Registered number
11867433
The CBD Flower Shop Limited
Unaudited Filleted Accounts
31 March 2024
The CBD Flower Shop Limited
Registered number: 11867433
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 14,901 6,845
Current assets
Stocks 12,850 12,250
Debtors 4 259,371 254,428
Cash at bank and in hand 179,396 469,674
451,617 736,352
Creditors: amounts falling due within one year 5 (110,365) (186,423)
Net current assets 341,252 549,929
Total assets less current liabilities 356,153 556,774
Provisions for liabilities (2,831) (1,301)
Net assets 353,322 555,473
Capital and reserves
Called up share capital 10 10
Profit and loss account 353,312 555,463
Shareholders' funds 353,322 555,473
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.
J P Wood
Director
Approved by the board on 24 July 2024
The CBD Flower Shop Limited
Notes to the Accounts
for the year ended 31 March 2024
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment 25% straight line
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 10
3 Tangible fixed assets
Equipment
£
Cost
At 1 April 2023 9,460
Additions 12,362
Disposals (2,038)
At 31 March 2024 19,784
Depreciation
At 1 April 2023 2,615
Charge for the year 3,682
On disposals (1,414)
At 31 March 2024 4,883
Net book value
At 31 March 2024 14,901
At 31 March 2023 6,845
4 Debtors 2024 2023
£ £
Amounts due from related parties 120,760 -
Other debtors 138,611 254,428
259,371 254,428
5 Creditors: amounts falling due within one year 2024 2023
£ £
Non-equity preference shares 10 10
Amounts due to related parties 33,767 58,272
Directors' loan accounts 2,886 50,299
Taxation and social security costs 39,980 66,814
Other creditors 33,722 11,028
110,365 186,423
6 Controlling party
The company is ultimately controlled by the directors.
7 Other information
The CBD Flower Shop Limited is a private company limited by shares and incorporated in England. Its registered office is:
James House
40 Lagland Street
Poole
Dorset
BH15 1QG
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