Registered number
06765932
QUALITY STORES LIMITED
Filleted Accounts
31 December 2023
QUALITY STORES LIMITED
Registered number: 06765932
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 9,083 10,850
Tangible assets 4 27,727 34,658
36,810 45,508
Current assets
Stocks 381,804 349,000
Debtors 5 206,849 105,901
Cash at bank and in hand 14,537 134,220
603,190 589,121
Creditors: amounts falling due within one year 6 (220,222) (289,809)
Net current assets 382,968 299,312
Total assets less current liabilities 419,778 344,820
Creditors: amounts falling due after more than one year 7 (119,014) (48,304)
Provisions for liabilities (10,901) (10,584)
Net assets 289,863 285,932
Capital and reserves
Called up share capital 50,000 50,000
Profit and loss account 239,863 235,932
Shareholders' funds 289,863 285,932
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.
Mr Latif Balci
Director
Approved by the board on 19 September 2024
QUALITY STORES LIMITED
Notes to the Accounts
for the year ended 31 December 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses @ 15% reducing balance.
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:
Plant and machinery 15% reducing balance
Fixtures, fittings, tools and equipment 15% reducing balance
Vehile 15% reducing balance
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.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 differenc.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership.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.
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 4 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 17,667
At 31 December 2023 17,667
Amortisation
At 1 January 2023 6,817
Provided during the year 1,767
At 31 December 2023 8,584
Net book value
At 31 December 2023 9,083
At 31 December 2022 10,850
Goodwill is being written off over its estimated economic life of 7 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 124,485 7,018 131,503
At 31 December 2023 124,485 7,018 131,503
Depreciation
At 1 January 2023 91,453 5,392 96,845
Charge for the year 6,606 325 6,931
At 31 December 2023 98,059 5,717 103,776
Net book value
At 31 December 2023 26,426 1,301 27,727
At 31 December 2022 33,032 1,626 34,658
5 Debtors 2023 2022
£ £
Trade debtors 206,849 105,901
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 2,578 9,108
Obligations under finance lease and hire purchase contracts 1,805 3,755
Trade creditors 67,241 190,663
Taxation and social security costs 76,068 17,725
Other creditors 72,530 68,558
220,222 289,809
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 116,808 46,098
Obligations under finance lease and hire purchase contracts 2,206 2,206
119,014 48,304
8 Controlling party
Mr Latif Balci
9 Other information
QUALITY STORES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2ab Triumph Trading Estate
Tariff Roa
London
England
N17 0EB
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