Company registration number 03120212 (England and Wales)
THE WOOLACOMBE HOLIDAY SHOP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
THE WOOLACOMBE HOLIDAY SHOP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
THE WOOLACOMBE HOLIDAY SHOP LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
18,484
23,033
Investment property
5
287,882
287,882
306,366
310,915
Current assets
Stocks
220,901
181,224
Debtors
6
55,081
71,837
Cash at bank and in hand
96,316
175,356
372,298
428,417
Creditors: amounts falling due within one year
7
(321,725)
(279,552)
Net current assets
50,573
148,865
Total assets less current liabilities
356,939
459,780
Creditors: amounts falling due after more than one year
8
(38,154)
(62,533)
Provisions for liabilities
(4,622)
(5,759)
Net assets
314,163
391,488
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
9
314,063
391,388
Total equity
314,163
391,488

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 31 January 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.

THE WOOLACOMBE HOLIDAY SHOP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 October 2024 and are signed on its behalf by:
Mr J Dickens
Director
Company registration number 03120212 (England and Wales)
THE WOOLACOMBE HOLIDAY SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

The Woolacombe Holiday Shop Limited is a private company limited by shares incorporated in England and Wales. The registered office is Millennium House, Brannam Crescent, Roundswell Business Park, Barnstaple, Devon, United Kingdom, EX31 3TD.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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.

 

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

 

1.4
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:

Fixtures and fittings
20% straight line
Motor vehicles
25% straight line
1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

THE WOOLACOMBE HOLIDAY SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

THE WOOLACOMBE HOLIDAY SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
20
14
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
32,171
Amortisation and impairment
At 1 February 2023 and 31 January 2024
32,171
Carrying amount
At 31 January 2024
-
0
At 31 January 2023
-
0
4
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 February 2023
18,447
37,345
55,792
Additions
4,003
-
0
4,003
At 31 January 2024
22,450
37,345
59,795
Depreciation and impairment
At 1 February 2023
17,430
15,329
32,759
Depreciation charged in the year
1,233
7,319
8,552
At 31 January 2024
18,663
22,648
41,311
Carrying amount
At 31 January 2024
3,787
14,697
18,484
At 31 January 2023
1,017
22,016
23,033
THE WOOLACOMBE HOLIDAY SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
5
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
287,882

The directors have assessed the valuation of the property has not significantly changes from the purchase and enhancement costs as at 31 January 2024

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
7,522
-
0
Other debtors
42,319
67,665
Prepayments and accrued income
5,240
4,172
55,081
71,837
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
152,994
138,302
Obligations under finance leases
24,454
29,118
Trade creditors
98,115
62,959
Corporation tax
3,389
46,390
Other taxation and social security
2,066
982
Other creditors
38,407
-
0
Accruals and deferred income
2,300
1,801
321,725
279,552
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
38,154
62,533
THE WOOLACOMBE HOLIDAY SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
9
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
391,388
208,688
(Loss)/profit for the year
(20,849)
222,700
Dividends declared and paid in the year
(56,476)
(40,000)
At the end of the year
314,063
391,388
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