Company registration number 02965594 (England and Wales)
PARTY SHOP SUPPLIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
PARTY SHOP SUPPLIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PARTY SHOP SUPPLIES LIMITED
BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
184,861
191,802
Current assets
Stocks
217,916
228,642
Debtors
5
21,090
43,632
Cash at bank and in hand
338
591
239,344
272,865
Creditors: amounts falling due within one year
6
(116,117)
(90,270)
Net current assets
123,227
182,595
Total assets less current liabilities
308,088
374,397
Creditors: amounts falling due after more than one year
7
(30,496)
(47,635)
Provisions for liabilities
(7,554)
(8,112)
Net assets
270,038
318,650
Capital and reserves
Called up share capital
1,002
1,002
Profit and loss reserves
269,036
317,648
Total equity
270,038
318,650
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PARTY SHOP SUPPLIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024
29 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 June 2024 and are signed on its behalf by:
Mr B V Crowder
Director
Company registration number 02965594 (England and Wales)
PARTY SHOP SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Party Shop Supplies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit B4 Modwen Trade Park, Fenton Industrial Estate, Stoke On Trent, Staffordshire, ST4 2TE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1994, has been written off evenly over its estimated useful life of five years.
1.4
Intangible fixed assets other than goodwill
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Website is being amortised evenly over its estimated useful life of three years.
Amortisation 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:
Software
3 year straight line
1.5
Tangible fixed assets
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:
Freehold land and buildings
2% on cost
Plant and equipment
20% reducing balance and 10% reducing balance
Fixtures and fittings
15% reducing balance
Computers
25% reducing balance
PARTY SHOP SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
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 profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
PARTY SHOP SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
12
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 March 2023 and 29 February 2024
14,000
24,529
38,529
Amortisation and impairment
At 1 March 2023 and 29 February 2024
14,000
24,529
38,529
Carrying amount
At 29 February 2024
At 28 February 2023
PARTY SHOP SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 March 2023
226,187
118,953
4,852
79,236
429,228
Additions
760
2,407
3,167
At 29 February 2024
226,187
119,713
7,259
79,236
432,395
Depreciation and impairment
At 1 March 2023
67,857
93,280
4,555
71,734
237,426
Depreciation charged in the year
4,524
3,426
282
1,876
10,108
At 29 February 2024
72,381
96,706
4,837
73,610
247,534
Carrying amount
At 29 February 2024
153,806
23,007
2,422
5,626
184,861
At 28 February 2023
158,330
25,673
297
7,502
191,802
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
14,455
29,669
Other debtors
6,635
13,963
21,090
43,632
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
87,441
52,178
Trade creditors
4,909
14,242
Taxation and social security
5,094
18,276
Other creditors
18,673
5,574
116,117
90,270
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
30,496
47,635
PARTY SHOP SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
7
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
Within creditors are secured debts relating to bank loans of £45,324 (2023: £71,142)
The bank loan and overdraft are secured by a legal charge over the assets of the company dated 18 August 2008 together wit the bank standard debenture dated 25 April 1996.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
(1,452)
(8,125)