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Registered number: 12864300
Bridgetown Store Limited
Directors' Report and
Unaudited Financial Statements
For The Year Ended 30 April 2024
TACS(SW)Ltd
FCPA,ACIE.
The Post House
Fore Street
South Brent
Devon
TQ10 9BQ
Contents
Page
Company Information 1
Directors' Report 2
Accountants' Report 3
Profit and Loss Account 4
Balance Sheet 5
Notes to the Financial Statements 6—8
Page 1
Company Information
Directors Mr Ketan Patel
Mrs Kajal Patel
Company Number 12864300
Registered Office Bridgetown Stores
Bridgetown
Totnes
Devon
TQ9 5BA
Accountants TACS(SW)Ltd
FCPA,ACIE.
The Post House
Fore Street
South Brent
Devon
TQ10 9BQ
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 30 April 2024.
Principal Activity
The principal activity continues to be that of a convinience store and corner shop.
Review of the Business
The directors noticed that profitability had slipped and costs had increased during the year. Action was taken to raise prices in accordance with inflation.
Future Developments
The Directors have continued to review prices in an ongoing basis to keep abreast of inflation.
Directors
The directors who held office during the year were as follows:
Mr Ketan Patel
Mrs Kajal Patel
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
Mr Ketan Patel
Director
30/11/2024
Page 2
Page 3
Accountants' Report
In accordance with the engagement Instructions, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 30 April 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. 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
J Goldsby-West FCPA
30/11/2024
TACS(SW)Ltd
FCPA,ACIE.
The Post House
Fore Street
South Brent
Devon
TQ10 9BQ
Page 3
Page 4
Profit and Loss Account
30 April 2024 30 April 2023
Notes £ £
TURNOVER 1,096,825 1,146,872
Cost of sales (742,189 ) (804,315 )
GROSS PROFIT 354,636 342,557
Administrative expenses (245,388 ) (248,923 )
OPERATING PROFIT AND PROFIT BEFORE TAXATION 109,248 93,634
Tax on Profit (19,726 ) (9,877 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 89,522 83,757
The notes on pages 6 to 8 form part of these financial statements.
Page 4
Page 5
Balance Sheet
30 April 2024 30 April 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 155,100 176,550
Tangible Assets 5 348,886 354,746
503,986 531,296
CURRENT ASSETS
Stocks 6 36,008 41,000
Debtors 7 3,886 5,001
39,894 46,001
Creditors: Amounts Falling Due Within One Year 8 (288,476 ) (411,415 )
NET CURRENT ASSETS (LIABILITIES) (248,582 ) (365,414 )
TOTAL ASSETS LESS CURRENT LIABILITIES 255,404 165,882
NET ASSETS 255,404 165,882
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 255,304 165,782
SHAREHOLDERS' FUNDS 255,404 165,882
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 in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board
Mr Ketan Patel
Director
30/11/2024
The notes on pages 6 to 8 form part of these financial statements.
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Page 6
Notes to the Financial Statements
1. General Information
Bridgetown Store Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12864300 . The registered office is Bridgetown Stores, Bridgetown, Totnes, Devon, TQ9 5BA.
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 .... 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:
Freehold 0
Motor Vehicles 20
Fixtures & Fittings 10
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. 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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2.7. 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: 17 (2023: 15)
17 15
4. Intangible Assets
Goodwill
£
Cost
As at 1 May 2023 198,000
As at 30 April 2024 198,000
Amortisation
As at 1 May 2023 21,450
Provided during the period 21,450
As at 30 April 2024 42,900
Net Book Value
As at 30 April 2024 155,100
As at 1 May 2023 176,550
5. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 May 2023 325,000 36,836 998 362,834
As at 30 April 2024 325,000 36,836 998 362,834
...CONTINUED
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Depreciation
As at 1 May 2023 - 7,981 107 8,088
Provided during the period - 5,771 89 5,860
As at 30 April 2024 - 13,752 196 13,948
Net Book Value
As at 30 April 2024 325,000 23,084 802 348,886
As at 1 May 2023 325,000 28,855 891 354,746
6. Stocks
30 April 2024 30 April 2023
£ £
Stock on Hand 36,008 41,000
7. Debtors
30 April 2024 30 April 2023
£ £
Due within one year
Trade debtors 3,886 5,001
8. Creditors: Amounts Falling Due Within One Year
30 April 2024 30 April 2023
£ £
Net obligations under finance lease and hire purchase contracts 22,662 33,194
Trade creditors 35,809 32,125
Bank loans and overdrafts 17,262 20,728
Corporation tax 19,726 9,877
VAT 1,787 898
Directors' loan accounts 191,230 314,593
288,476 411,415
9. Obligations Under Finance Leases and Hire Purchase
30 April 2024 30 April 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 22,662 33,194
10. Share Capital
30 April 2024 30 April 2023
£ £
Allotted, Called up and fully paid 100 100
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