Registered number
SC554263
SSJ RETAIL LTD
Unit 5
Main Street
Sauchie
Alloa
Filleted Accounts
for the year ended 31 March 2024
Yousaf & Co Ltd
Chartered Certified Accountants
298-300 Maxwell Road
Glasgow
G41 1PJ
Ref: TG/ S501
SSJ RETAIL LTD
Registered number: SC554263
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 52,159 52,159
Tangible assets 4 60,990 59,534
113,149 111,693
Current assets
Stocks 213,311 193,056
Debtors 5 7,186 5,724
Cash at bank and in hand 18,522 30,067
239,019 228,847
Creditors: amounts falling due within one year 6 (222,320) (203,808)
Net current assets 16,699 25,039
Total assets less current liabilities 129,848 136,732
Creditors: amounts falling due after more than one year 7 (121,609) (122,129)
Net assets 8,239 14,603
Capital and reserves
Called up share capital 100 100
Profit and loss account 8,139 14,503
Shareholders' funds 8,239 14,603
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.
Mr Shakeel Arshad
Director
Approved by the board on 24 June 2024
SSJ RETAIL LTD
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 (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.
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:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment 10% Reducing balance
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).
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
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.
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. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 21 21
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 52,159
At 31 March 2024 52,159
Net book value
At 31 March 2024 52,159
At 31 March 2023 52,159
4 Tangible fixed assets
Fixtures & Fittings
£
Cost
At 1 April 2023 83,293
Additions 8,233
At 31 March 2024 91,526
Depreciation
At 1 April 2023 23,759
Charge for the year 6,777
At 31 March 2024 30,536
Net book value
At 31 March 2024 60,990
At 31 March 2023 59,534
5 Debtors 2024 2023
£ £
Trade debtors 7,186 4,506
Other debtors - 1,218
7,186 5,724
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 33,395 25,386
Trade creditors 129,288 130,794
Taxation and social security costs 39,309 31,907
Other creditors 20,328 15,721
222,320 203,808
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 73,869 89,401
Directors loan account 47,740 32,728
121,609 122,129
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