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COMPANY REGISTRATION NUMBER: 05586476
The SCSI Shop Limited
Filleted Unaudited Financial Statements
For the year ended
31 October 2023
The SCSI Shop Limited
Financial Statements
Year ended 31 October 2023
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 6
The SCSI Shop Limited
Officers and Professional Advisers
THE BOARD OF DIRECTORS
M A Gale
L Gale
REGISTERED OFFICE
Potton House
Wyboston Lakes
Great North Road
Wyboston
Bedford
MK44 3BZ
ACCOUNTANTS
Streets
Chartered Accountants
Potton House
Wyboston Lakes
Great North Road
Wyboston
Bedford
MK44 3BZ
BANKERS
National Westminster Bank PLC
21 High Street
Harpenden
Hertfordshire
AL5 2RY
The SCSI Shop Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
6,102
6,885
Current assets
Stocks
19,000
19,300
Debtors
6
3,007
3,414
Cash at bank and in hand
77,541
124,980
--------
---------
99,548
147,694
Creditors: amounts falling due within one year
7
62,704
84,632
--------
---------
Net current assets
36,844
63,062
--------
--------
Total assets less current liabilities
42,946
69,947
Provisions
Deferred taxation
587
527
--------
--------
Net assets
42,359
69,420
--------
--------
Capital and reserves
Called up share capital
200
200
Profit and loss account
42,159
69,220
--------
--------
Shareholders funds
42,359
69,420
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The SCSI Shop Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 31 July 2024 , and are signed on behalf of the board by:
M A Gale
Director
Company registration number: 05586476
The SCSI Shop Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Potton House, Wyboston Lakes, Great North Road, Wyboston, Bedford, MK44 3BZ. The principal place of business of the company is Wold House, 32 Cherry Hill, Old, Northants, NN6 9EN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and are prepared in UK sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, stated net of discounts and of value added tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the reporting date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on a undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the year end.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% straight line per annum
Office equipment
-
20% reducing balance per annum
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution pension plans
The company contributes to the personal pension scheme of the director. The pension cost represents contributions payable in the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Plant and machinery
Office equipment
Total
£
£
£
Cost
At 1 November 2022
7,977
4,112
12,089
Additions
1,085
1,085
Disposals
( 850)
( 850)
-------
-------
--------
At 31 October 2023
7,977
4,347
12,324
-------
-------
--------
Depreciation
At 1 November 2022
3,192
2,012
5,204
Charge for the year
798
839
1,637
Disposals
( 619)
( 619)
-------
-------
--------
At 31 October 2023
3,990
2,232
6,222
-------
-------
--------
Carrying amount
At 31 October 2023
3,987
2,115
6,102
-------
-------
--------
At 31 October 2022
4,785
2,100
6,885
-------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
257
3,414
Other debtors
2,750
-------
-------
3,007
3,414
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
12,301
15,006
Social security and other taxes
2,102
4,662
Other creditors
48,301
64,964
--------
--------
62,704
84,632
--------
--------
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
587
527
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
587
527
----
----