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REGISTERED NUMBER: 08703897 (England and Wales)

















Verwood Surplus Stores Limited

Financial Statements

for the Year Ended 31 May 2023






Verwood Surplus Stores Limited (Registered number: 08703897)

Contents of the Financial Statements
for the year ended 31 May 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Verwood Surplus Stores Limited

Company Information
for the year ended 31 May 2023







DIRECTORS: G J Maidment
Mrs S A M Maidment





REGISTERED OFFICE: 52 Ringwood Road
Verwood
Dorset
BH31 7AJ





REGISTERED NUMBER: 08703897 (England and Wales)





ACCOUNTANTS: Read Woodruff
Chartered Accountants
24 Cornwall Road
Dorchester
Dorset
DT1 1RX

Verwood Surplus Stores Limited (Registered number: 08703897)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 49,764 54,288
Tangible assets 5 9,337 10,556
Investment property 6 255,000 250,000
314,101 314,844

CURRENT ASSETS
Stocks 28,885 28,500
Debtors 7 540 606
Cash at bank and in hand 283,122 159,722
312,547 188,828
CREDITORS
Amounts falling due within one year 8 533,077 480,166
NET CURRENT LIABILITIES (220,530 ) (291,338 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

93,571

23,506

PROVISIONS FOR LIABILITIES 9 4,850 3,246
NET ASSETS 88,721 20,260

CAPITAL AND RESERVES
Called up share capital 100 100
Undistributable reserves 10 9,817 6,277
Retained earnings 10 78,804 13,883
SHAREHOLDERS' FUNDS 88,721 20,260

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 February 2024 and were signed on its behalf by:




G J Maidment - Director



Mrs S A M Maidment - Director


Verwood Surplus Stores Limited (Registered number: 08703897)

Notes to the Financial Statements
for the year ended 31 May 2023


1. STATUTORY INFORMATION

Verwood Surplus Stores Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures, fittings, equipment - 20% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Undistributable reserves
Whilst fair value gains on investment property are taken to the profit and loss account, they are not distributable as dividend to shareholders because the gain is unrealised. The company therefore adopts the policy of transferring the fair value adjustment net/inclusive of the deferred tax charge/credit to a separate account, 'undistributable reserves'.

Verwood Surplus Stores Limited (Registered number: 08703897)

Notes to the Financial Statements - continued
for the year ended 31 May 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 90,480
AMORTISATION
At 1 June 2022 36,192
Amortisation for year 4,524
At 31 May 2023 40,716
NET BOOK VALUE
At 31 May 2023 49,764
At 31 May 2022 54,288

5. TANGIBLE FIXED ASSETS
Fixtures,
fittings,
equipment
£   
COST
At 1 June 2022 25,705
Additions 1,116
At 31 May 2023 26,821
DEPRECIATION
At 1 June 2022 15,149
Charge for year 2,335
At 31 May 2023 17,484
NET BOOK VALUE
At 31 May 2023 9,337
At 31 May 2022 10,556

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022 250,000
Revaluations 5,000
At 31 May 2023 255,000
NET BOOK VALUE
At 31 May 2023 255,000
At 31 May 2022 250,000

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2023 12,750
Cost 242,250
255,000

Verwood Surplus Stores Limited (Registered number: 08703897)

Notes to the Financial Statements - continued
for the year ended 31 May 2023


6. INVESTMENT PROPERTY - continued

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 242,250 242,250

Investment property was valued on fair value basis on 31 May 2023 by the directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Prepayments and accrued income 540 606

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 11,091 6,654
UK corporation tax 24,216 7,623
Tax and social security costs 11,986 6,819
Other creditors 67 974
Directors' current accounts 482,083 454,605
Accruals and deferred income 3,634 3,491
533,077 480,166

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 1,917 1,773
Capital gains on investment properties 2,933 1,473
4,850 3,246

Deferred
tax
£   
Balance at 1 June 2022 3,246
Charge to Income Statement during year 1,604
Balance at 31 May 2023 4,850

10. RESERVES
Retained Undistributable
earnings reserves Totals
£    £    £   

At 1 June 2022 13,883 6,277 20,160
Profit for the year 96,461 96,461
Dividends (28,000 ) (28,000 )
Transfer unrealised gain/loss on
investment properties to
undistributable reserves


(3,540


)


3,540


-


At 31 May 2023 78,804 9,817 88,621

Undistributable reserves represent the unrealised gains on carrying investment property at fair value less the deferred tax provision thereon; being unrealised, such amounts are not available to be distributed as dividend to shareholders.