Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.Retail sale of hardware, paints and glass in specialised stores282023-07-01false29truetruefalse 03777679 2023-07-01 2024-06-30 03777679 2022-07-01 2023-06-30 03777679 2024-06-30 03777679 2023-06-30 03777679 2022-07-01 03777679 c:Director1 2023-07-01 2024-06-30 03777679 c:Director2 2023-07-01 2024-06-30 03777679 d:PlantMachinery 2023-07-01 2024-06-30 03777679 d:PlantMachinery 2024-06-30 03777679 d:PlantMachinery 2023-06-30 03777679 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03777679 d:MotorVehicles 2023-07-01 2024-06-30 03777679 d:MotorVehicles 2024-06-30 03777679 d:MotorVehicles 2023-06-30 03777679 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03777679 d:FurnitureFittings 2023-07-01 2024-06-30 03777679 d:FurnitureFittings 2024-06-30 03777679 d:FurnitureFittings 2023-06-30 03777679 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03777679 d:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 03777679 d:OtherPropertyPlantEquipment 2024-06-30 03777679 d:OtherPropertyPlantEquipment 2023-06-30 03777679 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03777679 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03777679 d:Goodwill 2024-06-30 03777679 d:Goodwill 2023-06-30 03777679 d:CurrentFinancialInstruments 2024-06-30 03777679 d:CurrentFinancialInstruments 2023-06-30 03777679 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 03777679 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 03777679 d:ShareCapital 2024-06-30 03777679 d:ShareCapital 2023-06-30 03777679 d:RetainedEarningsAccumulatedLosses 2024-06-30 03777679 d:RetainedEarningsAccumulatedLosses 2023-06-30 03777679 c:OrdinaryShareClass1 2023-07-01 2024-06-30 03777679 c:OrdinaryShareClass1 2024-06-30 03777679 c:OrdinaryShareClass1 2023-06-30 03777679 c:FRS102 2023-07-01 2024-06-30 03777679 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 03777679 c:FullAccounts 2023-07-01 2024-06-30 03777679 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03777679 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 03777679 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 03777679 2 2023-07-01 2024-06-30 03777679 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03777679









MISTER DISCOUNT LIMITED








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
MISTER DISCOUNT LIMITED
REGISTERED NUMBER: 03777679

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
16,882
20,548

  
16,882
20,548

Current assets
  

Stocks
  
275,083
306,228

Debtors: amounts falling due within one year
 6 
230,923
25,112

Cash at bank and in hand
  
107,792
413,340

  
613,798
744,680

Creditors: amounts falling due within one year
 7 
(175,347)
(128,640)

Net current assets
  
 
 
438,451
 
 
616,040

Total assets less current liabilities
  
455,333
636,588

Provisions for liabilities
  

Deferred tax
 8 
(3,292)
(4,005)

  
 
 
(3,292)
 
 
(4,005)

Net assets
  
452,041
632,583


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
451,941
632,483

  
452,041
632,583


Page 1

 
MISTER DISCOUNT LIMITED
REGISTERED NUMBER: 03777679
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 November 2024.




................................................
Paul Maurice Newey 
................................................
Elise Janine Newey 
Director
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MISTER DISCOUNT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The company is registered in England and Wales. The company's registered office is Stanley House, 27 Wellington Road, Bilston, West Midlands, WV14 6AH. The principal activity of the company continues to be that of the retail sale of hardware parts and glass.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
MISTER DISCOUNT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
MISTER DISCOUNT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.


Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Improvements to Property
-
10% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
MISTER DISCOUNT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 29 (2023 - 28).


4.


Intangible assets




Goodwill

£



Cost


At 1 July 2023
14,203



At 30 June 2024

14,203



Amortisation


At 1 July 2023
14,203



At 30 June 2024

14,203



Net book value



At 30 June 2024
-



At 30 June 2023
-



Page 6

 
MISTER DISCOUNT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
 
Improvements to property
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
13,195
49,600
176,265
82,395
321,455



At 30 June 2024

13,195
49,600
176,265
82,395
321,455



Depreciation


At 1 July 2023
12,916
43,573
162,023
82,395
300,907


Charge for the year on owned assets
56
1,476
2,134
-
3,666



At 30 June 2024

12,972
45,049
164,157
82,395
304,573



Net book value



At 30 June 2024
223
4,551
12,108
-
16,882



At 30 June 2023
279
6,027
14,242
-
20,548


6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
200,000
2,366

Other debtors
251
252

Prepayments and accrued income
30,672
22,494

230,923
25,112


Page 7

 
MISTER DISCOUNT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
72,358
17,449

Corporation tax
5,234
54,631

Other taxation and social security
54,784
46,701

Other creditors
32,411
84

Accruals and deferred income
10,560
9,775

175,347
128,640



8.


Deferred taxation




2024
2023


£

£






At beginning of year
4,005
3,717


Charged to profit or loss
(713)
288



At end of year
3,292
4,005

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
3,292
4,005

3,292
4,005

Page 8

 
MISTER DISCOUNT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



10.


Controlling party

The parent company is Newey Holdings Limited, a company incorporated in England and Wales. Copies of the financial statements can be obtained from Stanley House, 27 Wellington Road, Bilston, West Midlands, WV14 6AH.  The ultimate controlling party is P M & E J Newey.

 
Page 9