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REGISTERED NUMBER: 09580904 (England and Wales)















Financial Statements for the Year Ended 31 July 2023

for

Best Buy UK Ltd

Best Buy UK Ltd (Registered number: 09580904)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Best Buy UK Ltd

Company Information
for the Year Ended 31 July 2023







DIRECTORS: Mr Zafar Mahmood
Mrs Nusrat Mahmood





SECRETARY:





REGISTERED OFFICE: 176 Borough Road
Middlesbrough
Cleveland
TS1 2EJ





REGISTERED NUMBER: 09580904 (England and Wales)





ACCOUNTANTS: Flannagans - Gateshead
7 Bankside
The Watermark
Gateshead
NE11 9SY

Best Buy UK Ltd (Registered number: 09580904)

Abridged Balance Sheet
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 96,000 120,000
Tangible assets 5 19,215 21,883
115,215 141,883

CURRENT ASSETS
Stocks 99,500 95,500
Debtors 6 175,781 185,654
Cash at bank and in hand 503,547 473,950
778,828 755,104
CREDITORS
Amounts falling due within one year 370,717 202,526
NET CURRENT ASSETS 408,111 552,578
TOTAL ASSETS LESS CURRENT
LIABILITIES

523,326

694,461

CREDITORS
Amounts falling due after more than one year 7 - 258,800
NET ASSETS 523,326 435,661

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 523,324 435,659
SHAREHOLDERS' FUNDS 523,326 435,661

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

Best Buy UK Ltd (Registered number: 09580904)

Abridged Balance Sheet - continued
31 July 2023


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 July 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 4 April 2024 and were signed on its behalf by:





Mr Zafar Mahmood - Director


Best Buy UK Ltd (Registered number: 09580904)

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

1. STATUTORY INFORMATION

Best Buy UK Ltd 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.

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 2016, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on cost

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

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.

3. EMPLOYEES AND DIRECTORS

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

Best Buy UK Ltd (Registered number: 09580904)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 August 2022
and 31 July 2023 240,000
AMORTISATION
At 1 August 2022 120,000
Amortisation for year 24,000
At 31 July 2023 144,000
NET BOOK VALUE

At 31 July 2023 96,000
At 31 July 2022 120,000

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 August 2022 33,914
Additions 5,025
At 31 July 2023 38,939
DEPRECIATION
At 1 August 2022 12,031
Charge for year 7,693
At 31 July 2023 19,724
NET BOOK VALUE
At 31 July 2023 19,215
At 31 July 2022 21,883

6. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other debtors 175,000 175,000

Best Buy UK Ltd (Registered number: 09580904)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2023 2022
£    £   
Repayable by instalments
Other loans more 5yrs instal - 258,800

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr Zafar Mahmood.