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Registered number: 12265316
Northway Stores Limited
Unaudited Financial Statements
For The Year Ended 31 October 2023
Dual Accountants Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 12265316
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 23,750 47,500
23,750 47,500
CURRENT ASSETS
Debtors 5 1,241 -
Cash at bank and in hand 501 -
1,742 -
Creditors: Amounts Falling Due Within One Year 6 (500 ) (1,453 )
NET CURRENT ASSETS (LIABILITIES) 1,242 (1,453 )
TOTAL ASSETS LESS CURRENT LIABILITIES 24,992 46,047
Creditors: Amounts Falling Due After More Than One Year 7 (30,146 ) (50,000 )
NET LIABILITIES (5,154 ) (3,953 )
CAPITAL AND RESERVES
Called up share capital 8 100 1
Profit and Loss Account (5,254 ) (3,954 )
SHAREHOLDERS' FUNDS (5,154) (3,953)
Page 1
Page 2
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Daljit Singh
Director
18/04/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Northway Stores Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12265316 . The registered office is 90 Alderwood Precinct, West Midlands, DY3 3QY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 22000
Fixtures & Fittings 69200
Computer Equipment 3800
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 November 2022 27,500 86,500 4,750 118,750
As at 31 October 2023 27,500 86,500 4,750 118,750
Depreciation
As at 1 November 2022 16,500 51,900 2,850 71,250
Provided during the period 5,500 17,300 950 23,750
As at 31 October 2023 22,000 69,200 3,800 95,000
Net Book Value
As at 31 October 2023 5,500 17,300 950 23,750
As at 1 November 2022 11,000 34,600 1,900 47,500
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5. Debtors
2023 2022
£ £
Due within one year
Director's loan account 1,241 -
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Accruals and deferred income 500 -
Director's loan account - 1,453
500 1,453
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 30,146 50,000
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 1
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2022 Amounts advanced Amounts repaid Amounts written off As at 31 October 2023
£ £ £ £ £
Mr Daljit Singh - - - 1,241 -
The above loan is unsecured, interest free and repayable on demand.
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