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Registration number: 07454749

V and B Retail Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

V and B Retail Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

V and B Retail Limited

Company Information

Directors

Mrs R Joshi

Mr K K Joshi

Registered office

53 Chapel Street
Kilburn
Belper
Derbyshire
DE56 0NR

Accountants

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

 

V and B Retail Limited

(Registration number: 07454749)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

99,005

93,504

Investment property

6

110,000

90,000

 

209,005

183,504

Current assets

 

Stocks

137,520

72,560

Debtors

7

34,400

97,906

Cash at bank and in hand

 

79,369

92,355

 

251,289

262,821

Creditors: Amounts falling due within one year

8

(248,155)

(194,553)

Net current assets

 

3,134

68,268

Total assets less current liabilities

 

212,139

251,772

Creditors: Amounts falling due after more than one year

8

(119,208)

(186,163)

Provisions for liabilities

(26,472)

(15,529)

Net assets

 

66,459

50,080

Capital and reserves

 

Called up share capital

19,255

19,255

Other reserves

30,463

17,286

Retained earnings

16,741

13,539

Shareholders' funds

 

66,459

50,080

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

V and B Retail Limited

(Registration number: 07454749)
Balance Sheet as at 30 June 2024 (continued)

These financial statements have 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 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.

These financial statements have been delivered to the Registrar of Companies in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and directors' report has been taken.

Approved and authorised by the Board on 19 March 2025 and signed on its behalf by:
 

.........................................
Mr K K Joshi
Director

   
     
 

V and B Retail Limited

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

1

General information

The company is a private company limited by share capital incorporated in England and Wales registration number: 07454749.

The address of its registered office is:
53 Chapel Street
Kilburn
Belper
Derbyshire
DE56 0NR
England

These financial statements were authorised for issue by the Board on 19 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency is £ sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

V and B Retail Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance basis

Computer equipment

25% reducing balance basis

Motor cars

15% reducing balance basis

Leasehold improvements

10 years straight line basis

Investment property

not depreciated

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

V and B Retail Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

V and B Retail Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 10).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

125,000

125,000

At 30 June 2024

125,000

125,000

Amortisation

At 1 July 2023

125,000

125,000

At 30 June 2024

125,000

125,000

Carrying amount

At 30 June 2024

-

-

 

V and B Retail Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

35,921

263,932

299,853

Additions

-

29,947

29,947

Disposals

-

(14,500)

(14,500)

At 30 June 2024

35,921

279,379

315,300

Depreciation

At 1 July 2023

27,240

179,109

206,349

Charge for the year

3,592

11,572

15,164

Eliminated on disposal

-

(5,218)

(5,218)

At 30 June 2024

30,832

185,463

216,295

Carrying amount

At 30 June 2024

5,089

93,916

99,005

At 30 June 2023

8,681

84,823

93,504

Included within the net book value of land and buildings above is £5,089 (2023 - £8,681) in respect of short leasehold land and buildings.
 

 

V and B Retail Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

6

Investment properties

£

At 1 July 2023

90,000

Fair value adjustments

20,000

At 30 June 2024

110,000

Investment properties were revalued on 30 June 2024 by K Joshi, a director who is internal to the company. The property was valued on the basis of open market value by the director.

There has been no valuation of investment property by an independent valuer.

7

Debtors

Current

2024
£

2023
£

Trade debtors

13,000

10,980

Other debtors

21,400

86,926

 

34,400

97,906

 

V and B Retail Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

24,400

24,400

Trade creditors

 

131,678

62,340

Taxation and social security

 

22,340

11,906

Accruals and deferred income

 

8,920

7,075

Other creditors

 

60,817

88,832

 

248,155

194,553

Creditors include a bank loan of £24,400 (2023 - £24,400) which is secured by the government.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

44,733

69,133

Deferred income

 

14,475

17,030

Other creditors

 

60,000

100,000

 

119,208

186,163

Creditors include a bank loan of £44,733 (2023 - £69,133) which is secured by the government.