STRETHAM CONVENIENCE STORE LIMITED

Company Registration Number:
08056663 (England and Wales)

Unaudited abridged accounts for the year ended 31 May 2024

Period of accounts

Start date: 01 June 2023

End date: 31 May 2024

STRETHAM CONVENIENCE STORE LIMITED

Contents of the Financial Statements

for the Period Ended 31 May 2024

Balance sheet
Notes

STRETHAM CONVENIENCE STORE LIMITED

Balance sheet

As at 31 May 2024


Notes

2024

2023


£

£
Fixed assets
Intangible assets: 3 91,290 100,398
Tangible assets: 4 16,180 16,029
Total fixed assets: 107,470 116,427
Current assets
Stocks: 33,643 30,776
Debtors:   1,991 2,451
Cash at bank and in hand: 39,447 43,800
Total current assets: 75,081 77,027
Creditors: amounts falling due within one year:   (51,078) (58,471)
Net current assets (liabilities): 24,003 18,556
Total assets less current liabilities: 131,473 134,983
Creditors: amounts falling due after more than one year:   (50,000) (50,000)
Provision for liabilities: (3,074) (3,046)
Total net assets (liabilities): 78,399 81,937
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 78,299 81,837
Shareholders funds: 78,399 81,937

The notes form part of these financial statements

STRETHAM CONVENIENCE STORE LIMITED

Balance sheet statements

For the year ending 31 May 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 01 October 2024
and signed on behalf of the board by:

Name: Mrs H Makwana
Status: Director

The notes form part of these financial statements

STRETHAM CONVENIENCE STORE LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received excluding value added tax.

Tangible fixed assets and depreciation policy

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Plant and equipment 15% on reducing balance method Fixtures and fittings 15% on reducing balance method Computers 33.33% on straight line method The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

Intangible fixed assets and amortisation policy

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of twenty five years.

Valuation and information policy

Stock Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises of finished goods for resale.

Other accounting policies

Financial instruments The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Taxation The tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. Deferred tax Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.

STRETHAM CONVENIENCE STORE LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2024

2. Employees

2024 2023
Average number of employees during the period 7 7

STRETHAM CONVENIENCE STORE LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2024

3. Intangible Assets

Total
Cost £
At 01 June 2023 227,705
At 31 May 2024 227,705
Amortisation
At 01 June 2023 127,307
Charge for year 9,108
At 31 May 2024 136,415
Net book value
At 31 May 2024 91,290
At 31 May 2023 100,398

STRETHAM CONVENIENCE STORE LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2024

4. Tangible Assets

Total
Cost £
At 01 June 2023 61,373
Additions 3,236
At 31 May 2024 64,609
Depreciation
At 01 June 2023 45,344
Charge for year 3,085
At 31 May 2024 48,429
Net book value
At 31 May 2024 16,180
At 31 May 2023 16,029

STRETHAM CONVENIENCE STORE LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2024

5. Financial commitments

At the balance sheet date the company had total financial commitments amounting to £98,294 (2023 - £11,677).

STRETHAM CONVENIENCE STORE LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2024

6. Related party transactions

Name of the related party:
Relationship:
Director and shareholder
Description of the Transaction: At the balance sheet date, £63,088 (2023 - £74,090) was owed to the director and a shareholder. The unsecured loan is free of any interest charge and without any repayment terms.
£
Balance at 01 June 2023 74,090
Balance at 31 May 2024 63,088