Local Convenience ( Midlands ) Limited
Registered number: 09770548
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 45,000
Tangible assets 4 - 4,657
- 49,657
Current assets
Stocks 42,693 47,234
Cash at bank and in hand 139,914 33,119
182,607 80,353
Creditors: amounts falling due within one year 5 (148,341) (89,737)
Net current assets/(liabilities) 34,266 (9,384)
Total assets less current liabilities 34,266 40,273
Creditors: amounts falling due after more than one year 6 (19,079) (28,252)
Net assets 15,187 12,021
Capital and reserves
Called up share capital 2 2
Profit and loss account 15,185 12,019
Shareholders' funds 15,187 12,021
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 Kulvinder Singh
Director
Approved by the board on 3 December 2024
Local Convenience ( Midlands ) Limited
Notes to the Accounts
for the year ended 30 September 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. 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:
Motor vehicle 25% reducing balance
Fixtures, fittings, tools and equipment 20% 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2023 45,000
Disposals (55,000)
At 30 September 2024 (10,000)
Amortisation
On disposals (10,000)
At 30 September 2024 (10,000)
Net book value
At 30 September 2024 -
At 30 September 2023 45,000
4 Tangible fixed assets
0 Motor vehicles Total
£ £ £
Cost
At 1 October 2023 13,211 9,750 22,961
Disposals (4,474) - (4,474)
At 30 September 2024 8,737 9,750 18,487
Depreciation
At 1 October 2023 11,311 6,993 18,304
Charge for the year 1,901 689 2,590
On disposals (4,475) 2,068 (2,407)
At 30 September 2024 8,737 9,750 18,487
Net book value
At 30 September 2024 - - -
At 30 September 2023 1,900 2,757 4,657
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors - 815
Directors loan account 146,614 83,660
Corporation tax 762 4,943
Other taxes and social security costs 965 319
148,341 89,737
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 19,079 28,252
7 Other information
Local Convenience ( Midlands ) Limited is a private company limited by shares and incorporated in England. Its registered office is:
46 Brockworth Road
Druids Heath
West Midlands
B14 5YS
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