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REGISTERED NUMBER: 07531259 (England and Wales)










Financial Statements

for the Year Ended 28 February 2023

for

The Paper Shop (Embsay) Limited

The Paper Shop (Embsay) Limited (Registered number: 07531259)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Paper Shop (Embsay) Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: Mr J B Steel
Mrs S C Steel





REGISTERED OFFICE: 1 East Lane
Embsay
Skipton
North Yorkshire
BD23 6QX





REGISTERED NUMBER: 07531259 (England and Wales)





ACCOUNTANTS: SKS Bailey Group Limited
Suite 4, 10/12 The Grove,
Ilkley
West Yorkshire
LS29 9EG

The Paper Shop (Embsay) Limited (Registered number: 07531259)

Balance Sheet
28 February 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 - 24,359
Tangible assets 5 - 455
- 24,814

CURRENT ASSETS
Stocks - 6,237
Debtors 6 22,592 4,524
Cash at bank and in hand 269 4,633
22,861 15,394
CREDITORS
Amounts falling due within one year 7 (2,119 ) (34,691 )
NET CURRENT ASSETS/(LIABILITIES) 20,742 (19,297 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,742

5,517

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 9 20,642 5,417
SHAREHOLDERS' FUNDS 20,742 5,517

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 Paper Shop (Embsay) Limited (Registered number: 07531259)

Balance Sheet - continued
28 February 2023


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 29 March 2024 and were signed on its behalf by:





Mrs S C Steel - Director


The Paper Shop (Embsay) Limited (Registered number: 07531259)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

The Paper Shop (Embsay) 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.

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 2011, is being amortised evenly over its estimated useful life of twenty five 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.

Development costs are being amortised evenly over their estimated useful life of nil years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance

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.

The Paper Shop (Embsay) Limited (Registered number: 07531259)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Development
Goodwill costs Totals
£    £    £   
COST
At 1 March 2022 43,499 - 43,499
Additions - 1 1
Disposals (43,499 ) (1 ) (43,500 )
At 28 February 2023 - - -
AMORTISATION
At 1 March 2022 19,140 - 19,140
Eliminated on disposal (19,140 ) - (19,140 )
At 28 February 2023 - - -
NET BOOK VALUE
At 28 February 2023 - - -
At 28 February 2022 24,359 - 24,359

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 March 2022 3,254
Disposals (3,254 )
At 28 February 2023 -
DEPRECIATION
At 1 March 2022 2,799
Eliminated on disposal (2,799 )
At 28 February 2023 -
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 455

The Paper Shop (Embsay) Limited (Registered number: 07531259)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 1,325
Other debtors 3,091 2,086
Directors' current accounts 19,501 -
Prepayments - 1,113
22,592 4,524

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 8) - 12,536
Trade creditors 538 9,398
Corporation tax 293 2,480
Social security and other tax 513 261
Other creditors - 3,580
Directors' current accounts - 2,412
Accrued expenses 775 4,024
2,119 34,691

8. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 12,536

9. RESERVES
Retained
earnings
£   

At 1 March 2022 5,417
Profit for the year 30,225
Dividends (15,000 )
At 28 February 2023 20,642

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company paid dividend of £15,000 (2022 £30,000) to the directors. The amount owed to the company by the directors £19,501 at 28th February 2023 (£-2,412 at 28th February 2022).