Acorah Software Products - Accounts Production 15.0.600 false true 30 November 2022 1 December 2021 false 1 December 2022 30 November 2023 30 November 2023 07033026 Mr Ajay Patel Mrs Simaben Patel Mr Ajay Patel iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07033026 2022-11-30 07033026 2023-11-30 07033026 2022-12-01 2023-11-30 07033026 frs-core:CurrentFinancialInstruments 2023-11-30 07033026 frs-core:Non-currentFinancialInstruments 2023-11-30 07033026 frs-core:FurnitureFittings 2023-11-30 07033026 frs-core:FurnitureFittings 2022-12-01 2023-11-30 07033026 frs-core:FurnitureFittings 2022-11-30 07033026 frs-core:NetGoodwill 2023-11-30 07033026 frs-core:NetGoodwill 2022-12-01 2023-11-30 07033026 frs-core:NetGoodwill 2022-11-30 07033026 frs-core:MotorVehicles 2023-11-30 07033026 frs-core:MotorVehicles 2022-12-01 2023-11-30 07033026 frs-core:MotorVehicles 2022-11-30 07033026 frs-core:ShareCapital 2023-11-30 07033026 frs-core:RetainedEarningsAccumulatedLosses 2023-11-30 07033026 frs-bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 07033026 frs-bus:FilletedAccounts 2022-12-01 2023-11-30 07033026 frs-bus:SmallEntities 2022-12-01 2023-11-30 07033026 frs-bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 07033026 frs-bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 07033026 frs-bus:Director1 2022-12-01 2023-11-30 07033026 frs-bus:Director1 2022-11-30 07033026 frs-bus:Director1 2023-11-30 07033026 frs-bus:Director2 2022-12-01 2023-11-30 07033026 frs-bus:Director2 2022-11-30 07033026 frs-bus:Director2 2023-11-30 07033026 frs-bus:CompanySecretary1 2022-12-01 2023-11-30 07033026 frs-countries:EnglandWales 2022-12-01 2023-11-30 07033026 2021-11-30 07033026 2022-11-30 07033026 2021-12-01 2022-11-30 07033026 frs-core:CurrentFinancialInstruments 2022-11-30 07033026 frs-core:Non-currentFinancialInstruments 2022-11-30 07033026 frs-core:ShareCapital 2022-11-30 07033026 frs-core:RetainedEarningsAccumulatedLosses 2022-11-30
Registered number: 07033026
Village Convenience Store Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 07033026
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 17,760 43,874
17,760 43,874
CURRENT ASSETS
Stocks 6 37,513 41,243
Debtors 7 70,522 58,484
Cash at bank and in hand 137,051 110,867
245,086 210,594
Creditors: Amounts Falling Due Within One Year 8 (147,437 ) (116,782 )
NET CURRENT ASSETS (LIABILITIES) 97,649 93,812
TOTAL ASSETS LESS CURRENT LIABILITIES 115,409 137,686
Creditors: Amounts Falling Due After More Than One Year 9 (26,446 ) (26,598 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,252 ) (8,336 )
NET ASSETS 82,711 102,752
CAPITAL AND RESERVES
Called up share capital 10 10 10
Income Statement 82,701 102,742
SHAREHOLDERS' FUNDS 82,711 102,752
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Income Statement.
On behalf of the board
Mr Ajay Patel
Director
28 August 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Village Convenience Store Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07033026 . The registered office is 328 Stafford Road, Wallington, Surrey, London, CR0 4NH.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of .... years.
2.4. 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 25% reducing balance method
Fixtures & Fittings 25% reducing balance method
2.5. 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.
Page 3
Page 4
2.6. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2022: 8)
9 8
4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2022 215,000
As at 30 November 2023 215,000
Amortisation
As at 1 December 2022 215,000
As at 30 November 2023 215,000
Net Book Value
As at 30 November 2023 -
As at 1 December 2022 -
Page 4
Page 5
5. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 December 2022 100,080 62,127 162,207
Disposals (85,000 ) - (85,000 )
As at 30 November 2023 15,080 62,127 77,207
Depreciation
As at 1 December 2022 75,661 42,672 118,333
Provided during the period - 4,864 4,864
Disposals (63,750 ) - (63,750 )
As at 30 November 2023 11,911 47,536 59,447
Net Book Value
As at 30 November 2023 3,169 14,591 17,760
As at 1 December 2022 24,419 19,455 43,874
6. Stocks
2023 2022
£ £
Stock 37,513 41,243
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 32 2,512
Other debtors 70,490 55,972
70,522 58,484
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 14,041 27,124
Bank loans and overdrafts - 9,852
Other creditors 66,495 50,500
Taxation and social security 66,901 29,306
147,437 116,782
Page 5
Page 6
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 26,446 26,598
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 10 10
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2022 Amounts advanced Amounts repaid Amounts written off As at 30 November 2023
£ £ £ £ £
Mr Ajay Patel 20,334 30,000 (20,334 ) - 30,000
Mrs Simaben Patel 15,381 30,000 (15,381 ) - 30,000
The above loan is unsecured, interest free and repayable on demand. As at year end 30 November 2023, the directors owed £60,000 to the company, which was repaid back to the company within nine months from the accounting year end. 
12. Related Party Transactions
Company's principal place of busines Hadham Cross, Hertfordshire SG10 6DE is owned by one of the Director Mr A Patel. Company has paid rent of £40,000 p/a to the director which is accounted as an expense in the profit & loss account. 
The director together with his spouse controlled the company by virtue of controlling interest of 100% of issued ordinary share capital for the year ended 30 November 2023 
Page 6