Lothian Stores Limited
Registered number: SC451796
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 100,000 110,000
Tangible assets 4 111,942 140,633
211,942 250,633
Current assets
Stocks 120,724 135,526
Debtors 5 19,878 21,860
Cash at bank and in hand 358,199 316,348
498,801 473,734
Creditors: amounts falling due within one year 6 (162,606) (182,312)
Net current assets 336,195 291,422
Net assets 548,137 542,055
Capital and reserves
Called up share capital 1,020 1,020
Share premium 401,649 401,649
Profit and loss account 145,468 139,386
Shareholders' funds 548,137 542,055
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.
D J Brown
Director
Approved by the board on 3 December 2024
Lothian Stores Limited
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.
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Fixtures, fittings, tools and equipment over 5 years
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 19 21
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 200,000
At 31 March 2024 200,000
Amortisation
At 1 April 2023 90,000
Provided during the year 10,000
At 31 March 2024 100,000
Net book value
At 31 March 2024 100,000
At 31 March 2023 110,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 453,305
Additions 21,603
At 31 March 2024 474,908
Depreciation
At 1 April 2023 312,672
Charge for the year 50,294
At 31 March 2024 362,966
Net book value
At 31 March 2024 111,942
At 31 March 2023 140,633
5 Debtors 2024 2023
£ £
Other debtors 19,878 21,860
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 98,799 131,073
Corporation tax 9,219 1,063
Other taxes and social security costs 27,005 17,990
Other creditors 27,583 32,186
162,606 182,312
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