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Registration number: 08118363

SM Cash & Carry Limited

Unaudited Financial Statements

for the Year Ended 31 October 2023

 

SM Cash & Carry Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

SM Cash & Carry Limited

(Registration number: 08118363)
Statement of Financial Position as at 31 October 2023

Note

2023
£

2022
£

Current assets

 

Stocks

5

67,052

75,822

Debtors

6

111,006

54,053

Cash at bank and in hand

 

200,385

228,587

 

378,443

358,462

Creditors: Amounts falling due within one year

7

(128,729)

(136,687)

Total assets less current liabilities

 

249,714

221,775

Creditors: Amounts falling due after more than one year

7

(21,435)

(35,565)

Net assets

 

228,279

186,210

Capital and reserves

 

Called up share capital

100

100

Retained earnings

228,179

186,110

Shareholders' funds

 

228,279

186,210

 

SM Cash & Carry Limited

(Registration number: 08118363)
Statement of Financial Position as at 31 October 2023

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 30 July 2024
 

.........................................
Mrs R Malek
Director

   
     
 

SM Cash & Carry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit A Trafalgar Centre
Belfield Road
Rochdale
Lancashire
OL16 2UX
England

These financial statements were authorised for issue by the director on 30 July 2024.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

The current income 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.

 

SM Cash & Carry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

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

Motor vehicles

25% straight line

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.

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 income statement 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.

 

SM Cash & Carry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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 in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the income statement.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 15 (2022 - 12).

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

9,800

9,800

At 31 October 2023

9,800

9,800

Depreciation

At 1 November 2022

9,800

9,800

At 31 October 2023

9,800

9,800

Carrying amount

At 31 October 2023

-

-

5

Stocks

2023
£

2022
£

Other inventories

67,052

75,822

 

SM Cash & Carry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

25,390

14,390

Prepayments

-

7,783

Other debtors

85,616

31,880

 

111,006

54,053

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

14,732

16,707

Trade creditors

 

58,697

69,623

Taxation and social security

 

11,739

35,488

Accruals and deferred income

 

43,098

14,406

Other creditors

 

463

463

 

128,729

136,687

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

21,435

35,565

Hire purchase contracts are secured on the assets to which they relate. The bank loan is secured by a personal guarentee provided by the director.

 

SM Cash & Carry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

21,435

35,565

2023
£

2022
£

Current loans and borrowings

Bank borrowings

14,732

16,707

9

Related party transactions

Transactions with the director

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Mrs R Malek

Advances to the director, repayable on demand with interest charged at HMRC's official rate

5,281

-

(5,281)

-

         
       

 

2022

At 1 November 2021
£

Advances to director
£

At 31 October 2022
£

Mrs R Malek

Advances to the director, repayable on demand with interest charged at HMRC's official rate

-

5,281

5,281