Mosterton Village Stores Ltd 13199495 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of operating a village store. Digita Accounts Production Advanced 6.30.9574.0 true true 13199495 2022-04-01 2023-03-31 13199495 2023-03-31 13199495 core:CurrentFinancialInstruments 2023-03-31 13199495 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 13199495 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 13199495 core:Goodwill 2023-03-31 13199495 core:FurnitureFittings 2023-03-31 13199495 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 13199495 bus:SmallEntities 2022-04-01 2023-03-31 13199495 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 13199495 bus:FullAccounts 2022-04-01 2023-03-31 13199495 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 13199495 bus:RegisteredOffice 2022-04-01 2023-03-31 13199495 bus:Director1 2022-04-01 2023-03-31 13199495 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 13199495 core:Goodwill 2022-04-01 2023-03-31 13199495 core:Buildings 2022-04-01 2023-03-31 13199495 core:FurnitureFittings 2022-04-01 2023-03-31 13199495 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 13199495 countries:EnglandWales 2022-04-01 2023-03-31 13199495 2022-03-31 13199495 core:Goodwill 2022-03-31 13199495 core:FurnitureFittings 2022-03-31 13199495 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 13199495 2021-02-12 2022-03-31 13199495 2022-03-31 13199495 core:CurrentFinancialInstruments 2022-03-31 13199495 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 13199495 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 13199495 core:Goodwill 2022-03-31 13199495 core:FurnitureFittings 2022-03-31 13199495 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 13199495

Mosterton Village Stores Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Mosterton Village Stores Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Mosterton Village Stores Ltd

(Registration number: 13199495)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

80,750

90,250

Tangible assets

5

338,880

336,343

 

419,630

426,593

Current assets

 

Stocks

17,000

15,081

Debtors

6

854

743

Cash at bank and in hand

 

14,013

25,035

 

31,867

40,859

Creditors: Amounts falling due within one year

7

(324,726)

(269,032)

Net current liabilities

 

(292,859)

(228,173)

Total assets less current liabilities

 

126,771

198,420

Creditors: Amounts falling due after more than one year

7

(226,298)

(235,306)

Net liabilities

 

(99,527)

(36,886)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(99,627)

(36,986)

Shareholders' deficit

 

(99,527)

(36,886)

 

Mosterton Village Stores Ltd

(Registration number: 13199495)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 December 2023 and signed on its behalf by:
 

.........................................
Mr DD Patel
Director

 

Mosterton Village Stores Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8 Wessex Close
Christchurch
Dorset
BH23 4SS
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existance in the foreseeable future. The company has sufficient financial support from the directors and as a consequence they believe that the company is well placed to manage its business risks successfully. They therefore continues to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful live as follows:

Asset class

Depreciation method and rate

Freehold property

50 years

Fixtures, fittings & contents

5 years

 

Mosterton Village Stores Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

Mosterton Village Stores Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

95,000

95,000

At 31 March 2023

95,000

95,000

Amortisation

At 1 April 2022

4,750

4,750

Amortisation charge

9,500

9,500

At 31 March 2023

14,250

14,250

Carrying amount

At 31 March 2023

80,750

80,750

At 31 March 2022

90,250

90,250

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 April 2022

330,650

10,000

340,650

Additions

-

22,000

22,000

Disposals

-

(10,000)

(10,000)

At 31 March 2023

330,650

22,000

352,650

Depreciation

At 1 April 2022

3,307

1,000

4,307

Charge for the year

6,613

4,100

10,713

Eliminated on disposal

-

(1,250)

(1,250)

At 31 March 2023

9,920

3,850

13,770

Carrying amount

At 31 March 2023

320,730

18,150

338,880

At 31 March 2022

327,343

9,000

336,343

 

Mosterton Village Stores Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Included within the net book value of land and buildings above is £320,730 (2022 - £327,343) in respect of freehold land and buildings.
 

6

Debtors

Current

2023
£

2022
£

Prepayments

854

743

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

8,806

8,606

Taxation and social security

1,764

638

Other creditors

314,156

259,788

324,726

269,032

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

226,298

235,306

Creditors include a bank loan with an outstanding value of £235,104 which is secured against the property.

 

Mosterton Village Stores Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Related party transactions

Summary of transactions with other related parties

The directors had a loan with the company. At the balance sheet date the amount owed was £297,2230 (2022: £258,157).