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REGISTERED NUMBER: 00845021 (England and Wales)















Unaudited Financial Statements for the Year Ended 30th April 2024

for

SANDY'S DISCOUNT WAREHOUSE LIMITED

SANDY'S DISCOUNT WAREHOUSE LIMITED (REGISTERED NUMBER: 00845021)






Contents of the Financial Statements
for the Year Ended 30th April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SANDY'S DISCOUNT WAREHOUSE LIMITED

Company Information
for the Year Ended 30th April 2024







DIRECTORS: Mr R J M Hudaly
Mr D Snape





SECRETARY: Mrs C Hudaly





REGISTERED OFFICE: Unit 11
Common Bank Industrial Estate
Ackhurst Road
Chorley
Lancashire
PR7 1NH





REGISTERED NUMBER: 00845021 (England and Wales)





ACCOUNTANTS: Abrams Ashton - Chorley Limited
Chartered Certified Accountants
41 St Thomas's Road
Chorley
Lancashire
PR7 1JE

SANDY'S DISCOUNT WAREHOUSE LIMITED (REGISTERED NUMBER: 00845021)

Balance Sheet
30th April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 65,211 86,814

CURRENT ASSETS
Stocks 5 2,030,000 1,800,000
Debtors 6 1,121,004 1,381,130
Cash at bank and in hand 208,064 422,848
3,359,068 3,603,978
CREDITORS
Amounts falling due within one year 7 222,800 438,870
NET CURRENT ASSETS 3,136,268 3,165,108
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,201,479

3,251,922

CREDITORS
Amounts falling due after more than one
year

8

(745,163

)

(737,904

)

PROVISIONS FOR LIABILITIES (13,603 ) (16,920 )
NET ASSETS 2,442,713 2,497,098

CAPITAL AND RESERVES
Called up share capital 11 1,100 1,100
Retained earnings 2,441,613 2,495,998
SHAREHOLDERS' FUNDS 2,442,713 2,497,098

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 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.

SANDY'S DISCOUNT WAREHOUSE LIMITED (REGISTERED NUMBER: 00845021)

Balance Sheet - continued
30th April 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 19th December 2024 and were signed on its behalf by:





Mr R J M Hudaly - Director


SANDY'S DISCOUNT WAREHOUSE LIMITED (REGISTERED NUMBER: 00845021)

Notes to the Financial Statements
for the Year Ended 30th April 2024

1. STATUTORY INFORMATION

Sandy's Discount Warehouse Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

Revenue recognition
Revenue is the value of goods, net of value added tax, provided to customers during the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 20% 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.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Impairment of Assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

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.


SANDY'S DISCOUNT WAREHOUSE LIMITED (REGISTERED NUMBER: 00845021)

Notes to the Financial Statements - continued
for the Year Ended 30th April 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operation result.


Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held with banks and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 11 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1st May 2023
and 30th April 2024 73,825 90,013 163,838
DEPRECIATION
At 1st May 2023 69,934 7,090 77,024
Charge for year 872 20,731 21,603
At 30th April 2024 70,806 27,821 98,627
NET BOOK VALUE
At 30th April 2024 3,019 62,192 65,211
At 30th April 2023 3,891 82,923 86,814

SANDY'S DISCOUNT WAREHOUSE LIMITED (REGISTERED NUMBER: 00845021)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st May 2023
and 30th April 2024 90,013
DEPRECIATION
At 1st May 2023 7,090
Charge for year 20,731
At 30th April 2024 27,821
NET BOOK VALUE
At 30th April 2024 62,192
At 30th April 2023 82,923

5. STOCKS
30.4.24 30.4.23
£    £   
Finished goods 2,030,000 1,800,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 844,478 1,064,663
Other debtors 203,122 246,407
VAT Refund Due 43,435 44,976
Prepayments and accrued income 29,969 25,084
1,121,004 1,381,130

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts - 63,799
Hire purchase contracts (see note 9) 8,557 8,558
Trade creditors 120,892 190,417
Tax 6,932 101,209
Social security and other taxes 2,025 2,048
Other creditors 696 3,624
Due to Holding Company 71,911 57,811
Directors' current accounts 4,151 3,932
Accrued expenses 7,636 7,472
222,800 438,870

SANDY'S DISCOUNT WAREHOUSE LIMITED (REGISTERED NUMBER: 00845021)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Bank loans - 1-2 years - 65,903
Bank loans - 2-5 years - 18,281
Hire purchase contracts (see note 9) 45,163 53,720
Due to Holding Company 700,000 600,000
745,163 737,904

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.4.24 30.4.23
£    £   
Net obligations repayable:
Within one year 8,557 8,558
Between one and five years 45,163 53,720
53,720 62,278

Non-cancellable operating leases
30.4.24 30.4.23
£    £   
Within one year 70,000 -
Between one and five years 280,000 -
In more than five years 280,000 -
630,000 -

10. SECURED DEBTS

The Nat West Bank held a debenture dated 9th July 2003 over all the company's assets. This was satisfied during the year on 12th April 2024.

The Hire Purchase is secured on the asset to which it relates.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
1,000 Ordinary £1 1,000 1,000
100 Deferred Ordinary £1 100 100
1,100 1,100

SANDY'S DISCOUNT WAREHOUSE LIMITED (REGISTERED NUMBER: 00845021)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024

12. RELATED PARTY DISCLOSURES

R H Investments Limited

The amount owed to the related party at the balance sheet date was £771,911 (2023 - £657,811). There are no formally agreed repayment terms.

Directors

At the 30 April 2024 the company owed its directors £4,151 (2023 - £3,932). No interest has been charged to the company in respect of this loan and there is no formal repayment date for this loan.

13. ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is R H Investments Limited. Ultimate control rests with RH Investments Trustee Limited, which holds the total shares issued by R H Investments Limited in Trust for the benefit of employees. Both of these companies are registered in England and Wales.