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Registered Number: 12099880


 

 

 

FAYMS RETAILS LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 August 2023

End date: 31 July 2024
Director Shaukat Ali
Registered Number 12099880
Registered Office 27 North Terrace
Newcastle Upon Tyne
Tyne & Wear
NE2 4AD
Accountants Acumen Accounting
364 West Road
Newcastle Upon Tyne
Tyne & Wear
NE4 9JY
1
Director's report and financial statements
The director presents his/her/their annual report and the financial statements for the year ended 31 July 2024.
Principal activities
Principal activity of the company during the financial year end 31 January 2025 was of retail stores.
Director
The director who served the company throughout the year was as follows:
Shaukat Ali
Statement of director's responsibilities
The director is responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director 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 the profit or loss of the company for that period.
In preparing these financial statements, the director is required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is 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. The director is 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 director is 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

On behalf of the board.


----------------------------------
Shaukat Ali
Director

Date approved: 17 March 2025
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 July 2024 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Acumen Accounting
31 July 2024



....................................................
Acumen Accounting
364 West Road
Newcastle Upon Tyne
Tyne & Wear
NE4 9JY
17 March 2025
3
 
 
Notes
 
2024
£
  2023
£
Turnover 2,179,821    1,669,287 
Cost of sales (1,676,563)   (1,345,134)
Gross profit 503,258    324,153 
Administrative expenses (388,872)   (236,086)
Other operating income 5,586   
Operating profit 119,972    88,067 
Interest payable and similar charges (23,178)  
Profit/(Loss) on ordinary activities before taxation 96,794    88,067 
Tax on profit on ordinary activities (23,322)   (14,681)
Profit/(Loss) for the financial year 73,472    73,386 
 
4
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 4 62,220    165,000 
Tangible fixed assets 5 475,889    94,993 
538,109    259,993 
Current assets      
Stocks 6 281,871    37,632 
Debtors 7 57,200   
Cash at bank and in hand 7,933    29,557 
347,004    67,189 
Creditors: amount falling due within one year 8 (69,394)   (14,681)
Net current assets 277,610    52,508 
 
Total assets less current liabilities 815,719    312,501 
Creditors: amount falling due after more than one year 9 (669,982)   (188,421)
Provisions for liabilities 10 (1,185)  
Net assets 144,552    124,080 
 

Capital and reserves
     
Called up share capital 11 100    100 
Reserves 12   85,000 
Profit and loss account 144,452    38,980 
Shareholders' funds 144,552    124,080 
 


For the year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 17 March 2025 and were signed by:


-------------------------------
Shaukat Ali
Director
5
  Equity share capital   Revaluation reserve   Retained Earnings   Total
£ £ £ £
At 01 August 2022 100  17,594  17,694 
Profit for the year 73,386  73,386 
Revaluation of Fixed Assets 85,000  85,000 
Total comprehensive income for the year 85,000  73,386  158,386 
Dividends (52,000) (52,000)
Total investments by and distributions to owners (52,000) (52,000)
At 31 July 2023 100  85,000  38,980  124,080 
At 01 August 2023 100  38,980  39,080 
Profit for the year 73,472  73,472 
Transfers to/from other reserves 85,000  85,000 
Total comprehensive income for the year 158,472  158,472 
Dividends (53,000) (53,000)
Total investments by and distributions to owners (53,000) (53,000)
At 31 July 2024 100  144,452  144,552 
6
General Information
Fayms Retails Limited is a private company, limited by shares, registered in , registration number 12099880, registration address 27 North Terrace, Newcastle Upon Tyne, Tyne & Wear, NE2 4AD.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 10% Reducing Balance
Motor Vehicles 10% Reducing Balance
Fixtures and Fittings 10% Reducing Balance
Computer Equipment 10% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Staff Costs

2024
£
  2023
£
Wages and salaries 168,752    97,362 
Social security costs 712   
Pension costs, defined contribution plan 590    533 
170,054    97,895 
 
Average number of employees during the year Number   Number
Administration 1    1 
Sales 13    14 
14    15 

3.

Average number of employees

Average number of employees during the year was 14 (2023 : 15).
4.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 August 2023 165,000    165,000 
Additions 20,000    20,000 
Disposals (122,780)   (122,780)
At 31 July 2024 62,220    62,220 
Amortisation
At 01 August 2023  
Charge for year  
On disposals  
At 31 July 2024  
Net book values
At 31 July 2024 62,220    62,220 
At 31 July 2023 165,000    165,000 


5.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £   £
At 01 August 2023     23,991    100,000    557    124,548 
Additions 386,261    1,260      3,333      390,854 
Disposals          
At 31 July 2024 386,261    1,260    23,991    103,333    557    515,402 
Depreciation
At 01 August 2023     2,399    27,100    56    29,555 
Charge for year   126    2,159    7,623    50    9,958 
On disposals          
At 31 July 2024   126    4,558    34,723    106    39,513 
Net book values
Closing balance as at 31 July 2024 386,261    1,134    19,433    68,610    451    475,889 
Opening balance as at 01 August 2023     21,592    72,900    501    94,993 


6.

Stocks

2024
£
  2023
£
Stocks 281,871    37,632 
281,871    37,632 

7.

Debtors: amounts falling due within one year

2024
£
  2023
£
Other Debtors 57,200   
57,200   

8.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 23,992   
Corporation Tax 23,322    14,681 
PAYE & Social Security 5,533   
Other Creditors 2   
VAT 16,545   
69,394    14,681 

9.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts (secured) 464,610   
Bank Loans & Overdrafts 135,728    38,421 
Directors' Loan Accounts 69,644    150,000 
669,982    188,421 

10.

Provisions for liabilities

2024
£
  2023
£
Pension Provisions 1,185   
1,185   

11.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
100 Class A shares of £1.00 each 100    100 
100    100 

12.

Reserves

2024
£
  2023
£
Revaluation of Fixed Assets   85,000 
  85,000 

7