Company Registration No. 12978284 (England and Wales)
Go Store Management Limited
Unaudited financial statements
for the year ended 31 August 2024
Pages for filing with the registrar
Go Store Management Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Go Store Management Limited
Statement of financial position
As at 31 August 2024
31 August 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,375
5,875
Tangible assets
4
54,747
25,751
59,122
31,626
Current assets
Debtors
5
36,336
1,206
Cash at bank and in hand
34,689
172,849
71,025
174,055
Creditors: amounts falling due within one year
6
(190,268)
(83,311)
Net current (liabilities)/assets
(119,243)
90,744
Total assets less current liabilities
(60,121)
122,370
Creditors: amounts falling due after more than one year
7
(9,878)
Provisions for liabilities
(1,538)
Net (liabilities)/assets
(69,999)
120,832
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(70,001)
120,830
Total equity
(69,999)
120,832
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Go Store Management Limited
Statement of financial position (continued)
As at 31 August 2024
31 August 2024
2
The financial statements were approved by the board of directors and authorised for issue on 16 April 2025 and are signed on its behalf by:
Rory Windham
Director
Company Registration No. 12978284
Go Store Management Limited
Notes to the financial statements
For the year ended 31 August 2024
3
1
Accounting policies
Company information
Go Store Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hawkwell Grange, Hawkwell, Newcastle Upon Tyne, NE18 0QT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for management services and is shown net of VAT and other sales related taxes.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
Over 5 years
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
IT Equipment
33% Straight line
Motor vehicles
20% Straight line
Go Store Management Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
1
Accounting policies (continued)
4
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Go Store Management Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
5
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Intangible fixed assets
Website
£
Cost
At 1 September 2023 and 31 August 2024
7,500
Amortisation and impairment
At 1 September 2023
1,625
Amortisation charged for the year
1,500
At 31 August 2024
3,125
Carrying amount
At 31 August 2024
4,375
At 31 August 2023
5,875
4
Tangible fixed assets
Motor vehicles
IT Equipment
Total
£
£
£
Cost
At 1 September 2023
23,900
2,315
26,215
Additions
89,455
1,562
91,017
Disposals
(44,700)
(44,700)
At 31 August 2024
68,655
3,877
72,532
Depreciation and impairment
At 1 September 2023
464
464
Depreciation charged in the year
16,404
917
17,321
At 31 August 2024
16,404
1,381
17,785
Carrying amount
At 31 August 2024
52,251
2,496
54,747
At 31 August 2023
23,900
1,851
25,751
Go Store Management Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
6
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,185
157
Corporation tax recoverable
30,034
Other debtors
2,117
1,049
36,336
1,206
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,000
31,084
Corporation tax
30,034
Other taxation and social security
17,305
Other creditors
184,268
4,888
190,268
83,311
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
9,878