 221,857
Charge for the year 5,238 16,682 21,920
On disposals - (1,084) (1,084)
At 28 February 2023 155,346 87,347 242,693
Net book value
At 28 February 2023 58,432 140,745 199,177
At 28 February 2022 63,670 151,586 215,256
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 March 2022 240,000
At 28 February 2023 240,000
5 Debtors 2023 2022
£ £
Trade debtors 2,739 -
Other debtors 86,729 91,368
89,468 91,368
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 16,903 17,730
Taxation and social security costs 26,493 21,951
Other creditors 9,559 51,597
62,955 101,278
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 28,333 38,333
8 Revaluation reserve 2023 2022
£ £
At 1 March 2022 125,796 125,796
At 28 February 2023 125,796 125,796
9 Other information
BURNS ROAD STORES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Building 18, Gateway 1000
Whittle Way, Arington Businees Park
Steveage
Hertfordshire
SG1 2FP
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