THE TOY SHOP (COCKERMOUTH) LIMITED
Registered number: 07929412
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - -
Tangible assets 4 14,892 19,901
14,892 19,901
Current assets
Stocks 93,493 48,493
Debtors 5 349 -
Cash at bank and in hand 193,752 183,583
287,594 232,076
Creditors: amounts falling due within one year 6 (121,025) (66,087)
Net current assets 166,569 165,989
Total assets less current liabilities 181,461 185,890
Creditors: amounts falling due after more than one year (26,245) (36,336)
Provisions for liabilities (2,829) (4,390)
Net assets 152,387 145,164
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 151,387 144,164
Shareholders' funds 152,387 145,164
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. Jonathon Chippendale
Director
Approved by the board on 20 September 2024
THE TOY SHOP (COCKERMOUTH) LIMITED
Notes to the Accounts
for the year ended 31 January 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.
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Computers over 4 years
Fixtures and fittings 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 -
At 31 January 2024 -
Amortisation
At 1 February 2023 -
Provided during the year -
At 31 January 2024 -
Net book value
At 31 January 2024 -
At 31 January 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Fixtures and fittings Computers Total
£ £ £
Cost
At 1 February 2023 42,215 10,705 52,920
At 31 January 2024 42,215 10,705 52,920
Depreciation
At 1 February 2023 25,640 7,379 33,019
Charge for the year 3,490 1,519 5,009
At 31 January 2024 29,130 8,898 38,028
Net book value
At 31 January 2024 13,085 1,807 14,892
At 31 January 2023 16,575 3,326 19,901
5 Debtors 2024 2023
£ £
Prepayments 349 -
349 -
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 11,854 13,369
Trade creditors 55,909 13,336
Mr. Jonathon & Mrs. Fiona Chippendale 27,033 11,164
Mr. Daniel Chippendale 10,000 9,500
Mr. Jack Chippendale 4,020 3,520
Corporation tax 3,016 2,451
VAT payable 7,856 7,497
PAYE and NI 394 118
Staff balances - 4,346
Pension 224 146
Accruals 719 640
121,025 66,087
7 Creditors: amounts falling due after more than one year 2024 2023
£ £
Bank loans and overdrafts 26,245 36,336
8 Ultimate controlling party and related party transactions 2024 2023
£
The company was under the control of Mr. Jonathon & Mrs. Fiona Chippendale throughout the current and prior period.
No transactions with related parties were undertaken such as are required to be disclosed under the FRS 102 except for those disclosed below.
Daniel and Jack Chippendale are the directors' sons.
2024 2023
£ £
Equity dividends paid to Mr. Jonathon & Mrs. Fiona Chippendale 1,000 8,000
Equity dividends paid to Mr. Daniel Chippendale 500 2,000
Equity dividends paid to Mr. Jack Chippendale 500 2,000
Balance owing (to) / from Mr. Jonathon & Mrs. Fiona Chippendale (27,033) (11,164)
Balance owing (to) / from Mr. Daniel Chippendale (10,000) (9,500)
Balance owing (to) / from Mr. Jack Chippendale (4,020) (3,520)
Interest at 2.25% per annum is charged on balances over £10,000 owed to the company.
9 Other information
THE TOY SHOP (COCKERMOUTH) LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Dalton Farm
Eaglesfield
Cockermouth CA13 0SD
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