Registered number
11290766
Portscatho Stores Ltd
Filleted Accounts
31 March 2024
Portscatho Stores Ltd
Registered number: 11290766
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 82,105 119,044
Current assets
Stocks 62,696 62,905
Debtors 5 32,081 42,490
Cash at bank and in hand 356,034 184,825
450,811 290,220
Creditors: amounts falling due within one year 6 (97,923) (89,692)
Net current assets 352,888 200,528
Net assets 434,993 319,572
Capital and reserves
Called up share capital 12 12
Profit and loss account 434,981 319,560
Shareholders' funds 434,993 319,572
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Helen Louise Smith
Director
Approved by the board on 17 November 2024
Portscatho Stores Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
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).
Turnover
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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the 6 year lease term
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 17 17
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 140,000
At 31 March 2024 140,000
Amortisation
At 1 April 2023 140,000
At 31 March 2024 140,000
Net book value
At 31 March 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 201,634 37,896 239,530
Additions 1,779 - 1,779
At 31 March 2024 203,413 37,896 241,309
Depreciation
At 1 April 2023 99,135 21,351 120,486
Charge for the year 34,581 4,137 38,718
At 31 March 2024 133,716 25,488 159,204
Net book value
At 31 March 2024 69,697 12,408 82,105
At 31 March 2023 102,499 16,545 119,044
5 Debtors 2024 2023
£ £
Deferred tax asset 16,392 10,811
Other debtors 15,689 31,679
32,081 42,490
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 7,192 15,027
Taxation and social security costs 59,737 34,377
Other creditors 30,994 40,288
97,923 89,692
7 Related party transactions
At the period end, the company owed £26,480 (2023: £38,587) to Mr Jeffery Smith & Mrs Helen Louise Smith, Directors. The loan is interest free and repayable on demand.
8 Controlling party
The company is ultimately controlled by Mr Jeffery Smith & Mrs Helen Louise Smith directors, who own 100% of the issued share capital.
9 Other information
Portscatho Stores Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Tre-Ru House
The Leats
Truro
Cornwall
TR1 3AG
Portscatho Stores Ltd 11290766 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts April 2024 Helen Louise Smith No description of principal activity 11290766 2022-04-01 2023-03-31 11290766 core:WithinOneYear 2023-03-31 11290766 core:ShareCapital 2023-03-31 11290766 core:RetainedEarningsAccumulatedLosses 2023-03-31 11290766 2023-04-01 2024-03-31 11290766 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11290766 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 11290766 bus:Director40 2023-04-01 2024-03-31 11290766 1 2023-04-01 2024-03-31 11290766 2 2023-04-01 2024-03-31 11290766 core:LandBuildings 2023-04-01 2024-03-31 11290766 core:PlantMachinery 2023-04-01 2024-03-31 11290766 countries:England 2023-04-01 2024-03-31 11290766 bus:FRS102 2023-04-01 2024-03-31 11290766 bus:FilletedAccounts 2023-04-01 2024-03-31 11290766 2024-03-31 11290766 core:WithinOneYear 2024-03-31 11290766 core:ShareCapital 2024-03-31 11290766 core:RetainedEarningsAccumulatedLosses 2024-03-31 11290766 core:Goodwill 2024-03-31 11290766 core:LandBuildings 2024-03-31 11290766 core:PlantMachinery 2024-03-31 11290766 2023-03-31 11290766 core:Goodwill 2023-03-31 11290766 core:LandBuildings 2023-03-31 11290766 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure