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Registered number: 10911113
Best Buy Enterprise Limited
Unaudited Financial Statements
For The Year Ended 31 August 2023
AGAssociates
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10911113
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 86,984 48,543
86,984 48,543
CURRENT ASSETS
Stocks 5 683,172 474,198
Debtors 6 714,467 568,203
Cash at bank and in hand 20,923 23,403
1,418,562 1,065,804
Creditors: Amounts Falling Due Within One Year 7 (658,626 ) (769,363 )
NET CURRENT ASSETS (LIABILITIES) 759,936 296,441
TOTAL ASSETS LESS CURRENT LIABILITIES 846,920 344,984
Creditors: Amounts Falling Due After More Than One Year 8 (511,758 ) (65,509 )
NET ASSETS 335,162 279,475
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 335,062 279,375
SHAREHOLDERS' FUNDS 335,162 279,475
Page 1
Page 2
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Meenakshi JALALI
Director
30/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Best Buy Enterprise Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10911113 . The registered office is Room 26 - SBC House, Restmor Way, Wallington, Surrey, SM6 7AH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20% Stright Line
Fixtures & Fittings 20% Stright Line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2022: 5)
9 5
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 September 2022 71,450 2,035 73,485
Additions 60,187 - 60,187
As at 31 August 2023 131,637 2,035 133,672
Depreciation
As at 1 September 2022 23,807 1,135 24,942
Provided during the period 21,566 180 21,746
As at 31 August 2023 45,373 1,315 46,688
Net Book Value
As at 31 August 2023 86,264 720 86,984
As at 1 September 2022 47,643 900 48,543
5. Stocks
2023 2022
£ £
Finished goods 683,172 474,198
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 708,467 562,203
Due after more than one year
Rent Deposit 6,000 6,000
714,467 568,203
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 278,979 166,100
Corporation tax 70,962 67,857
Other taxes and social security 18,887 5,838
VAT 139,272 100,934
Pension control account (450 ) (450 )
Capital on Tap - 3,132
Other creditors (4) 1,929 334,743
Barclay card 2,479 -
...CONTINUED
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Page 5
General and water rates 40,000 -
Accruals and deferred income 10,791 10,791
Director's loan account 95,777 80,418
658,626 769,363
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bounce Back Loan 37,850 43,500
Motonova Finance - MV Loan-EO67 OHY 10,506 13,666
Close Brothers -MV Loan KY67 MKG 5,076 8,343
Other creditors - Funding Circle (Current liabilities - creditors < 1 year) 201,678 -
Other creditors - Lease & HP more than 1 year Lloyds Bank Fin 49,871 -
Simply Finance Limited 26,324 -
Beeson Finance (17,592 ) -
Recovery Loans - cash flow 198,045 -
511,758 65,509
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
Page 5