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Tub Store Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

Registration number: 6437967

 

Tub Store Limited

Contents

Statement of financial position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Tub Store Limited

(Registration number: 6437967)
Statement of financial position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,445

1,240

Current assets

 

Stocks

5

47,110

55,640

Debtors

6

32,735

33,607

Cash at bank and in hand

 

2,000

9,614

 

81,845

98,861

Creditors: Amounts falling due within one year

7

(85,622)

(98,151)

Net current (liabilities)/assets

 

(3,777)

710

Total assets less current liabilities

 

(2,332)

1,950

Creditors: Amounts falling due after more than one year

7

(9,000)

(15,000)

Provisions for liabilities

-

(236)

Net liabilities

 

(11,332)

(13,286)

Capital and reserves

 

Called up share capital

8

200

200

Retained earnings

(11,532)

(13,486)

Shareholders' deficit

 

(11,332)

(13,286)

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Tub Store Limited

(Registration number: 6437967)
Statement of financial position as at 30 November 2023

Director's 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 director acknowledges his 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 Income statement.

Approved and authorised by the director on 21 August 2024
 

.........................................
Mr S D Horler
Director

   
     
 

Tub Store Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023

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:
Solo House
The Courtyard
London Road
Horsham
West Sussex
RH12 1AT

These financial statements were authorised for issue by the director on 21 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.

 

Tub Store Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023

Tax

The tax expense for the period comprises 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.

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 statement of financial position 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

6 years straight line

Computer equipment

25% on cost and 25% reducing balance

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.

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.

 

Tub Store Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023

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 income statement 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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 1).

 

Tub Store Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

9,503

9,503

Additions

561

561

Disposals

(1,585)

(1,585)

At 30 November 2023

8,479

8,479

Depreciation

At 1 December 2022

8,263

8,263

Charge for the year

357

357

Eliminated on disposal

(1,586)

(1,586)

At 30 November 2023

7,034

7,034

Carrying amount

At 30 November 2023

1,445

1,445

At 30 November 2022

1,240

1,240

5

Stocks

2023
£

2022
£

Other inventories

47,110

55,640

6

Debtors

Current

2023
£

2022
£

Prepayments

-

4,726

Other debtors

32,735

28,881

 

32,735

33,607

 

Tub Store Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

6,000

24,599

Trade creditors

 

804

4,164

Taxation and social security

 

5,710

6,401

Accruals and deferred income

 

2,300

2,001

Other creditors

 

70,808

60,986

 

85,622

98,151

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

9,000

15,000

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

200

200

200

200

       
 

Tub Store Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

9,000

15,000

Current loans and borrowings

2023
£

2022
£

Bank borrowings

6,000

6,265

Other borrowings

-

18,334

6,000

24,599