W12 PREMIER STORE LTD
Registered number: 09904562
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 60,000 65,000
Tangible assets 4 6,399 7,999
66,399 72,999
Current assets
Stocks 62,986 26,745
Cash at bank and in hand (7,723) 1,430
55,263 28,175
Creditors: amounts falling due within one year 5 (11,074) (7,235)
Net current assets 44,189 20,940
Total assets less current liabilities 110,588 93,939
Creditors: amounts falling due after more than one year 6 (87,175) (67,080)
Net assets 23,413 26,859
Capital and reserves
Share premium 1 1
Profit and loss account 23,412 26,858
Shareholders' funds 23,413 26,859
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 N Sugerthan
Director
Approved by the board on 28 August 2024
W12 PREMIER STORE LTD
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
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.
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.
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 100,000
At 31 December 2023 100,000
Amortisation
At 1 January 2023 35,000
Provided during the year 5,000
At 31 December 2023 40,000
Net book value
At 31 December 2023 60,000
At 31 December 2022 65,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Motor vehicles
£
Cost
At 1 January 2023 14,999
At 31 December 2023 14,999
Depreciation
At 1 January 2023 7,000
Charge for the year 1,600
At 31 December 2023 8,600
Net book value
At 31 December 2023 6,399
At 31 December 2022 7,999
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 9,191 6,547
Taxation and social security costs 1,883 688
11,074 7,235
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 38,254 42,891
Obligations under finance lease and hire purchase contracts 2,921 6,189
Other creditors 46,000 18,000
87,175 67,080
7 Other information
W12 PREMIER STORE LTD is a private company limited by shares and incorporated in England. Its registered office is:
195A - 197A Uxbridge Road
London
W12 9RA
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