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REGISTERED NUMBER: SC377790 (Scotland)
















Unaudited Financial Statements

for the Year Ended 30 June 2024

for

J Brown Newsagents Limited

J Brown Newsagents Limited (Registered number: SC377790)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


J Brown Newsagents Limited

Company Information
for the Year Ended 30 June 2024







DIRECTOR: James Brown





SECRETARY: Karen Agnes Brown





REGISTERED OFFICE: 18 The Cross,
Prestwick,
Ayrshire
KA9 1AJ





REGISTERED NUMBER: SC377790 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
Westburn Business Centre
McNee Road
Prestwick
KA9 2PB

J Brown Newsagents Limited (Registered number: SC377790)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,610 14,146

CURRENT ASSETS
Stocks 18,490 17,911
Debtors 5 9,090 4,261
Cash at bank and in hand 829 3,550
28,409 25,722
CREDITORS
Amounts falling due within one year 6 35,796 32,696
NET CURRENT LIABILITIES (7,387 ) (6,974 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,223

7,172

CREDITORS
Amounts falling due after more than one
year

7

-

(3,412

)

PROVISIONS FOR LIABILITIES (2,015 ) (2,687 )
NET ASSETS 1,208 1,073

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,108 973
SHAREHOLDERS' FUNDS 1,208 1,073

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

J Brown Newsagents Limited (Registered number: SC377790)

Balance Sheet - continued
30 June 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 October 2024 and were signed by:





James Brown - Director


J Brown Newsagents Limited (Registered number: SC377790)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

J Brown Newsagents Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The director reviews the operating requirements of the business on a regular basis in conjunction with current resources and trading performance all with the intention of ensuring that there are sufficient resources to meet commitments falling due. Having carried out this exercise the director is satisfied that adequate resources are in place and as such the accounts have been prepared on a going concern basis.

Turnover/revenue recognition
Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the company's activities.Sales are presented, net of value-added tax, rebates and discounts.

The company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the company's activities are met.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost less depreciation.

Impairment of fixed assets
At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks
Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

J Brown Newsagents Limited (Registered number: SC377790)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss account over the shorter of estimated useful economic life and the period of the lease.

Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to the profit and loss account over the period of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

All other leases are treated as operating leases. Their annual rentals are charged to the profit and loss account on a straight line basis over the terms of the lease.

Pension costs and other post-retirement benefits
The company operates a money purchase pension scheme in the form of employee personal pension plans. The contracts are between the individual and the pension provider and all funds are held externally by a third party pension provider. Pension contributions are charged to the profit and loss account in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 5 ) .

J Brown Newsagents Limited (Registered number: SC377790)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 16,556 28,719 45,275
DEPRECIATION
At 1 July 2023 12,041 19,088 31,129
Charge for year 1,128 2,408 3,536
At 30 June 2024 13,169 21,496 34,665
NET BOOK VALUE
At 30 June 2024 3,387 7,223 10,610
At 30 June 2023 4,515 9,631 14,146

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2023
and 30 June 2024 13,403
DEPRECIATION
At 1 July 2023 4,135
Charge for year 2,317
At 30 June 2024 6,452
NET BOOK VALUE
At 30 June 2024 6,951
At 30 June 2023 9,268

5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 6,657 2,675
Other debtors 1,433 586
8,090 3,261

Amounts falling due after more than one year:
Other debtors 1,000 1,000

Aggregate amounts 9,090 4,261

J Brown Newsagents Limited (Registered number: SC377790)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 1,282 -
Hire purchase contracts 3,412 4,549
Trade creditors 23,996 14,426
Taxation and social security 4,502 6,524
Other creditors 2,604 7,197
35,796 32,696

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts - 3,412

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 1,282 -
Hire purchase contracts 3,412 7,961
4,694 7,961

The bank overdraft is secured by a floating charge over the company's assets.

Hire purchase agreements are secured against the assets to which the specific agreements relate.

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
James Brown
Balance outstanding at start of year (4,969 ) (4,820 )
Amounts advanced 12,450 5,163
Amounts repaid (6,312 ) (5,312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,169 (4,969 )

The loan to the director is interest free, unsecured and has no fixed repayment terms.

It was repaid within 9 months of the year end.