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Company registration number: 4925839
Clive Road Stores Limited
Unaudited filleted financial statements
31 March 2024
Clive Road Stores Limited
Contents
Balance sheet
Notes to the financial statements
Clive Road Stores Limited
Balance sheet
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - 3,000
Tangible assets 6 18,607 21,890
_______ _______
18,607 24,890
Current assets
Stocks 51,500 41,750
Debtors 7 - 7,653
Cash at bank and in hand 8,598 20,973
_______ _______
60,098 70,376
Creditors: amounts falling due
within one year 8 ( 56,500) ( 54,731)
_______ _______
Net current assets 3,598 15,645
_______ _______
Total assets less current liabilities 22,205 40,535
Creditors: amounts falling due
after more than one year 9 ( 63,857) ( 73,542)
_______ _______
Net liabilities ( 41,652) ( 33,007)
_______ _______
Capital and reserves
Called up share capital 10 99 99
Profit and loss account ( 41,751) ( 33,106)
_______ _______
Shareholders deficit ( 41,652) ( 33,007)
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 July 2024 , and are signed on behalf of the board by:
......................................... .........................................
Mr Govind Lakhman Mr Nikesh Lakhman
Director Director
Company registration number: 4925839
Clive Road Stores Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 69 Clive Road, Canton, Cardiff, CF5 1HH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has deficit of assets at 31 March 2024. The directors have indicated that they will continue to support the business and as such the accounts have been prepared on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price. Debt instruments are subsequently measured at amortised cost. Where investments can be measured reliably, they are subsequently measured at fair value with changes in fair value recognised in profit and loss. All other such investments are subsequently measured at cost less impairment. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reprting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 3 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2023 and 31 March 2024 120,000 120,000
_______ _______
Amortisation
At 1 April 2023 117,000 117,000
Charge for the year 3,000 3,000
_______ _______
At 31 March 2024 120,000 120,000
_______ _______
Carrying amount
At 31 March 2024 - -
_______ _______
At 31 March 2023 3,000 3,000
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2023 and 31 March 2024 55,301 55,301
_______ _______
Depreciation
At 1 April 2023 33,411 33,411
Charge for the year 3,283 3,283
_______ _______
At 31 March 2024 36,694 36,694
_______ _______
Carrying amount
At 31 March 2024 18,607 18,607
_______ _______
At 31 March 2023 21,890 21,890
_______ _______
7. Debtors
2024 2023
£ £
Other debtors - 7,653
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 15,975 15,975
Trade creditors 9,550 5,379
Accruals and deferred income 4,625 5,868
Corporation tax 3,848 3,065
Social security and other taxes 1,025 3,717
Director loan accounts 411 -
Other creditors 21,066 20,727
_______ _______
56,500 54,731
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 63,857 73,542
_______ _______
10. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares shares of £ 1.00 each 99 99 99 99
_______ _______ _______ _______