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Registration number: 04182791

Supermart Stores Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

image-name
 

Supermart Stores Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Supermart Stores Limited

Company Information

Directors

Mr DBA Davis

Mr J D D Davis

Registered office

22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Supermart Stores Limited
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Supermart Stores Limited for the year ended 31 July 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Supermart Stores Limited, as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of Supermart Stores Limited and state those matters that we have agreed to state to the Board of Directors of Supermart Stores Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Supermart Stores Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Supermart Stores Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Supermart Stores Limited. You consider that Supermart Stores Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Supermart Stores Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

18 April 2024

 

Supermart Stores Limited

(Registration number: 04182791)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

7,120

6,884

Investments

5

6

6

Other financial assets

6

2,982,621

1,441,677

 

2,989,747

1,448,567

Current assets

 

Stocks

7

203,193

203,193

Debtors

8

7,525,711

4,510,548

Cash at bank and in hand

 

86,575

3,689,081

 

7,815,479

8,402,822

Creditors: Amounts falling due within one year

9

(102,344)

(102,127)

Net current assets

 

7,713,135

8,300,695

Net assets

 

10,702,882

9,749,262

Capital and reserves

 

Called up share capital

30,800

30,800

Share premium reserve

1,037,292

1,037,292

Capital redemption reserve

2,700,000

2,700,000

Retained earnings

6,934,790

5,981,170

Shareholders' funds

 

10,702,882

9,749,262

For the financial year ending 31 July 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 and the option not to file the Profit and Loss Account has been taken.

 

Supermart Stores Limited

(Registration number: 04182791)
Balance Sheet as at 31 July 2023

Approved and authorised by the Board on 18 April 2024 and signed on its behalf by:
 

.........................................
Mr DBA Davis
Director

 

Supermart Stores Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ
England

These financial statements were authorised for issue by the Board on 18 April 2024.

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.

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.

Foreign currency transactions and balances

Transactions that are denominated in a foreign currency are converted into Sterling using the spot exchange rate prevailing on the transaction date.

Monetary assets and liabilities denominated in a foreign currency are converted into Sterling at the closing rate coinciding with the balance sheet date.

Exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition are recognised in profit or loss for the period.

 

Supermart Stores Limited

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

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

Office equipment

20% on cost

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.

 

Supermart Stores Limited

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

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company during the year, including directors, was 1 (2022 - 1).

 

Supermart Stores Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

17,089

17,089

Additions

3,382

3,382

At 31 July 2023

20,471

20,471

Depreciation

At 1 August 2022

10,205

10,205

Charge for the year

3,146

3,146

At 31 July 2023

13,351

13,351

Carrying amount

At 31 July 2023

7,120

7,120

At 31 July 2022

6,884

6,884

5

Investments

2023
£

2022
£

Investments in subsidiaries

6

6

Subsidiaries

£

Cost or valuation

At 1 August 2022

6

At 31 July 2023

6

Carrying amount

At 31 July 2023

6

At 31 July 2022

6

 

Supermart Stores Limited

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

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 August 2022

1,441,677

1,441,677

Fair value adjustments

(142,051)

(142,051)

Additions

2,503,201

2,503,201

Disposals

(820,206)

(820,206)

At 31 July 2023

2,982,621

2,982,621

Carrying amount

At 31 July 2023

2,982,621

2,982,621

At 31 July 2022

1,441,677

1,441,677

7

Stocks

2023
£

2022
£

Inventory

203,193

203,193

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

1,300

1,000

Amounts owed by related parties

10

4,314,073

2,510,315

Other debtors

 

1,923,457

1,999,233

Directors loan account

 

1,286,881

-

   

7,525,711

4,510,548

 

Supermart Stores Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

14,415

14,530

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

2

32,294

VAT creditors

 

2,370

648

Directors loan account

 

-

19,409

Corporation tax control

 

75,857

28,616

Accruals

 

9,700

6,630

 

102,344

102,127

10

Related party transactions

Transactions with directors

2023

At 1 August 2022
£

Advances to director
£

At 31 July 2023
£

Mr DBA Davis

(19,409)

1,306,290

1,286,881

       
     

 

The overdrawn directors loan account will be cleared within 9 months of the year-end.