Registered number
07336587
RETAIL GAZETTE LIMITED
Filleted Accounts
31 October 2023
RETAIL GAZETTE LIMITED
Registered number: 07336587
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,333 3,072
Current assets
Debtors 4 509,416 692,538
Cash at bank and in hand 135,774 29,436
645,190 721,974
Creditors: amounts falling due within one year 5 (1,121,473) (553,016)
Net current (liabilities)/assets (476,283) 168,958
Total assets less current liabilities (471,950) 172,030
Creditors: amounts falling due after more than one year 6 (22,401) (30,239)
Net (liabilities)/assets (494,351) 141,791
Capital and reserves
Called up share capital 1,100 1,100
Profit and loss account (495,451) 140,691
Shareholders' funds (494,351) 141,791
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Whittington
Director
Approved by the board on 29 July 2024
RETAIL GAZETTE LIMITED
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 2 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Current tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 28 20
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 20,227
Additions 8,667
At 31 October 2023 28,894
Depreciation
At 1 November 2022 17,155
Charge for the year 7,406
At 31 October 2023 24,561
Net book value
At 31 October 2023 4,333
At 31 October 2022 3,072
4 Debtors 2023 2022
£ £
Trade debtors 215,714 373,885
Other debtors 293,702 318,653
509,416 692,538
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 62,816 14,474
Taxation and social security costs 142,264 138,143
Other creditors 906,393 390,399
1,121,473 553,016
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 22,401 30,239
7 Related party transactions
Included in other debtors is the sum of £52,332 (2022: £244,392) due from Quest Search and Selection Limited, a company in which S Whittington has a material interest. Included in other creditors is the sum of £578,325 (2022:£341,918) due to Quest Search and Selection FZE, a company registered in the United Arab Emirates, related by virtue of having a common director. There are no terms as to interest or repayment in respect of these balance.

Included in expenses is £167,087 (2022: £261,814) in relation to cost recharges and management fees payable to Quest Search and Selection FZE .
8 Controlling party
The ultimate controlling party is S Whittington, director and majority shareholder of the company.
9 Other information
RETAIL GAZETTE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
40 The Glades
Walsall
West Midlands
WS9 8RN
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