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Registered number: 08916972
My Shop Solutions Limited
Unaudited Financial Statements
For The Year Ended 31 August 2023
GKA Accountants Ltd
92 Friern Gardens
Wickford
Essex
SS12 0HD
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 08916972
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 40,590 28,796
40,590 28,796
CURRENT ASSETS
Stocks 5 35,845 74,237
Debtors 6 440,838 424,950
Cash at bank and in hand 830,942 494,337
1,307,625 993,524
Creditors: Amounts Falling Due Within One Year 7 (326,290 ) (221,271 )
NET CURRENT ASSETS (LIABILITIES) 981,335 772,253
TOTAL ASSETS LESS CURRENT LIABILITIES 1,021,925 801,049
Creditors: Amounts Falling Due After More Than One Year 8 (74,326 ) (120,417 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (10,148 ) (4,954 )
NET ASSETS 937,451 675,678
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 937,351 675,578
SHAREHOLDERS' FUNDS 937,451 675,678
Page 1
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For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Gill Webster
Director
18 April 2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
My Shop Solutions Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08916972 . The registered office is 92 Friern Gardens, Wickford, Essex, SS12 0HD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover form the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% reducing balance
Motor Vehicles 20% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 25% on cost
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2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2022: 11)
8 11
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4. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 September 2022 62,109
Additions 33,943
Disposals (22,567 )
As at 31 August 2023 73,485
Depreciation
As at 1 September 2022 33,313
Provided during the period 10,595
Disposals (11,013 )
As at 31 August 2023 32,895
Net Book Value
As at 31 August 2023 40,590
As at 1 September 2022 28,796
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2023 2022
£ £
Motor Vehicles - 18,467
- 18,467
5. Stocks
2023 2022
£ £
Stock - materials and work in progress 35,845 74,237
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6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 175,959 71,019
Other debtors 10,135 241,804
186,094 312,823
Due after more than one year
Other debtors 254,744 112,127
254,744 112,127
440,838 424,950
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts - 6,649
Trade creditors 28,907 19,614
Bank loans and overdrafts 44,545 44,545
Other creditors 85,028 7,931
Taxation and social security 167,810 142,532
326,290 221,271
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts - 1,594
Bank loans 74,326 118,823
74,326 120,417
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 10,148 4,954
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 September 2022 Amounts advanced Amounts repaid Amounts written off As at 31 August 2023
£ £ £ £ £
Ms Simone Douglas 5,626 - 5,626 - -
Ms Gill Webster 226,750 - 226,750 - -
The above loan is unsecured, interest is charged at 2.5%, and repayable on demand.
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