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Registration number: 10732339

Archie's Shops Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Archie's Shops Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Archie's Shops Ltd

Company Information

Director

Archie Bellville

Registered office

35a Castletown Road
London
W14 9HF

Accountants

Dorset FD Limited
A member firm of the ICAEW
Unit 35
Great Cranford Street
Poundbury
Dorchester
Dorset
DT1 3SQ

 

Archie's Shops Ltd

(Registration number: 10732339)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

98,497

127,215

Current assets

 

Stocks

5

5,000

10,000

Debtors

6

13,625

28,328

Cash at bank and in hand

 

147,683

91,660

 

166,308

129,988

Creditors: Amounts falling due within one year

7

(53,752)

(48,841)

Net current assets

 

112,556

81,147

Total assets less current liabilities

 

211,053

208,362

Creditors: Amounts falling due after more than one year

7

(36,103)

(42,351)

Provisions for liabilities

(16,082)

(22,982)

Net assets

 

158,868

143,029

Capital and reserves

 

Called up share capital

8

1,578

1,578

Share premium reserve

738,379

738,379

Retained earnings

(581,089)

(596,928)

Shareholders' funds

 

158,868

143,029

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 July 2024
 

 

Archie's Shops Ltd

(Registration number: 10732339)
Balance Sheet as at 30 April 2024

.........................................
Archie Bellville
Director

 

Archie's Shops Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
35a Castletown Road
London
W14 9HF
England and Wales

These financial statements were authorised for issue by the director on 29 July 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 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.

 

Archie's Shops Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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

Office equipment

25% straight line

Plant and machinery

25% straight line

Motor vehicles

25% straight line

Leasehold improvements

straight line over life of lease

Furniture and fittings

10% straight line

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.

 

Archie's Shops Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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.

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 14 (2023 - 12).

 

Archie's Shops Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

18,624

242,073

3,000

263,697

Additions

-

1,189

3,000

4,189

Disposals

-

(10,515)

(3,000)

(13,515)

At 30 April 2024

18,624

232,747

3,000

254,371

Depreciation

At 1 May 2023

4,839

130,893

750

136,482

Charge for the year

1,241

26,270

750

28,261

Eliminated on disposal

-

(8,119)

(750)

(8,869)

At 30 April 2024

6,080

149,044

750

155,874

Carrying amount

At 30 April 2024

12,544

83,703

2,250

98,497

At 30 April 2023

13,785

111,180

2,250

127,215

Included within the net book value of land and buildings above is £12,544 (2023 - £13,785) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

5,000

10,000

6

Debtors

Current

2024
£

2023
£

Prepayments

8,375

14,552

Other debtors

5,250

13,776

 

13,625

28,328

 

Archie's Shops Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

6,248

4,584

Trade creditors

 

27,770

26,775

Taxation and social security

 

16,961

14,892

Accruals and deferred income

 

1,803

1,750

Other creditors

 

970

840

 

53,752

48,841

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

36,103

42,351

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary 1p Shares of £0.01 each

157,810

1,578

157,810

1,578

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

36,103

42,351

Current loans and borrowings

2024
£

2023
£

Bank borrowings

6,248

4,584

 

Archie's Shops Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £142,150 (2023 - £191,050). At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases.

11

Related party transactions

During the year the Directors made a temporary loan of £282 to the company (2023: nil), which is included within Other Creditors on the balance sheet.

During the year the Directors repaid a temporary loan of £30, which is included within Other Debtors in the previous year comparative figures.

 

Archie's Shops Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

56,917

52,591