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REGISTERED NUMBER: 03945293 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

PAUL & SONS CONVENIENCE STORES LIMITED

PAUL & SONS CONVENIENCE STORES LIMITED (REGISTERED NUMBER: 03945293)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


PAUL & SONS CONVENIENCE STORES LIMITED (REGISTERED NUMBER: 03945293)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 170,212 174,246

CURRENT ASSETS
Stocks 62,505 87,435
Debtors 5 755,602 736,367
Cash at bank and in hand 11,560 19,379
829,667 843,181
CREDITORS
Amounts falling due within one year 6 522,918 544,369
NET CURRENT ASSETS 306,749 298,812
TOTAL ASSETS LESS CURRENT
LIABILITIES

476,961

473,058

CREDITORS
Amounts falling due after more than one
year

7

(10,984

)

(20,740

)

PROVISIONS FOR LIABILITIES (8,900 ) (8,364 )
NET ASSETS 457,077 443,954

CAPITAL AND RESERVES
Called up share capital 6 6
Retained earnings 457,071 443,948
SHAREHOLDERS' FUNDS 457,077 443,954

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PAUL & SONS CONVENIENCE STORES LIMITED (REGISTERED NUMBER: 03945293)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2024 and were signed on its behalf by:





Surjit Singh Paul - Director


PAUL & SONS CONVENIENCE STORES LIMITED (REGISTERED NUMBER: 03945293)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Paul & Sons Convenience Stores Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03945293

Registered office: 150-154 Masefield Drive
Leyfields
Tamworth
West Midlands
B79 8JA

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


PAUL & SONS CONVENIENCE STORES LIMITED (REGISTERED NUMBER: 03945293)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 16 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 April 2023 329,227 118,875 66,300
Additions - - 2,915
At 31 March 2024 329,227 118,875 69,215
DEPRECIATION
At 1 April 2023 194,800 100,670 54,574
Charge for year 905 2,676 896
At 31 March 2024 195,705 103,346 55,470
NET BOOK VALUE
At 31 March 2024 133,522 15,529 13,745
At 31 March 2023 134,427 18,205 11,726

PAUL & SONS CONVENIENCE STORES LIMITED (REGISTERED NUMBER: 03945293)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 23,018 825 538,245
Additions - - 2,915
At 31 March 2024 23,018 825 541,160
DEPRECIATION
At 1 April 2023 13,229 726 363,999
Charge for year 2,447 25 6,949
At 31 March 2024 15,676 751 370,948
NET BOOK VALUE
At 31 March 2024 7,342 74 170,212
At 31 March 2023 9,789 99 174,246

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors - 2,000
Tamworth Investments Ltd - 19,947
Paul & Sons Investments Ltd 754,905 700,840
Paul Supermarket - 13,014
Prepayments 697 566
755,602 736,367

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 16,476 22,427
Trade creditors 79,405 85,596
Lottery 820 -
Corporation tax 52,985 22,684
Social security and other taxes 12,374 14,522
Pension Control Account 220 187
VAT 3,182 41,497
Paul & Sons (UK) Ltd 329,442 329,442
Amington Convenience Ltd 28,014 28,014
522,918 544,369

PAUL & SONS CONVENIENCE STORES LIMITED (REGISTERED NUMBER: 03945293)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bounce Back Loan 10,984 20,740

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Surjit Singh Paul
Balance outstanding at start of year - -
Amounts advanced 55,826 98,247
Amounts repaid (55,826 ) (98,247 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Dividends paid during the year £74,000 (£78,000 in 2023)

9. RELATED PARTY DISCLOSURES

There is a Current Assets due from Related Parties --
1) Paul & Son Investments Ltd - £754,905(£700,840 in 2023)
2) Tamworth Investments Ltd - Nil (19,947in 2023)

There is a Current Liabilities due to Related Parties --
1) Paul & Sons (UK) Ltd - £329,442 (£329,442 in 2023)
2) Amington Convenience Ltd - £28,014 (£28,014 in 2023)

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is not known.

Whilst there are significant family interests in the shares of the company, the directors consider that there is no one ultimate controlling party of the company.