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REGISTERED NUMBER: 07710593 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MY STAFF SHOP LIMITED

MY STAFF SHOP LIMITED (REGISTERED NUMBER: 07710593)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MY STAFF SHOP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M D Jones
D A Cartlidge
G L Googan





REGISTERED OFFICE: 2 Charlesworth Court
Knights Way
Battlefield Enterprise Park
Shrewsbury
Shropshire
SY1 3AB





REGISTERED NUMBER: 07710593 (England and Wales)





ACCOUNTANTS: D.R.E. & Co. (Audit) Limited
Kingsland House
39 Abbey Foregate
Shrewsbury
Shropshire
SY2 6BL

MY STAFF SHOP LIMITED (REGISTERED NUMBER: 07710593)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 10,571 12,426

CURRENT ASSETS
Stocks 6 60,635 579,257
Debtors 7 417,183 715,292
Cash at bank 1,990,222 720,671
2,468,040 2,015,220
CREDITORS
Amounts falling due within one year 8 1,980,039 1,584,294
NET CURRENT ASSETS 488,001 430,926
TOTAL ASSETS LESS CURRENT
LIABILITIES

498,572

443,352

PROVISIONS FOR LIABILITIES 2,643 3,107
NET ASSETS 495,929 440,245

CAPITAL AND RESERVES
Called up share capital 9 180,001 180,001
Retained earnings 315,928 260,244
SHAREHOLDERS' FUNDS 495,929 440,245

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

MY STAFF SHOP LIMITED (REGISTERED NUMBER: 07710593)

BALANCE SHEET - continued
31 DECEMBER 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 30 July 2024 and were signed on its behalf by:





M D Jones - Director


MY STAFF SHOP LIMITED (REGISTERED NUMBER: 07710593)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

My Staff Shop 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

These financial statements are for the individual entity only.

The financial statements are presented in Sterling (£), rounded to the nearest £1.

Turnover
The company's turnover consists of corporate fees for services provided, merchant commissions and the sale of stocked goods.

Turnover is recognised as the fair value of the consideration received or receivable for the sale of stocked goods and services provided to corporate clients and retail merchants in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of the consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Reward beans scheme

The company operates a loyalty points based reward programme which can then be spent on goods. The cash value of the beans awarded to members is an expense of the company and is reported in the financial statements within operating expenses.

Reward bean costs and the related liability are recognised in the financial statements when the beans are earned by members. The liability of unredeemed reward beans is recognised within other creditors.

There is no set time limit on writing off reward beans liability on inactive accounts. The directors review the liability and use their knowledge and experience to determine the maximum liability.

Tangible fixed assets
Tangible fixed assets are stated at historic cost less accumulated depreciation. Costs include original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Fixtures and fittings- 25% straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

MY STAFF SHOP LIMITED (REGISTERED NUMBER: 07710593)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade debtors, amounts owed by group undertakings and cash and bank balances, are initially recognised at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of impairment. Any impairment is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards or control of the ownership of the asset are transferred to another party.

(ii) Financial liabilities

Basic financial liabilities, including trade creditors, are initially recognised at transaction price and subsequently carried at amortised cost.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 10 ) .

MY STAFF SHOP LIMITED (REGISTERED NUMBER: 07710593)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 32,510
Additions 3,268
At 31 December 2023 35,778
DEPRECIATION
At 1 January 2023 20,084
Charge for year 5,123
At 31 December 2023 25,207
NET BOOK VALUE
At 31 December 2023 10,571
At 31 December 2022 12,426

6. STOCKS
31.12.23 31.12.22
£    £   
Stocks 60,635 579,257

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 248,224 340,801
Amounts owed by group undertakings 121,841 178,936
Other debtors 47,118 195,555
417,183 715,292

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 83,121 103,164
Amounts owed to group undertakings - 44
Tax 58,135 29,083
Social security and other taxes 57,587 74,764
Other creditors 1,781,196 1,377,239
1,980,039 1,584,294

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
180,001 Ordinary shares £1 180,001 180,001

MY STAFF SHOP LIMITED (REGISTERED NUMBER: 07710593)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The company is a wholly owned subsidiary of Lyneal Group Limited.

11. ULTIMATE CONTROLLING PARTY

The controlling party is the parent company Lyneal Group Limited. The ultimate controlling party is Lyneal Group Employee Ownership Trust by virtue of a controlling shareholding in Lyneal Group Limited.