Acorah Software Products - Accounts Production 16.1.300 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 05271793 Mr Gerard Fryer Mrs Donna Fryer iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05271793 2023-05-31 05271793 2024-05-31 05271793 2023-06-01 2024-05-31 05271793 frs-core:CurrentFinancialInstruments 2024-05-31 05271793 frs-core:FurnitureFittings 2024-05-31 05271793 frs-core:FurnitureFittings 2023-06-01 2024-05-31 05271793 frs-core:FurnitureFittings 2023-05-31 05271793 frs-core:NetGoodwill 2024-05-31 05271793 frs-core:NetGoodwill 2023-06-01 2024-05-31 05271793 frs-core:NetGoodwill 2023-05-31 05271793 frs-core:MotorVehicles 2024-05-31 05271793 frs-core:MotorVehicles 2023-06-01 2024-05-31 05271793 frs-core:MotorVehicles 2023-05-31 05271793 frs-core:ShareCapital 2024-05-31 05271793 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 05271793 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05271793 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 05271793 frs-bus:SmallEntities 2023-06-01 2024-05-31 05271793 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 05271793 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 05271793 frs-bus:Director1 2023-06-01 2024-05-31 05271793 frs-bus:Director2 2023-06-01 2024-05-31 05271793 frs-countries:EnglandWales 2023-06-01 2024-05-31 05271793 2022-05-31 05271793 2023-05-31 05271793 2022-06-01 2023-05-31 05271793 frs-core:CurrentFinancialInstruments 2023-05-31 05271793 frs-core:ShareCapital 2023-05-31 05271793 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: 05271793
Rock Bottom Designer Clearance Shops Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05271793
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 18,143 21,479
18,143 21,479
CURRENT ASSETS
Stocks 6 40,937 34,703
Debtors 7 29,210 20,967
Cash at bank and in hand 158,081 202,841
228,228 258,511
Creditors: Amounts Falling Due Within One Year 8 (132,222 ) (110,126 )
NET CURRENT ASSETS (LIABILITIES) 96,006 148,385
TOTAL ASSETS LESS CURRENT LIABILITIES 114,149 169,864
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,448 ) (4,081 )
NET ASSETS 110,701 165,783
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 110,601 165,683
SHAREHOLDERS' FUNDS 110,701 165,783
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For the year ending 31 May 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.
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 Profit and Loss Account.
On behalf of the board
Mr Gerard Fryer
Director
7 February 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Rock Bottom Designer Clearance Shops Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05271793 . The registered office is 20a Church Street, Oswestry, SY11 2SP.
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 profit and loss account over its estimated economic life of five 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:
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
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.
2.6. Foreign Currencies
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 rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are 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: 21 (2023: 22)
21 22
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 70,000
As at 31 May 2024 70,000
Amortisation
As at 1 June 2023 70,000
As at 31 May 2024 70,000
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 -
5. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 June 2023 11,075 61,082 72,157
As at 31 May 2024 11,075 61,082 72,157
Depreciation
As at 1 June 2023 9,940 40,738 50,678
Provided during the period 284 3,052 3,336
As at 31 May 2024 10,224 43,790 54,014
...CONTINUED
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Net Book Value
As at 31 May 2024 851 17,292 18,143
As at 1 June 2023 1,135 20,344 21,479
6. Stocks
2024 2023
£ £
Stock 40,937 34,703
7. Debtors
2024 2023
£ £
Due within one year
Other debtors 29,210 20,967
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,164 1,484
Amounts owed to participating interests 6,516 9,362
Other creditors 90,108 69,566
Taxation and social security 33,434 29,714
132,222 110,126
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Related Party Transactions
The company was under the control of Mr G D and Mrs D P Fryer throughout the current and previous years. Mr and Mrs Fryer are the managing directors and majority shareholders.
Mr and Mrs Fryer are also directors of Florence and Co Wholesale Ltd which is a company registered in England and Wales. During the year, Florence and Co Wholesale Ltd made payments on behalf of Rock Bottom Designer Clearance Shops Ltd. Rock Bottom Designer Clearance Shops Ltd also made loans to Florence and Co Wholesale Ltd. The balance of £6,318 owing from Florence and Co Wholesale Ltd is shown as a debtor in the financial statements (2023 - £10,113).
Mr and Mrs Fryer are also directors of Florence and Company Ltd which is a company registered in England and Wales. During the year, Florence and Company Ltd made payments on behalf of Rock Bottom Designer Clearance Shops Ltd. The balance of £6,516 (2023 - £9,362) owing to Florence and Company Ltd is shown as a creditor in the financial statements.
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