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Registered number: 08377523
L & R Convenience Stores Ltd
Financial Statements
For The Year Ended 31 January 2024
BBK Partnership
Chartered Accountants & Statutory Auditors
1 Beauchamp Court
10 Victors Way
Barnet
Hertfordshire
EN5 5TZ
Contents
Page
Company Information 1
Accountants' Report 2
Statement of Financial Position 3—4
Notes to the Financial Statements 5—8
Page 1
Company Information
Director Mrs T James Christuraja
Company Number 08377523
Registered Office Bbk Partnership Unit 90 Capital Business Centre
22 Carlton Road
South Croydon
Surrey
CR2 0BS
Accountants BBK Partnership
Chartered Accountants & Statutory Auditors
1 Beauchamp Court
10 Victors Way
Barnet
Hertfordshire
EN5 5TZ
Page 1
Page 2
Accountants' Report
Chartered Accountants' report to the director on the preparation of the unaudited statutory accounts of L & R Convenience Stores Ltd for the year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of L & R Convenience Stores Ltd for the year ended 31 January 2024 which comprise the Income Statement, the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of L & R Convenience Stores Ltd , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of L & R Convenience Stores Ltd and state those matters that we have agreed to state to the director of L & R Convenience Stores Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than L & R Convenience Stores Ltd and its director, as a body, for our work or for this report.
It is your duty to ensure that L & R Convenience Stores Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of L & R Convenience Stores Ltd . You consider that L & R Convenience Stores Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of L & R Convenience Stores Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
20/12/2024
BBK Partnership
Chartered Accountants & Statutory Auditors
1 Beauchamp Court
10 Victors Way
Barnet
Hertfordshire
EN5 5TZ
Page 2
Page 3
Statement of Financial Position
Registered number: 08377523
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 68,841 76,048
68,841 76,048
CURRENT ASSETS
Stocks 6 159,500 129,500
Debtors 7 25,819 157,229
Cash at bank and in hand - 1,018
185,319 287,747
Creditors: Amounts Falling Due Within One Year 8 (64,681 ) (100,247 )
NET CURRENT ASSETS (LIABILITIES) 120,638 187,500
TOTAL ASSETS LESS CURRENT LIABILITIES 189,479 263,548
Creditors: Amounts Falling Due After More Than One Year 9 (163,007 ) (229,941 )
NET ASSETS 26,472 33,607
CAPITAL AND RESERVES
Called up share capital 10 100 100
Income Statement 26,372 33,507
SHAREHOLDERS' FUNDS 26,472 33,607
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Page 4
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mrs T James Christuraja
Director
20/12/2024
The notes on pages 5 to 8 form part of these financial statements.
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Page 5
Notes to the Financial Statements
1. General Information
L & R Convenience Stores Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08377523 . The registered office is Bbk Partnership Unit 90 Capital Business Centre, 22 Carlton Road, South Croydon, Surrey, CR2 0BS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings Nil
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Intangible Assets
Goodwill
£
Cost
As at 1 February 2023 144,150
As at 31 January 2024 144,150
Amortisation
As at 1 February 2023 68,102
Provided during the period 7,207
As at 31 January 2024 75,309
Net Book Value
As at 31 January 2024 68,841
As at 1 February 2023 76,048
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5. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 February 2023 5,526
As at 31 January 2024 5,526
Depreciation
As at 1 February 2023 5,526
As at 31 January 2024 5,526
Net Book Value
As at 31 January 2024 -
As at 1 February 2023 -
6. Stocks
2024 2023
£ £
Finished goods 159,500 129,500
7. Debtors
2024 2023
£ £
Due within one year
Amounts owed by group undertakings - 157,229
Other debtors 25,819 -
25,819 157,229
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 4,311 5,622
Bank loans and overdrafts 7,547 7,489
Amounts owed to group undertakings (34,199 ) -
Other creditors 40 (1,525)
Taxation and social security 86,982 88,661
64,681 100,247
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Natwest BB Loan 35,768 41,006
HSBC BB Loan 38,628 44,304
Other creditors 88,611 144,631
163,007 229,941
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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