Registered number
06621053
Massage Store Limited
Filleted Accounts
30 November 2023
Massage Store Limited
Registered number: 06621053
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 3,164 3,668
Current assets
Stocks 198,917 200,012
Debtors 5 157,661 36,387
Investments held as current assets 6 83,268 48,672
Cash at bank and in hand 279,191 327,382
719,037 612,453
Creditors: amounts falling due within one year 7 (249,087) (129,699)
Net current assets 469,950 482,754
Total assets less current liabilities 473,114 486,422
Creditors: amounts falling due after more than one year 8 (25,781) (35,650)
Net assets 447,333 450,772
Capital and reserves
Called up share capital 100 100
Profit and loss account 447,233 450,672
Shareholders' funds 447,333 450,772
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Greg Coughlan
Director
Approved by the board on 23 August 2024
Massage Store Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 17,500
At 30 November 2023 17,500
Amortisation
At 1 December 2022 17,500
At 30 November 2023 17,500
Net book value
At 30 November 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 3 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 December 2022 7,075 13,651 20,726
At 30 November 2023 7,075 13,651 20,726
Depreciation
At 1 December 2022 7,075 9,983 17,058
Charge for the year - 504 504
At 30 November 2023 7,075 10,487 17,562
Net book value
At 30 November 2023 - 3,164 3,164
At 30 November 2022 - 3,668 3,668
5 Debtors 2023 2022
£ £
Trade debtors 37,374 18,122
Amounts owed by group undertakings and undertakings in which the company has a participating interest 72,721 11,469
Other debtors 47,566 6,796
157,661 36,387
6 Investments held as current assets 2023 2022
£ £
Fair value
Unlisted investments 83,268 48,672
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Unlisted investments 4,842 3,992
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 92,122 31,073
Taxation and social security costs 118,648 87,150
Other creditors 38,317 11,476
249,087 129,699
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 25,781 35,650
9 Other information
Massage Store Limited is a private company limited by shares and incorporated in England. Its registered office is:
Stephen J Kettle Associates Chartered Accountants
10 Parkway, Crosby
Liverpool
L23 0ST
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