Registered number
08309300
BLOOM ST CONVENIENCE STORE LTD
Filleted Accounts
30 November 2023
BLOOM ST CONVENIENCE STORE LTD
Registered number: 08309300
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 10,607 7,652
Current assets
Stocks 27,890 34,780
Debtors 4 39,220 34,051
Cash at bank and in hand 4,596 19,227
71,706 88,058
Creditors: amounts falling due within one year 5 (52,463) (51,832)
Net current assets 19,243 36,226
Total assets less current liabilities 29,850 43,878
Creditors: amounts falling due after more than one year 6 (26,184) (38,092)
Net assets 3,666 5,786
Capital and reserves
Called up share capital 1 1
Profit and loss account 3,665 5,785
Shareholders' funds 3,666 5,786
The directors are 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 directors acknowledge their 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.
F Quinn
Director
Approved by the board on 12 August 2024
BLOOM ST CONVENIENCE STORE LTD
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.
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.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022 10,802
Additions 6,740
At 30 November 2023 17,542
Depreciation
At 1 December 2022 3,150
Charge for the year 3,785
At 30 November 2023 6,935
Net book value
At 30 November 2023 10,607
At 30 November 2022 7,652
4 Debtors 2023 2022
£ £
Trade debtors 39,220 34,051
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 10,018 14,395
Taxation and social security costs 42,445 37,437
52,463 51,832
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 26,184 38,092
7 Other information
BLOOM ST CONVENIENCE STORE LTD is a private company limited by shares and incorporated in England. Its registered office is:
37-39 Bloom Street
Manchester
M1 3LY
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