Registered number
01651108
BURNS ROAD STORES LIMITED
Filleted Accounts
29 February 2024
BURNS ROAD STORES LIMITED
Registered number: 01651108
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 182,741 199,177
Investments 4 240,000 240,000
422,741 439,177
Current assets
Stocks 8,482 7,219
Debtors 5 50,181 89,468
Cash at bank and in hand 64,452 53,824
123,115 150,511
Creditors: amounts falling due within one year 6 (62,437) (62,955)
Net current assets 60,678 87,556
Total assets less current liabilities 483,419 526,733
Creditors: amounts falling due after more than one year 7 (18,271) (28,333)
Provisions for liabilities (24,363) (26,502)
Net assets 440,785 471,898
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 125,796 125,796
Profit and loss account 314,889 346,002
Shareholders' funds 440,785 471,898
The director is 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 director acknowledges his 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.
B A V Snowdon
Director
Approved by the board on 26 November 2024
BURNS ROAD STORES LIMITED
Notes to the Accounts
for the year ended 29 February 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 2.5% on cost
Plant and equipment 10% and 25% on cost
Fixtures and fittings 10% on cost
Computer equipment's 25% on cost
Investments
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.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 24 24
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 March 2023 213,778 228,092 441,870
Additions - 5,773 5,773
At 29 February 2024 213,778 233,865 447,643
Depreciation
At 1 March 2023 155,346 87,347 242,693
Charge for the year 4,950 17,259 22,209
At 29 February 2024 160,296 104,606 264,902
Net book value
At 29 February 2024 53,482 129,259 182,741
At 28 February 2023 58,432 140,745 199,177
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 March 2023 240,000
At 29 February 2024 240,000
5 Debtors 2024 2023
£ £
Trade debtors 2,122 2,739
Other debtors 48,059 86,729
50,181 89,468
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 24,371 16,903
Taxation and social security costs 22,749 26,493
Other creditors 5,317 9,559
62,437 62,955
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 18,271 28,333
8 Revaluation reserve 2024 2023
£ £
At 1 March 2023 125,796 125,796
At 29 February 2024 125,796 125,796
9 Other information
BURNS ROAD STORES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Building 18, Gateway 1000
Whittle Way, Arington Businees Park
Steveage
Hertfordshire
SG1 2FP
BURNS ROAD STORES LIMITED 01651108 false 2023-03-01 2024-02-29 2024-02-29 VT Final Accounts July 2024 B A V Snowdon No description of principal activity 01651108 2022-03-01 2023-02-28 01651108 core:WithinOneYear 2023-02-28 01651108 core:AfterOneYear 2023-02-28 01651108 core:ShareCapital 2023-02-28 01651108 core:OtherReservesSubtotal 2023-02-28 01651108 core:RetainedEarningsAccumulatedLosses 2023-02-28 01651108 core:RevaluationReserve 2022-02-28 01651108 2023-03-01 2024-02-29 01651108 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 01651108 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 01651108 bus:Director40 2023-03-01 2024-02-29 01651108 1 2023-03-01 2024-02-29 01651108 2 2023-03-01 2024-02-29 01651108 core:LandBuildings 2023-03-01 2024-02-29 01651108 core:PlantMachinery 2023-03-01 2024-02-29 01651108 countries:England 2023-03-01 2024-02-29 01651108 bus:FRS102 2023-03-01 2024-02-29 01651108 bus:FilletedAccounts 2023-03-01 2024-02-29 01651108 2024-02-29 01651108 core:WithinOneYear 2024-02-29 01651108 core:AfterOneYear 2024-02-29 01651108 core:ShareCapital 2024-02-29 01651108 core:OtherReservesSubtotal 2024-02-29 01651108 core:RetainedEarningsAccumulatedLosses 2024-02-29 01651108 core:LandBuildings 2024-02-29 01651108 core:PlantMachinery 2024-02-29 01651108 core:RevaluationReserve 2024-02-29 01651108 2023-02-28 01651108 core:LandBuildings 2023-02-28 01651108 core:PlantMachinery 2023-02-28 01651108 core:RevaluationReserve 2023-02-28 iso4217:GBP xbrli:pure