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Registration number: 06494320

Ability Outlet Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Ability Outlet Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

Ability Outlet Limited

Company Information

Directors

Mr Graham Johnson

Ms Lorraine Wilson

Mrs Paula Johnson

Company secretary

Ms Lorraine Wilson

Registered office

Unit 4-5 The Forum The Forum
High Street
Sittingbourne
Kent
ME10 3DL

 

Ability Outlet Limited

Directors' Report for the Year Ended 29 February 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Graham Johnson

Ms Lorraine Wilson - Company secretary and director

Mrs Paula Johnson

Principal activity

The principal activity of the company is Retail sale of medical orthopaedic goods

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 8 August 2024 and signed on its behalf by:
 

.........................................
Mr Graham Johnson
Director

 

Ability Outlet Limited

(Registration number: 06494320)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

267,299

235,640

Current assets

 

Stocks

5

321,952

216,758

Debtors

6

198,997

134,796

Cash at bank and in hand

 

198,336

210,035

 

719,285

561,589

Creditors: Amounts falling due within one year

7

(494,225)

(293,430)

Net current assets

 

225,060

268,159

Total assets less current liabilities

 

492,359

503,799

Creditors: Amounts falling due after more than one year

7

(63,507)

(81,362)

Provisions for liabilities

(15,371)

(7,417)

Net assets

 

413,481

415,020

Capital and reserves

 

Called up share capital

8

80,100

80,100

Retained earnings

333,381

334,920

Shareholders' funds

 

413,481

415,020

For the financial year ending 29 February 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 August 2024 and signed on its behalf by:
 

 

Ability Outlet Limited

(Registration number: 06494320)
Balance Sheet as at 29 February 2024

.........................................
Mr Graham Johnson
Director

 

Ability Outlet Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 4-5 The Forum The Forum
High Street
Sittingbourne
Kent
ME10 3DL
England

These financial statements were authorised for issue by the Board on 8 August 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 and deferred 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.

 

Ability Outlet Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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 balance sheet 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

Plant and Machinery

20% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Ability Outlet Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

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.

 

Ability Outlet Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2023 - 20).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 March 2023

200,000

23,071

38,617

41,467

Additions

5,800

-

21,527

-

At 29 February 2024

205,800

23,071

60,144

41,467

Depreciation

At 1 March 2023

16,000

20,074

18,753

38,183

Charge for the year

2,000

749

10,348

821

At 29 February 2024

18,000

20,823

29,101

39,004

Carrying amount

At 29 February 2024

187,800

2,248

31,043

2,463

At 28 February 2023

184,000

2,997

19,864

3,284

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

33,994

337,149

Additions

32,831

60,158

At 29 February 2024

66,825

397,307

Depreciation

At 1 March 2023

8,499

101,509

Charge for the year

14,581

28,499

At 29 February 2024

23,080

130,008

Carrying amount

At 29 February 2024

43,745

267,299

At 28 February 2023

25,495

235,640

Included within the net book value of land and buildings above is £187,800 (2023 - £184,000) in respect of freehold land and buildings.
 

 

Ability Outlet Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Stocks

2024
£

2023
£

Other inventories

321,952

216,758

6

Debtors

Current

2024
£

2023
£

Trade debtors

83,748

58,733

Prepayments

25,501

24,057

Other debtors

89,748

52,006

 

198,997

134,796

 

Ability Outlet Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

21,787

29,168

Trade creditors

 

342,724

195,444

Taxation and social security

 

65,180

45,361

Accruals and deferred income

 

32,656

6,356

Other creditors

 

31,878

17,101

 

494,225

293,430

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

63,507

81,362

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

Redeemable Preference of £1 each

80,000

80,000

80,000

80,000

80,100

80,100

80,100

80,100

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

53,236

65,664

Hire purchase contracts

10,271

15,698

63,507

81,362

Current loans and borrowings

 

Ability Outlet Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2024
£

2023
£

Bank borrowings

16,360

19,634

Hire purchase contracts

5,427

9,534

21,787

29,168

10

Related party transactions

 

Ability Outlet Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

38,390

39,839

Contributions paid to money purchase schemes

61,200

40,000

99,590

79,839