Registered number
SC500057
Buywell Store Ltd
Filleted Accounts
31 March 2024
Buywell Store Ltd
Registered number: SC500057
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 205,660 205,660
Tangible assets 4 32,055 34,767
237,715 240,427
Current assets
Stocks 135,174 144,976
Debtors 5 866 638
Cash at bank and in hand 16,001 73,195
152,041 218,809
Creditors: amounts falling due within one year 6 (100,962) (153,670)
Net current assets 51,079 65,139
Total assets less current liabilities 288,794 305,566
Creditors: amounts falling due after more than one year 7 (100,337) (126,191)
Net assets 188,457 179,375
Capital and reserves
Called up share capital 100 100
Profit and loss account 188,357 179,275
Shareholders' funds 188,457 179,375
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.
Mr Mohammed Abdur Rajak
Director
Approved by the board on 12 August 2024
Buywell Store 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:
Fixtures, fittings, tools and equipment 10% 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. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 205,660
At 31 March 2024 205,660
Goodwill is not being written off.
4 Tangible fixed assets
Fixture & fittings
£
Cost
At 1 April 2023 59,895
Additions 850
At 31 March 2024 60,745
Depreciation
At 1 April 2023 25,128
Charge for the year 3,562
At 31 March 2024 28,690
Net book value
At 31 March 2024 32,055
At 31 March 2023 34,767
5 Debtors 2024 2023
£ £
Trade debtors 866 638
6 Creditors: amounts falling due within one year 2024 2023
£ £
American Express Platinum 21,614 30,380
Trade creditors 60,673 97,360
Taxation and social security costs 10,602 13,947
Other creditors 8,073 11,983
100,962 153,670
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 23,206 33,150
Director's loan account 77,131 93,041
100,337 126,191
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