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Registered number: SC496847
Stuffs 2 u Retail Ltd
Financial Statements
For The Year Ended 29 February 2024
AGA Accountants Limited
102 Beehive Lane
Ilford
Essex
IG4 5EG
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—4
Page 1
Statement of Financial Position
Registered number: SC496847
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 251,108 251,108
Tangible Assets 5 135,000 135,000
386,108 386,108
CURRENT ASSETS
Stocks 6 74,245 83,485
Cash at bank and in hand 65,631 15,447
139,876 98,932
Creditors: Amounts Falling Due Within One Year 7 (351,249 ) (257,415 )
NET CURRENT ASSETS (LIABILITIES) (211,373 ) (158,483 )
TOTAL ASSETS LESS CURRENT LIABILITIES 174,735 227,625
Creditors: Amounts Falling Due After More Than One Year 8 (168,622 ) (235,968 )
NET ASSETS/(LIABILITIES) 6,113 (8,343 )
CAPITAL AND RESERVES
Called up share capital 9 1 1
Income Statement 6,112 (8,344 )
SHAREHOLDERS' FUNDS 6,113 (8,343)
Page 1
Page 2
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Ramanathas Tharmarajah
Director
29 November 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Stuffs 2 u Retail Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC496847 . The registered office is 17 Dundas Street, Bo'Ness, West Lothian, EH51 0DG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0%
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 18)
13 18
4. Intangible Assets
Goodwill
£
Cost
As at 1 March 2023 251,108
As at 29 February 2024 251,108
Net Book Value
As at 29 February 2024 251,108
As at 1 March 2023 251,108
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5. Tangible Assets
Land & Property
Freehold
£
Cost
As at 1 March 2023 135,000
As at 29 February 2024 135,000
Net Book Value
As at 29 February 2024 135,000
As at 1 March 2023 135,000
6. Stocks
2024 2023
£ £
Finished goods 74,245 83,485
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other taxes and social security 8,203 778
VAT 4,196 1,566
Net wages 13,966 12,234
Other creditors 86,675 -
Pension Liabilities 488 285
Accruals and deferred income 1,200 1,200
Director's loan account 236,521 241,352
351,249 257,415
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 168,622 235,968
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
Page 4