Registered number
05432117
EXOTIC SUPERSTORE 2 LIMITED
Filleted Accounts
31 December 2023
EXOTIC SUPERSTORE 2 LIMITED
Registered number: 05432117
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 196,378 194,625
Current assets
Stocks 232,674 294,160
Debtors 4 494,333 454,881
Cash at bank and in hand 168,545 79,119
895,552 828,160
Creditors: amounts falling due within one year 5 (782,447) (718,104)
Net current assets 113,105 110,056
Total assets less current liabilities 309,483 304,681
Creditors: amounts falling due after more than one year 6 (89,683) (90,393)
Net assets 219,800 214,288
Capital and reserves
Called up share capital 100 100
Profit and loss account 219,700 214,188
Shareholders' funds 219,800 214,288
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.
Approved by the board on 26 November 2024
Mr Harjinder S Bal
Director
EXOTIC SUPERSTORE 2 LIMITED
Notes to the Accounts
for the year ended 31 December 2023
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 lease term
Plant and machinery 10% on a reducing balance method
Fixtures, fittings, tools and equipment 10% on a reducing balance method
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.
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 recog
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 37 34
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 143,085 462,425 19,895 625,405
Additions - 16,972 14,245 31,217
At 31 December 2023 143,085 479,397 34,140 656,622
Depreciation
At 1 January 2023 108,686 310,449 11,645 430,780
Charge for the year 10,320 16,895 2,249 29,464
At 31 December 2023 119,006 327,344 13,894 460,244
Net book value
At 31 December 2023 24,079 152,053 20,246 196,378
At 31 December 2022 34,399 151,976 8,250 194,625
4 Debtors 2023 2022
£ £
Trade debtors 200 3,320
Other debtors and prepayments 494,133 451,561
494,333 454,881
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 20,659
Trade creditors 597,980 624,050
Corporation tax 59,625 22,385
Other taxes and social security costs 12,464 2,337
Other creditors and accruals 112,378 48,673
782,447 718,104
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 89,683 90,393
7 Other information
EXOTIC SUPERSTORE 2 LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Southgate Office Village
286b Chase Road
Southgate
London
N14 6HF
EXOTIC SUPERSTORE 2 LIMITED 05432117 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts April 2022 Mr Harjinder S Bal No description of principal activity 05432117 2022-01-01 2022-12-31 05432117 core:WithinOneYear 2022-12-31 05432117 core:AfterOneYear 2022-12-31 05432117 core:ShareCapital 2022-12-31 05432117 core:RetainedEarningsAccumulatedLosses 2022-12-31 05432117 2023-01-01 2023-12-31 05432117 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05432117 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05432117 bus:Director40 2023-01-01 2023-12-31 05432117 1 2023-01-01 2023-12-31 05432117 2 2023-01-01 2023-12-31 05432117 core:LandBuildings 2023-01-01 2023-12-31 05432117 core:PlantMachinery 2023-01-01 2023-12-31 05432117 core:Vehicles 2023-01-01 2023-12-31 05432117 countries:England 2023-01-01 2023-12-31 05432117 bus:FRS102 2023-01-01 2023-12-31 05432117 bus:FullAccounts 2023-01-01 2023-12-31 05432117 2023-12-31 05432117 core:WithinOneYear 2023-12-31 05432117 core:AfterOneYear 2023-12-31 05432117 core:ShareCapital 2023-12-31 05432117 core:RetainedEarningsAccumulatedLosses 2023-12-31 05432117 core:LandBuildings 2023-12-31 05432117 core:PlantMachinery 2023-12-31 05432117 core:Vehicles 2023-12-31 05432117 2022-12-31 05432117 core:LandBuildings 2022-12-31 05432117 core:PlantMachinery 2022-12-31 05432117 core:Vehicles 2022-12-31 iso4217:GBP xbrli:pure