Registered number
12476745
Coverack Village Stores Limited
Filleted Accounts
31 January 2024
Coverack Village Stores Limited
Registered number: 12476745
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 8,173 16,346
Tangible assets 4 1,822 1,902
9,995 18,248
Current assets
Stocks 25,154 25,922
Debtors 5 319 243
Cash at bank and in hand 25,785 25,162
51,258 51,327
Creditors: amounts falling due within one year 6 (88,550) (93,412)
Net current liabilities (37,292) (42,085)
Net liabilities (27,297) (23,837)
Capital and reserves
Called up share capital 1 1
Profit and loss account (27,298) (23,838)
Shareholder's funds (27,297) (23,837)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her 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.
Henrietta Davis
Director
Approved by the board on 24 September 2024
Coverack Village Stores 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 (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.
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:
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 13 15
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 40,865
At 31 January 2024 40,865
Amortisation
At 1 February 2023 24,519
Provided during the year 8,173
At 31 January 2024 32,692
Net book value
At 31 January 2024 8,173
At 31 January 2023 16,346
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 3,570
Additions 767
At 31 January 2024 4,337
Depreciation
At 1 February 2023 1,668
Charge for the year 847
At 31 January 2024 2,515
Net book value
At 31 January 2024 1,822
At 31 January 2023 1,902
5 Debtors 2024 2023
£ £
Trade debtors 319 243
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,069 7
Taxation and social security costs 978 3,512
Other creditors 86,503 89,893
88,550 93,412
7 Related party transactions
The sole director & shareholder operates an active loan account with the company, within which all dividends are declared and drawn upon as required.
Included within other creditors is a balance of £79,969 (2022 £84,497), owed by the Company to a Director. No interest is charged on this balance and is repayable on demand.
8 Controlling party
The Company is wholly under the control of its sole Director and Shareholder.
9 Other information
Coverack Village Stores Limited is a private company limited by shares and incorporated in England. Its registered office is:
Walnut Chapel
Ponsongath
Coverack
Helston
TR12 6SQ
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