Company registration number 02965594 (England and Wales)
PARTY SHOP SUPPLIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
PAGES FOR FILING WITH REGISTRAR
PARTY SHOP SUPPLIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PARTY SHOP SUPPLIES LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
175,708
184,861
Current assets
Stocks
226,898
217,916
Debtors
5
27,537
21,090
Cash at bank and in hand
169
338
254,604
239,344
Creditors: amounts falling due within one year
6
(67,670)
(116,117)
Net current assets
186,934
123,227
Total assets less current liabilities
362,642
308,088
Creditors: amounts falling due after more than one year
7
(133,656)
(30,496)
Provisions for liabilities
(6,607)
(7,554)
Net assets
222,379
270,038
Capital and reserves
Called up share capital
1,002
1,002
Profit and loss reserves
221,377
269,036
Total equity
222,379
270,038
PARTY SHOP SUPPLIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2025
28 February 2025
- 2 -

For the financial year ended 28 February 2025 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 of its financial statements for the year in question in accordance with section 476.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 12 May 2025 and are signed on its behalf by:
Mr B V Crowder
Director
Company registration number 02965594 (England and Wales)
PARTY SHOP SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 3 -
1
Accounting policies
Company information

Party Shop Supplies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit B4 Modwen Trade Park, Fenton Industrial Estate, Stoke On Trent, Staffordshire, ST4 2TE.

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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1994, has been written off evenly over its estimated useful life of five years.

 

1.4
Intangible fixed assets other than goodwill

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

 

Website is being amortised evenly over its estimated useful life of three years.

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:

Software
3 year straight line
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:

Freehold land and buildings
2% on cost
Plant and equipment
20% reducing balance and 10% reducing balance
Fixtures and fittings
15% reducing balance
Computers
25% reducing balance
PARTY SHOP SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
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
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

PARTY SHOP SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
11
11
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 March 2024 and 28 February 2025
14,000
24,529
38,529
Amortisation and impairment
At 1 March 2024 and 28 February 2025
14,000
24,529
38,529
Carrying amount
At 28 February 2025
-
0
-
0
-
0
At 29 February 2024
-
0
-
0
-
0
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 March 2024
226,187
119,713
7,259
79,236
432,395
Additions
-
0
732
-
0
-
0
732
At 28 February 2025
226,187
120,445
7,259
79,236
433,127
Depreciation and impairment
At 1 March 2024
72,381
96,706
4,837
73,610
247,534
Depreciation charged in the year
4,524
3,591
363
1,407
9,885
At 28 February 2025
76,905
100,297
5,200
75,017
257,419
Carrying amount
At 28 February 2025
149,282
20,148
2,059
4,219
175,708
At 29 February 2024
153,806
23,007
2,422
5,626
184,861
PARTY SHOP SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 6 -
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
9,438
14,455
Other debtors
18,099
6,635
27,537
21,090
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
50,675
87,441
Trade creditors
7,644
4,909
Taxation and social security
1,174
5,094
Other creditors
8,177
18,673
67,670
116,117
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
133,656
30,496

Within creditors are secured debts relating to bank loans of £148,286 (2024: £45,324)

 

The bank loan and overdraft are secured by a legal charge over the assets of the company dated 18 August 2008 together wit the bank standard debenture dated 25 April 1996.

Creditors which fall due after five years are as follows:
2025
2024
£
£
Payable by instalments
(42,799)
(1,452)
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