Registered number
10056218
THE PHONE XCHANGE SHOP LTD
Filleted Accounts
31 January 2024
THE PHONE XCHANGE SHOP LTD
Registered number: 10056218
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 15,000 15,000
Tangible assets 4 3,776 4,604
18,776 19,604
Current assets
Stocks 28,050 24,750
Cash at bank and in hand 3,029 2,240
31,079 26,990
Creditors: amounts falling due within one year 5 (4,270) (2,738)
Net current assets 26,809 24,252
Total assets less current liabilities 45,585 43,856
Creditors: amounts falling due after more than one year 6 (51,758) (53,231)
Net liabilities (6,173) (9,375)
Capital and reserves
Called up share capital 1 1
Profit and loss account (6,174) (9,376)
Shareholder's funds (6,173) (9,375)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
______________
Osman Ahmed
Director
Approved by the board on 30 January 2025
THE PHONE XCHANGE SHOP LTD
Notes to the Accounts
for the year ended 31 January 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:
Plant and machinery 18% reducing balance
Fixtures, fittings, tools and equipment 18% 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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 15,000
At 31 January 2024 15,000
Amortisation
At 31 January 2024 -
Net book value
At 31 January 2024 15,000
At 31 January 2023 15,000
4 Tangible fixed assets
Plant and machinery etc Furniture, fixtures & fittings Total
£ £ £
Cost
At 1 February 2023 5,928 7,414 13,342
At 31 January 2024 5,928 7,414 13,342
Depreciation
At 1 February 2023 3,549 5,189 8,738
Charge for the year 428 400 828
At 31 January 2024 3,977 5,589 9,566
Net book value
At 31 January 2024 1,951 1,825 3,776
At 31 January 2023 2,379 2,225 4,604
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 2,371 1,951
Taxation and social security costs 265 223
Other creditors 1,634 564
4,270 2,738
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 8,944 12,644
Other creditors 42,814 40,587
51,758 53,231
7 Other information
THE PHONE XCHANGE SHOP LTD is a private company limited by shares and incorporated in England. Its registered office is:
Unit 6 Kingscourt,
44, Bridge Street,
Walsall,
England,
WS1 1JA.
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