Company No:
Contents
DIRECTORS | Mr P Saunders |
Mrs N Saunders |
REGISTERED OFFICE | Sigma House Oak View Close |
Edginswell Park | |
Torquay | |
TQ2 7FF | |
United Kingdom |
BUSINESS ADDRESS | 38 Victoria Street |
Exeter | |
Devon | |
EX4 6JQ |
COMPANY NUMBER | 08226600 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Sigma House | |
Oak View Close | |
Edginswell Park | |
Torquay | |
TQ2 7FF |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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470,086 | 495,160 | |||
Current assets | ||||
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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155,362 | 115,476 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (42,591) | (56,449) | ||
Total assets less current liabilities | 427,495 | 438,711 | ||
Creditors: amounts falling due after more than one year | 7 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Saunders Stores Limited (registered number:
Mr P Saunders
Director |
Mr P Saunders
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Saunders Stores Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom. The principal place of business is 38 Victoria Street, Exeter, Devon, EX4 6JQ.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Goodwill |
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Land and buildings |
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Vehicles |
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Fixtures and fittings |
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Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 May 2023 |
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At 30 April 2024 |
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Accumulated amortisation | |||
At 01 May 2023 |
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Charge for the financial year |
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At 30 April 2024 |
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Net book value | |||
At 30 April 2024 |
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At 30 April 2023 |
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Land and buildings | Vehicles | Fixtures and fittings | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 May 2023 |
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Additions |
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At 30 April 2024 |
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Accumulated depreciation | |||||||
At 01 May 2023 |
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Charge for the financial year |
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At 30 April 2024 |
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Net book value | |||||||
At 30 April 2024 |
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At 30 April 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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200 | 200 |
Other financial commitments
2024 | 2023 | ||
£ | £ | ||
Commitments in relation to vehicle lease |
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Transactions with the entity's directors
2024 | 2023 | ||
£ | £ | ||
Advances to the directors. Interest is charged at HMRC's official rate | 45,287 | 219 |