Company Registration No. SC618823 (Scotland)
COSTCUTTER (GREENOCK) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
COSTCUTTER (GREENOCK) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
COSTCUTTER (GREENOCK) LTD
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,200
3,300
Tangible assets
4
79,718
19,537
81,918
22,837
Current assets
Stocks
115,000
90,000
Debtors
5
37,564
22,269
Cash at bank and in hand
27,030
68,651
179,594
180,920
Creditors: amounts falling due within one year
6
(113,477)
(91,273)
Net current assets
66,117
89,647
Total assets less current liabilities
148,035
112,484
Creditors: amounts falling due after more than one year
7
(21,530)
(32,938)
Provisions for liabilities
(19,930)
(3,712)
Net assets
106,575
75,834
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
106,571
75,830
Total equity
106,575
75,834

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.

COSTCUTTER (GREENOCK) 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 23 April 2024 and are signed on its behalf by:
Mr A S Boparai
Director
Company Registration No. SC618823
COSTCUTTER (GREENOCK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information

Costcutter (Greenock) Ltd is a private company limited by shares incorporated in Scotland. The registered office is 54 Captain Street, Greenock, PA15 4LQ.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for goods and services in relation to provisions from a general store. It is measured at the fair value of consideration received or receivable and represents amounts receivable net of discounts and value added tax.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Website
25% Straight Line
1.4
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
25% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

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

COSTCUTTER (GREENOCK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

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

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.

1.8
Employee benefits

The costs of short-term employee benefits including holiday pay are recognised as a liability and an expense.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

COSTCUTTER (GREENOCK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
2
Employees

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

2023
2022
Number
Number
Total
10
10
3
Intangible fixed assets
Website
£
Cost
At 1 August 2022 and 31 July 2023
4,400
Amortisation and impairment
At 1 August 2022
1,100
Amortisation charged for the year
1,100
At 31 July 2023
2,200
Carrying amount
At 31 July 2023
2,200
At 31 July 2022
3,300
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 August 2022
32,335
Additions
91,020
At 31 July 2023
123,355
Depreciation and impairment
At 1 August 2022
12,798
Depreciation charged in the year
30,839
At 31 July 2023
43,637
Carrying amount
At 31 July 2023
79,718
At 31 July 2022
19,537
COSTCUTTER (GREENOCK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
37,564
22,269
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
77,918
44,672
Amounts owed to group undertakings
10,080
10,960
Corporation tax
-
0
11,776
Other taxation and social security
1,802
3,327
Other creditors
13,677
10,538
113,477
91,273
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,879
29,636
Other creditors
1,651
3,302
21,530
32,938
2023-07-312022-08-01false23 April 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr Aravinder BoparaiMrs Manjit KaurMrs Sharandeep KaurMr Baljinder BoparaifalseSC6188232022-08-012023-07-31SC6188232023-07-31SC6188232022-07-31SC618823core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-07-31SC618823core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-07-31SC618823core:FurnitureFittings2023-07-31SC618823core:FurnitureFittings2022-07-31SC618823core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-31SC618823core:CurrentFinancialInstrumentscore:WithinOneYear2022-07-31SC618823core:Non-currentFinancialInstrumentscore:AfterOneYear2023-07-31SC618823core:Non-currentFinancialInstrumentscore:AfterOneYear2022-07-31SC618823core:CurrentFinancialInstruments2023-07-31SC618823core:CurrentFinancialInstruments2022-07-31SC618823core:Non-currentFinancialInstruments2023-07-31SC618823core:Non-currentFinancialInstruments2022-07-31SC618823core:ShareCapital2023-07-31SC618823core:ShareCapital2022-07-31SC618823core:RetainedEarningsAccumulatedLosses2023-07-31SC618823core:RetainedEarningsAccumulatedLosses2022-07-31SC618823bus:Director12022-08-012023-07-31SC618823core:IntangibleAssetsOtherThanGoodwill2022-08-012023-07-31SC618823core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-08-012023-07-31SC618823core:FurnitureFittings2022-08-012023-07-31SC6188232021-08-012022-07-31SC618823core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-07-31SC618823core:FurnitureFittings2022-07-31SC618823core:WithinOneYear2023-07-31SC618823core:WithinOneYear2022-07-31SC618823bus:PrivateLimitedCompanyLtd2022-08-012023-07-31SC618823bus:SmallCompaniesRegimeForAccounts2022-08-012023-07-31SC618823bus:FRS1022022-08-012023-07-31SC618823bus:AuditExemptWithAccountantsReport2022-08-012023-07-31SC618823bus:Director22022-08-012023-07-31SC618823bus:Director32022-08-012023-07-31SC618823bus:Director42022-08-012023-07-31SC618823bus:FullAccounts2022-08-012023-07-31xbrli:purexbrli:sharesiso4217:GBP