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Registration number: 04460411

Handymans Stores Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 June 2023

 

Handymans Stores Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Handymans Stores Limited

Company Information

Directors

Mr Peter Clive Roberts

Mr Martin Paul Roberts

Registered office

Chadwicks Farm
Crankwood Road
Wigan
WN2 5YA

Accountants

McGinty Demack
Chartered Certified Accountants
Vermont House
Bradley Lane
Standish
Lancashire
WN6 0XF

 

Handymans Stores Limited

(Registration number: 04460411)
Balance Sheet as at 29 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

62,197

83,281

Tangible assets

5

49,256

49,952

 

111,453

133,233

Current assets

 

Stocks

6

87,000

87,000

Debtors

7

5,797

-

Investments

8

-

509,745

Cash at bank and in hand

 

974,876

684,958

 

1,067,673

1,281,703

Creditors: Amounts falling due within one year

9

(146,822)

(386,802)

Net current assets

 

920,851

894,901

Net assets

 

1,032,304

1,028,134

Capital and reserves

 

Called up share capital

10

120

120

Retained earnings

1,032,184

1,028,014

Shareholders' funds

 

1,032,304

1,028,134

For the financial year ending 29 June 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.

 

Handymans Stores Limited

(Registration number: 04460411)
Balance Sheet as at 29 June 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 August 2023 and signed on its behalf by:
 

.........................................
Mr Peter Clive Roberts
Director

.........................................
Mr Martin Paul Roberts
Director

 

Handymans Stores Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2023

1

General information

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

The address of its registered office is:
Chadwicks Farm
Crankwood Road
Wigan
WN2 5YA

The principal place of business is:
1-5 Walthew Lane
Platt Bridge
Wigan
Lancashire
WN2 5AL
England

These financial statements were authorised for issue by the Board on 23 August 2023.

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.

 

Handymans Stores Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2023

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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 lives, as follows:

Asset class

Depreciation method and rate

Plant and machinry

15% Reducing balance basis

Motor vehicles

25% Reducing balance basis

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.

 

Handymans Stores Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Handymans Stores Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 9 (2022 - 9).

 

Handymans Stores Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 30 June 2022

210,838

210,838

At 29 June 2023

210,838

210,838

Amortisation

At 30 June 2022

127,557

127,557

Amortisation charge

21,084

21,084

At 29 June 2023

148,641

148,641

Carrying amount

At 29 June 2023

62,197

62,197

At 29 June 2022

83,281

83,281

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 30 June 2022

45,903

24,875

15,501

86,279

At 29 June 2023

45,903

24,875

15,501

86,279

Depreciation

At 30 June 2022

-

23,982

12,345

36,327

Charge for the year

-

223

473

696

At 29 June 2023

-

24,205

12,818

37,023

Carrying amount

At 29 June 2023

45,903

670

2,683

49,256

At 29 June 2022

45,903

893

3,156

49,952

 

Handymans Stores Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2023

Included within the net book value of land and buildings above is £45,903 (2022 - £45,903) in respect of freehold land and buildings.
 

6

stocks

2023
£

2022
£

Finished goods and goods for resale

87,000

87,000

7

Debtors

Current

2023
£

2022
£

Prepayments

5,797

-

8

Current asset investments

2023
£

2022
£

Shares in group undertakings

-

509,745

 

Handymans Stores Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2023

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

20,434

-

Taxation and social security

22,198

42,962

Accruals and deferred income

1,970

1,800

Other creditors

102,220

342,040

146,822

386,802

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

Ordinary of £1 each

10

10

10

10

Ordinary of £1 each

10

10

10

10

 

120

120

120

120