The Cotswold General Store Limited 10458479 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is retail sales of home decoration products and accessories. Digita Accounts Production Advanced 6.30.9574.0 true 10458479 2022-07-01 2023-06-30 10458479 2023-06-30 10458479 core:AcceleratedTaxDepreciationDeferredTax 2023-06-30 10458479 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2023-06-30 10458479 core:CurrentFinancialInstruments 2023-06-30 10458479 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 10458479 core:FurnitureFittingsToolsEquipment 2023-06-30 10458479 bus:SmallEntities 2022-07-01 2023-06-30 10458479 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 10458479 bus:FullAccounts 2022-07-01 2023-06-30 10458479 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 10458479 bus:RegisteredOffice 2022-07-01 2023-06-30 10458479 bus:Director1 2022-07-01 2023-06-30 10458479 bus:Director2 2022-07-01 2023-06-30 10458479 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 10458479 core:ComputerEquipment 2022-07-01 2023-06-30 10458479 core:FurnitureFittings 2022-07-01 2023-06-30 10458479 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 10458479 countries:EnglandWales 2022-07-01 2023-06-30 10458479 core:FurnitureFittingsToolsEquipment 2022-06-30 10458479 2021-07-01 2022-06-30 10458479 2022-06-30 10458479 core:AcceleratedTaxDepreciationDeferredTax 2022-06-30 10458479 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2022-06-30 10458479 core:CurrentFinancialInstruments 2022-06-30 10458479 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 10458479 core:FurnitureFittingsToolsEquipment 2022-06-30 iso4217:GBP xbrli:pure

Registration number: 10458479

Prepared for the registrar

The Cotswold General Store Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

The Cotswold General Store Limited

(Registration number: 10458479)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,262

1,820

Current assets

 

Stocks

5

58,966

62,519

Debtors

6

7,024

5,037

Cash at bank and in hand

 

2,182

3,842

 

68,172

71,398

Creditors: Amounts falling due within one year

7

(34,879)

(27,700)

Net current assets

 

33,293

43,698

Total assets less current liabilities

 

34,555

45,518

Deferred tax liabilities

9

(140)

(324)

Net assets

 

34,415

45,194

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

34,315

45,094

Shareholders' funds

 

34,415

45,194

For the financial year ending 30 June 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.

Approved and authorised by the Board on 13 March 2024 and signed on its behalf by:
 


C M Burgess
Director


M B Burgess
Director

 

The Cotswold General Store Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements and key sources of estimation uncertainty

No significant judgements or key sources of estimation uncertainty have been made by management in preparing these financial statements.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

The Cotswold General Store Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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

Fixtures and fittings

2/3 years straight line

Computer equipment

3 years straight line

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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. Trade creditors 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

The Cotswold General Store Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial Instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
 

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when, there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
 

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 8).

 

The Cotswold General Store Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

 

4

Tangible assets

Furniture, fittings and equipment
 £

Cost

At 1 July 2022

8,823

Additions

970

At 30 June 2023

9,793

Depreciation

At 1 July 2022

7,003

Charge for the year

1,528

At 30 June 2023

8,531

Carrying amount

At 30 June 2023

1,262

At 30 June 2022

1,820

 

5

Stocks

2023
 £

2022
 £

Goods for resale

66,216

69,619

Stock provision

(7,250)

(7,100)

58,966

62,519

 

6

Debtors

2023
 £

2022
 £

Trade debtors

1,368

1,005

Prepayments

3,445

4,032

Corporation tax asset

2,211

-

 

7,024

5,037

 

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

11

20,566

10,771

Trade creditors

 

8,273

8,943

Social security and other taxes

 

4,134

3,786

Outstanding defined contribution pension costs

 

395

203

Other creditors

 

11

-

Accrued expenses

 

1,500

1,700

Corporation tax liability

-

2,297

 

34,879

27,700

 

The Cotswold General Store Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

 

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Directors' loan account

20,566

10,771

 

9

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Fixed asset timing differences

194

Short term timing differences

(54)

140

2022

Liability
£

Fixed asset timing differences

346

Short term timing differences

(22)

324

 

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £78,000 (2022 - £Nil). The amount due in under 1 year is £15,000 (2022 - £Nil) and the amount due in over 1 year is £63,000 (2022 - £Nil).

 

11

Related party transactions


Transactions with directors

At 30 June 2023, the company owed the directors C M and M B Burgess £20,566 (2022: £10,771) in the form of a directors' loan account. No interest is charged on the loan and it is repayable on demand.