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Storeglove Limited

Financial Statements for the Year Ended 30 June 2024






Storeglove Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: G John
S R John





SECRETARY: G John





REGISTERED OFFICE: Unit D3
Westpoint Industrial Estate
Penarth Road
Cardiff
CF11 8JQ





REGISTERED NUMBER: 01890498 (England and Wales)





ACCOUNTANTS: BPU Limited
Chartered Accountants
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Storeglove Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Storeglove Limited for the year ended 30 June 2024 which comprise the Profit & Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Storeglove Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Storeglove Limited and state those matters that we have agreed to state to the Board of Directors of Storeglove Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Storeglove Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Storeglove Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Storeglove Limited. You consider that Storeglove Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Storeglove Limited. 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 statutory financial statements.






BPU Limited
Chartered Accountants


Date: .............................................

Storeglove Limited (Registered number: 01890498)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 284,116 299,075

CURRENT ASSETS
Stocks 15,000 15,000
Debtors 4 75,268 59,359
Cash at bank 30,519 -
120,787 74,359
CREDITORS
Amounts falling due within one year 5 96,324 85,332
NET CURRENT ASSETS/(LIABILITIES) 24,463 (10,973 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

308,579

288,102

CREDITORS
Amounts falling due after more than
one year

6

(22,539

)

(31,615

)

DEFERRED TAXATION (1,600 ) (3,600 )
NET ASSETS 284,440 252,887

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 284,340 252,787
SHAREHOLDERS' FUNDS 284,440 252,887

Storeglove Limited (Registered number: 01890498)

Balance Sheet - continued
30 June 2024


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

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

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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2025 and were signed on its behalf by:





G John - Director


Storeglove Limited (Registered number: 01890498)

Notes to the Financial Statements
for the Year Ended 30 June 2024


1. ACCOUNTING POLICIES

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

Turnover
Turnover represents the value of goods and services supplied by the company, net of value added tax and trade discounts. Turnover in respect of contracts for uninvoiced ongoing services is recognised by reference to the stage of completion at the year end.

Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Plant and machinery - 20% straight line and 10% straight line
Fixtures and fittings - 10% straight line
Motor vehicles - 25% reducing balance

Stocks and work-in-progress
Stock is valued at the lower of cost and net realisable value. All incomplete contracts are valued at cost with an appropriate addition for direct overheads.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.

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.

Storeglove Limited (Registered number: 01890498)

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


1. ACCOUNTING POLICIES - continued

Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet 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 the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

Pension costs
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they became payable in accordance with the rules of the scheme.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

3. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 July 2023 251,827 79,702 12,148 113,262 456,939
Additions - 2,016 - - 2,016
Disposals - - - (58,063 ) (58,063 )
At 30 June 2024 251,827 81,718 12,148 55,199 400,892
DEPRECIATION
At 1 July 2023 - 76,610 12,081 69,173 157,864
Charge for year - 1,283 67 10,774 12,124
Eliminated on disposal - - - (53,212 ) (53,212 )
At 30 June 2024 - 77,893 12,148 26,735 116,776
NET BOOK VALUE
At 30 June 2024 251,827 3,825 - 28,464 284,116
At 30 June 2023 251,827 3,092 67 44,089 299,075

Storeglove Limited (Registered number: 01890498)

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


4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 69,207 46,682
Other debtors & prepayments 6,061 12,677
75,268 59,359

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans & overdrafts - 310
Hire purchase contracts 7,499 4,697
Trade creditors 26,960 35,230
Taxes & social security costs 22,382 5,862
Other creditors & accruals 39,483 39,233
96,324 85,332

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Hire purchase contracts 22,539 31,615

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 30,038 36,312

The bank has fixed and floating charges over all of the assets held by the company. The hire purchase contracts are secured over the assets to which they relate.