Company registration number 05033403 (England and Wales)
UCANSTORE.COM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
UCANSTORE.COM LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
UCANSTORE.COM LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
50,818
63,561
Current assets
Debtors
4
239,488
162,333
Cash at bank and in hand
22,569
50,532
262,057
212,865
Creditors: amounts falling due within one year
5
(141,118)
(131,284)
Net current assets
120,939
81,581
Total assets less current liabilities
171,757
145,142
Creditors: amounts falling due after more than one year
6
(12,231)
(26,424)
Provisions for liabilities
(8,654)
(11,275)
Net assets
150,872
107,443
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
150,772
107,343
Total equity
150,872
107,443
UCANSTORE.COM LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The directors of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 5 August 2024 and are signed on its behalf by:
Mr J W Johns
Director
Company Registration No. 05033403
UCANSTORE.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
ucanstore.com Limited is a private company limited by shares incorporated in England and Wales. The registered office is Crown Bray House, Bucknell Way, Pathfields Business Park, South Molton, Devon, EX36 3LH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Over the term of the lease
Computer equipment
33% annually on cost
Fixtures, fittings & equipment
15% annually on book value or 20% annually on cost
Plant & equipment
33% annually on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
UCANSTORE.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.5
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
UCANSTORE.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
18,107
171,014
189,121
Additions
168
168
At 31 March 2024
18,107
171,182
189,289
Depreciation and impairment
At 1 April 2023
6,192
119,368
125,560
Depreciation charged in the year
1,212
11,699
12,911
At 31 March 2024
7,404
131,067
138,471
Carrying amount
At 31 March 2024
10,703
40,115
50,818
At 31 March 2023
11,915
51,646
63,561
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
64,004
37,057
Other debtors
175,484
125,276
239,488
162,333
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,204
9,952
Trade creditors
54,279
69,571
Taxation and social security
23,999
13,487
Other creditors
52,636
38,274
141,118
131,284
Included within other creditors is £3,613 (2023: £14,927) in respect of obligations under finance leases, which are secured on the assets to which they relate.
UCANSTORE.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,231
22,440
Net obligations under finance leases
3,984
12,231
26,424
Amounts owed under finance leases are secured on the assets to which they relate.
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
8,654
11,275
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
1,212,075
1,330,988