Company Registration No. 05041152 (England and Wales)
Stores Direct Limited
Unaudited accounts
for the year ended 30 April 2024
Stores Direct Limited
Unaudited accounts
Contents
Stores Direct Limited
Statement of financial position
as at 30 April 2024
Tangible assets
68,799
91,732
Inventories
1,418,749
1,258,677
Cash at bank and in hand
597,391
697,275
Creditors: amounts falling due within one year
(1,609,986)
(1,792,159)
Net current assets
1,067,156
731,440
Total assets less current liabilities
1,135,955
823,172
Provisions for liabilities
Deferred tax
(15,593)
(21,155)
Net assets
1,120,362
802,017
Called up share capital
100
100
Profit and loss account
1,120,262
801,917
Shareholders' funds
1,120,362
802,017
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 23 January 2025 and were signed on its behalf by
Mr M Birtwhistle
Director
Company Registration No. 05041152
Stores Direct Limited
Notes to the Accounts
for the year ended 30 April 2024
Stores Direct Limited is a private company, limited by shares, registered in England and Wales, registration number 05041152. The registered office is Pennine House, Longbow Close, Huddersfield, West Yorkshire, HD2 1RA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in pounds sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% Reducing Balance
Fixtures & fittings
20% Straight Line
Computer equipment
33% Straight Line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Stores Direct Limited
Notes to the Accounts
for the year ended 30 April 2024
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Intangible fixed assets
Goodwill
Stores Direct Limited
Notes to the Accounts
for the year ended 30 April 2024
5
Tangible fixed assets
Land & buildings
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 May 2023
37,917
176,502
11,230
225,649
At 30 April 2024
37,917
176,502
11,230
225,649
At 1 May 2023
37,917
84,770
11,230
133,917
Charge for the year
-
22,933
-
22,933
At 30 April 2024
37,917
107,703
11,230
156,850
At 30 April 2024
-
68,799
-
68,799
At 30 April 2023
-
91,732
-
91,732
Amounts falling due within one year
Trade debtors
15,121
6,154
Amounts due from group undertakings etc.
497,413
372,413
Accrued income and prepayments
148,288
188,900
7
Creditors: amounts falling due within one year
2024
2023
Trade creditors
926,646
757,438
Taxes and social security
117,561
266,997
Other creditors
46,374
65,800
Deferred income
374,091
498,262
The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £2,031 (2023 – £1,930) were due to the fund.
Stores Direct Limited
Notes to the Accounts
for the year ended 30 April 2024
9
Operating lease commitments
2024
2023
At 30 April 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
5,474
13,968
Later than one year and not later than five years
-
5,474
10
Average number of employees
During the year the average number of employees was 17 (2023: 17).