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REGISTERED NUMBER: 13337632 (England and Wales)









OGMORE VALLEY STORE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






OGMORE VALLEY STORE LTD (REGISTERED NUMBER: 13337632)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


OGMORE VALLEY STORE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: T Patel
G A Patel





REGISTERED OFFICE: 1 Blandy Terrace
Ogmore Vale
Bridgend
CF32 7DY





REGISTERED NUMBER: 13337632 (England and Wales)






OGMORE VALLEY STORE LTD (REGISTERED NUMBER: 13337632)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 76,125 86,625
Tangible assets 5 80,683 81,295
156,808 167,920

CURRENT ASSETS
Stocks 6 47,950 48,500
Debtors 7 16,874 24,626
Cash at bank and in hand 118,661 282,745
183,485 355,871
CREDITORS
Amounts falling due within one year 8 206,395 414,157
NET CURRENT LIABILITIES (22,910 ) (58,286 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

133,898

109,634

PROVISIONS FOR LIABILITIES 10 17,180 20,324
NET ASSETS 116,718 89,310

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 116,618 89,210
SHAREHOLDERS' FUNDS 116,718 89,310

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

OGMORE VALLEY STORE LTD (REGISTERED NUMBER: 13337632)

BALANCE SHEET - continued
30 APRIL 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 September 2024 and were signed on its behalf by:





T Patel - Director


OGMORE VALLEY STORE LTD (REGISTERED NUMBER: 13337632)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Ogmore Valley Store Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the directors have reviewed the balance sheet, the likely future cashflows of the business and has considered the facilities that are available to the company along with their continued support.

At the date of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on a ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

OGMORE VALLEY STORE LTD (REGISTERED NUMBER: 13337632)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

OGMORE VALLEY STORE LTD (REGISTERED NUMBER: 13337632)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Employee benefits
The costs of short-term employee benefit are recognised as a liability and an expense, unless those costs are required to be recognised as part of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's
services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

OGMORE VALLEY STORE LTD (REGISTERED NUMBER: 13337632)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Cash & cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Government Grants

Government grants are recognised at the fair value of the asset received or receivable when there is a reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions are recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised with deferred income.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 12 ) .

OGMORE VALLEY STORE LTD (REGISTERED NUMBER: 13337632)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 105,000
AMORTISATION
At 1 May 2023 18,375
Amortisation for year 10,500
At 30 April 2024 28,875
NET BOOK VALUE
At 30 April 2024 76,125
At 30 April 2023 86,625

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 May 2023 - 105,985 3,615 4,347 113,947
Additions 12,000 - - 1,000 13,000
Disposals - - - (1,008 ) (1,008 )
At 30 April 2024 12,000 105,985 3,615 4,339 125,939
DEPRECIATION
At 1 May 2023 - 29,127 1,582 1,943 32,652
Charge for year - 11,529 508 899 12,936
Eliminated on disposal - - - (332 ) (332 )
At 30 April 2024 - 40,656 2,090 2,510 45,256
NET BOOK VALUE
At 30 April 2024 12,000 65,329 1,525 1,829 80,683
At 30 April 2023 - 76,858 2,033 2,404 81,295

6. STOCKS
2024 2023
£    £   
Stocks 47,950 48,500

OGMORE VALLEY STORE LTD (REGISTERED NUMBER: 13337632)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 16,874 24,626

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 25,361 47,887
Taxation and social security 46,147 33,803
Other creditors 134,887 332,467
206,395 414,157

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 15,000 15,000
Between one and five years 101,250 116,250
116,250 131,250

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 17,180 20,324

Deferred
tax
£   
Balance at 1 May 2023 20,324
Accelerated capital allowances (3,144 )
Balance at 30 April 2024 17,180

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
75 Ordinary A £1 75 75
25 Ordinary B £1 25 25
100 100

OGMORE VALLEY STORE LTD (REGISTERED NUMBER: 13337632)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

12. TRANSACTIONS WITH DIRECTORS

At the reporting date the company owed £123,065 (2023: £324,662) to the directors. This balance is included within creditors.

The directors operate an interest free loan account with the company which is repayable on demand.

During the period the rent of £15,000 (2023: £11,250) was paid to the pension schemes of the directors.

13. COMPARATIVE FIGURES

In the prior year the company shortened its accounting reference date from 31 July to 30 April.Therefore, the comparative figures are for a 9 month trading period.