Registered number
11299179
Fair Price Cash N Carry Ltd
Filleted Accounts
31 March 2023
Fair Price Cash N Carry Ltd
Registered number: 11299179
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 10,928 -
Current assets
Stocks 78,463 -
Debtors 4 43,912 -
Cash at bank and in hand 30,500 7
152,875 7
Creditors: amounts falling due within one year 5 (147,314) (6,286)
Net current assets/(liabilities) 5,561 (6,279)
Net assets/(liabilities) 16,489 (6,279)
Capital and reserves
Called up share capital 2 2
Profit and loss account 16,487 (6,281)
Shareholders' funds 16,489 (6,279)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Baneet Singh Gulati
Director
Approved by the board on 22 December 2023
Fair Price Cash N Carry Ltd
Notes to the Accounts
for the period from 1 May 2022 to 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Going concern
These accounts have been prepared on the going concern basis and assume continued financial support from the shareholders.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Leasehold property Plant and machinery etc Total
£ £ £
Cost
Additions 5,040 7,797 12,837
At 31 March 2023 5,040 7,797 12,837
Depreciation
Charge for the period 350 1,559 1,909
At 31 March 2023 350 1,559 1,909
Net book value
At 31 March 2023 4,690 6,238 10,928
4 Debtors 2023 2022
£ £
Trade debtors 1,042 -
Other debtors 14,867 -
Rent deposit 18,624 -
Net vat due 9,379 -
43,912 -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 113,175 -
Taxation and social security costs 2,002 -
Other creditors 26,991 1,140
Director's account 5,146 5,146
147,314 6,286
6 Other information
Fair Price Cash N Carry Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 13, Diamond Point
Diamond Road
Norwich
England
NR6 6AW
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