Village Grocer Limited |
Notes to the Accounts |
for the year ended 31 March 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods.Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, as follows: |
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Fix, fittings & equipment |
18% Reducing balance |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). |
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Taxation |
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A corporation tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Corporation tax liability is not discounted. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
15 |
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15 |
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3 |
Intangible fixed assets |
£ |
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Purchased Goodwill: |
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Cost |
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At 1 April 2023 |
102,242 |
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At 31 March 2024 |
102,242 |
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Amortisation |
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At 1 April 2023 |
32,556 |
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Provided during the year |
4,090 |
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At 31 March 2024 |
36,646 |
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Net book value |
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At 31 March 2024 |
65,596 |
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At 31 March 2023 |
69,686 |
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Purchased Goodwill is being written off at 4% per annum. |
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4 |
Tangible fixed assets |
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Fix, fittings & equipment |
£ |
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Cost |
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At 1 April 2023 |
61,105 |
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At 31 March 2024 |
61,105 |
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Depreciation |
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At 1 April 2023 |
39,737 |
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Charge for the year |
3,846 |
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At 31 March 2024 |
43,583 |
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Net book value |
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At 31 March 2024 |
17,522 |
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At 31 March 2023 |
21,368 |
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5 |
Investments |
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Other |
investments |
£ |
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Cost |
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At 1 April 2023 |
1,000 |
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At 31 March 2024 |
1,000 |
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6 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Prepayments & Deposit paid |
1,400 |
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1,400 |
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7 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Trade creditors |
2,559 |
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17,276 |
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Corporation tax |
54,766 |
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25,296 |
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Other taxes and social security costs |
25,997 |
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18,692 |
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Accrued expenses & other creditors |
- |
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12,455 |
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83,322 |
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73,719 |
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8 |
Other information |
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Village Grocer Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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178 Bellenden Road |
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London |
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SE15 4BW |