Company registration number 10261701 (England and Wales)
SHOP AROUND THE CLOCK LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
SHOP AROUND THE CLOCK LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SHOP AROUND THE CLOCK LTD
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
22,358
22,826
Current assets
Stocks
52,650
51,255
Debtors
5
171,175
129,000
Cash at bank and in hand
52,206
24,924
276,031
205,179
Creditors: amounts falling due within one year
6
(45,905)
(50,124)
Net current assets
230,126
155,055
Total assets less current liabilities
252,484
177,881
Creditors: amounts falling due after more than one year
7
(19,908)
(29,923)
Provisions for liabilities
(3,671)
(3,441)
Net assets
228,905
144,517
Capital and reserves
Called up share capital
5
5
Profit and loss reserves
228,900
144,512
Total equity
228,905
144,517

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

SHOP AROUND THE CLOCK LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2023
31 July 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
Mr DS Athwal
Director
Company registration number 10261701 (England and Wales)
SHOP AROUND THE CLOCK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information

Shop Around The Clock Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Elthorne Gate, 64 High Street, Pinner, HA5 5QA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% on reducing balance
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

SHOP AROUND THE CLOCK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
10
12
SHOP AROUND THE CLOCK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
27,876
12,811
Adjustments in respect of prior periods
-
0
1,737
Total current tax
27,876
14,548
Deferred tax
Origination and reversal of timing differences
230
(211)
Total tax charge
28,106
14,337
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 August 2022
44,644
Additions
5,122
At 31 July 2023
49,766
Depreciation and impairment
At 1 August 2022
21,818
Depreciation charged in the year
5,590
At 31 July 2023
27,408
Carrying amount
At 31 July 2023
22,358
At 31 July 2022
22,826
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
171,175
129,000
SHOP AROUND THE CLOCK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,015
9,768
Trade creditors
4,685
-
0
Taxation and social security
30,696
16,213
Other creditors
509
24,143
45,905
50,124
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
8
19,908
29,923
8
Loans and overdrafts
2023
2022
£
£
Bank loans
29,923
39,691
Payable within one year
10,015
9,768
Payable after one year
19,908
29,923
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Mrs R Athwal
2.50
-
34,551
674
35,225
-
34,551
674
35,225
2023-07-312022-08-01false28 March 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMrs R AthwalMr DS Athwalfalse102617012022-08-012023-07-31102617012023-07-31102617012022-07-3110261701core:FurnitureFittings2023-07-3110261701core:FurnitureFittings2022-07-3110261701core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-3110261701core:CurrentFinancialInstrumentscore:WithinOneYear2022-07-3110261701core:Non-currentFinancialInstrumentscore:AfterOneYear2023-07-3110261701core:Non-currentFinancialInstrumentscore:AfterOneYear2022-07-3110261701core:CurrentFinancialInstruments2023-07-3110261701core:CurrentFinancialInstruments2022-07-3110261701core:ShareCapital2023-07-3110261701core:ShareCapital2022-07-3110261701core:RetainedEarningsAccumulatedLosses2023-07-3110261701core:RetainedEarningsAccumulatedLosses2022-07-3110261701bus:Director22022-08-012023-07-3110261701core:FurnitureFittings2022-08-012023-07-31102617012021-08-012022-07-3110261701core:UKTax2022-08-012023-07-3110261701core:UKTax2021-08-012022-07-3110261701core:FurnitureFittings2022-07-3110261701core:Non-currentFinancialInstruments2023-07-3110261701core:Non-currentFinancialInstruments2022-07-3110261701bus:PrivateLimitedCompanyLtd2022-08-012023-07-3110261701bus:SmallCompaniesRegimeForAccounts2022-08-012023-07-3110261701bus:FRS1022022-08-012023-07-3110261701bus:AuditExemptWithAccountantsReport2022-08-012023-07-3110261701bus:Director12022-08-012023-07-3110261701bus:FullAccounts2022-08-012023-07-31xbrli:purexbrli:sharesiso4217:GBP