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REGISTERED NUMBER: SC485954 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

FAIRDEAL LICENCED GROCERS LTD

FAIRDEAL LICENCED GROCERS LTD (REGISTERED NUMBER: SC485954)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FAIRDEAL LICENCED GROCERS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTOR: Mrs N P Irshad





REGISTERED OFFICE: 114 Coatbridge Road
Glenmavis
Airdrie
ML6 0NJ





REGISTERED NUMBER: SC485954 (Scotland)

FAIRDEAL LICENCED GROCERS LTD (REGISTERED NUMBER: SC485954)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 56,987 45,047

CURRENT ASSETS
Stocks 52,235 69,360
Debtors 5 78,702 77,717
Cash at bank and in hand 37,604 49,926
168,541 197,003
CREDITORS
Amounts falling due within one year 6 86,864 60,542
NET CURRENT ASSETS 81,677 136,461
TOTAL ASSETS LESS CURRENT
LIABILITIES

138,664

181,508

CREDITORS
Amounts falling due after more than
one year

7

(14,303

)

(24,194

)

PROVISIONS FOR LIABILITIES 8 (7,635 ) (8,559 )
NET ASSETS 116,726 148,755

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 116,626 148,655
SHAREHOLDERS' FUNDS 116,726 148,755

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

FAIRDEAL LICENCED GROCERS LTD (REGISTERED NUMBER: SC485954)

BALANCE SHEET - continued
31 JANUARY 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 October 2024 and were signed by:





Mrs N P Irshad - Director


FAIRDEAL LICENCED GROCERS LTD (REGISTERED NUMBER: SC485954)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Fairdeal Licenced Grocers Ltd 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.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 20% on reducing balance

Tangible assets are initially recognised at cost which is the price plus any directly attributable costs. Subsequently tangible assets are measured at cost less accumulated depreciation and impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only has basic financial instruments.

Basic financial instruments such as debtors, cash and bank are recorded at the proceeds received net of transaction costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


FAIRDEAL LICENCED GROCERS LTD (REGISTERED NUMBER: SC485954)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 8 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 February 2023 1,813 98,820 7,402 108,035
Additions - 26,462 645 27,107
At 31 January 2024 1,813 125,282 8,047 135,142
DEPRECIATION
At 1 February 2023 787 59,677 2,524 62,988
Charge for year 205 13,121 1,841 15,167
At 31 January 2024 992 72,798 4,365 78,155
NET BOOK VALUE
At 31 January 2024 821 52,484 3,682 56,987
At 31 January 2023 1,026 39,143 4,878 45,047

FAIRDEAL LICENCED GROCERS LTD (REGISTERED NUMBER: SC485954)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,987 2,208
Other debtors 74,715 71,478
VAT - 3,859
Prepayments - 172
78,702 77,717

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 3,648 10,648
Trade creditors 56,555 29,478
Tax 14,658 15,223
Social security and other taxes 87 521
VAT 6,072 -
Accrued expenses 5,844 4,672
86,864 60,542

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,648 10,648
Bank loans - 2-5 years 3,655 13,546
14,303 24,194

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 7,635 8,559

Deferred
tax
£   
Balance at 1 February 2023 8,559
Credit to Income Statement during year (924 )
Balance at 31 January 2024 7,635

The deferred taxation provision relates to capital allowance in advance of depreciation and potential tax liability on gift or assets to the company.