10 false false false false false false false false false false true false false false false false false No description of principal activity 2023-10-01 Sage Accounts Production Advanced 2024 - FRS102_2024 72,000 72,000 xbrli:pure xbrli:shares iso4217:GBP 03843598 2023-10-01 2024-09-30 03843598 2024-09-30 03843598 2023-09-30 03843598 2022-10-01 2023-09-30 03843598 2023-09-30 03843598 2022-09-30 03843598 core:NetGoodwill 2023-10-01 2024-09-30 03843598 core:FurnitureFittings 2023-10-01 2024-09-30 03843598 core:MotorVehicles 2023-10-01 2024-09-30 03843598 bus:Director1 2023-10-01 2024-09-30 03843598 core:NetGoodwill 2024-09-30 03843598 core:FurnitureFittings 2023-09-30 03843598 core:MotorVehicles 2023-09-30 03843598 core:FurnitureFittings 2024-09-30 03843598 core:MotorVehicles 2024-09-30 03843598 core:WithinOneYear 2024-09-30 03843598 core:WithinOneYear 2023-09-30 03843598 core:AfterOneYear 2024-09-30 03843598 core:AfterOneYear 2023-09-30 03843598 core:UKTax 2023-10-01 2024-09-30 03843598 core:UKTax 2022-10-01 2023-09-30 03843598 core:ShareCapital 2024-09-30 03843598 core:ShareCapital 2023-09-30 03843598 core:RetainedEarningsAccumulatedLosses 2024-09-30 03843598 core:RetainedEarningsAccumulatedLosses 2023-09-30 03843598 core:ProvisionsDeferredTax 2024-09-30 03843598 core:ProvisionsDeferredTax 2023-09-30 03843598 core:FurnitureFittings 2023-09-30 03843598 core:MotorVehicles 2023-09-30 03843598 bus:Director1 2023-09-30 03843598 bus:Director1 2024-09-30 03843598 bus:Director1 2022-09-30 03843598 bus:Director1 2023-09-30 03843598 bus:Director1 2022-10-01 2023-09-30 03843598 bus:SmallEntities 2023-10-01 2024-09-30 03843598 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 03843598 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 03843598 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 03843598 bus:FullAccounts 2023-10-01 2024-09-30
COMPANY REGISTRATION NUMBER: 03843598
DISCOUNT WAREHOUSE (TOTTON) LIMITED
Filleted Unaudited Financial Statements
30 September 2024
DISCOUNT WAREHOUSE (TOTTON) LIMITED
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
7
148,015
119,926
Current assets
Stocks
581,138
591,170
Debtors
8
99,179
120,578
Cash at bank and in hand
780,682
703,832
------------
------------
1,460,999
1,415,580
Creditors: amounts falling due within one year
9
281,260
303,001
------------
------------
Net current assets
1,179,739
1,112,579
------------
------------
Total assets less current liabilities
1,327,754
1,232,505
Creditors: amounts falling due after more than one year
10
6,723
16,799
Provisions
Taxation including deferred tax
36,999
23,500
------------
------------
Net assets
1,284,032
1,192,206
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,283,932
1,192,106
------------
------------
Shareholders funds
1,284,032
1,192,206
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
DISCOUNT WAREHOUSE (TOTTON) LIMITED
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 27 May 2025 , and are signed on behalf of the board by:
E Coombs
Director
Company registration number: 03843598
DISCOUNT WAREHOUSE (TOTTON) LIMITED
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4th Floor, 58-59 Great Marlborough Street, London, W1F 7JY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax in respect of carpet and furniture sales.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date
Goodwill
Goodwill, being the amount paid in connection with the acquistion of a business in 1999, is being amortised evenly over its estimated useful life of twenty years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office Funiture & Equipment
-
20% reducing balance
Motor Vehicles
-
20% reducing balance
Equipment
-
20 % reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 10 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
75,962
55,242
Deferred tax:
Origination and reversal of timing differences
13,500
10,227
--------
--------
Tax on profit
89,462
65,469
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 22.01 %).
2024
2023
£
£
Profit on ordinary activities before taxation
331,288
304,046
---------
---------
Profit on ordinary activities by rate of tax
82,822
66,921
Effect of expenses not deductible for tax purposes
4,713
4,489
Effect of capital allowances and depreciation
( 11,573)
( 16,168)
Other tax adjustments - Deferred Tax
13,500
10,227
---------
---------
Tax on profit
89,462
65,469
---------
---------
6. Intangible assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
72,000
--------
Amortisation
At 1 October 2023 and 30 September 2024
72,000
--------
Carrying amount
At 30 September 2024
--------
At 30 September 2023
--------
7. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 October 2023
20,941
140,300
120,191
281,432
Additions
74,665
3,024
77,689
Disposals
( 42,193)
( 42,193)
--------
---------
---------
---------
At 30 September 2024
20,941
172,772
123,215
316,928
--------
---------
---------
---------
Depreciation
At 1 October 2023
16,836
69,388
75,282
161,506
Charge for the year
821
16,730
9,587
27,138
Disposals
( 19,731)
( 19,731)
--------
---------
---------
---------
At 30 September 2024
17,657
66,387
84,869
168,913
--------
---------
---------
---------
Carrying amount
At 30 September 2024
3,284
106,385
38,346
148,015
--------
---------
---------
---------
At 30 September 2023
4,105
70,912
44,909
119,926
--------
---------
---------
---------
8. Debtors
2024
2023
£
£
Other debtors
99,179
120,578
--------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,648
10,648
Trade creditors
88,722
112,075
Corporation tax
75,962
55,237
Social security and other taxes
59,995
38,139
Other creditors
45,933
86,902
---------
---------
281,260
303,001
---------
---------
Other creditors includes a directors loan account of £18,334(2023: £61,175).
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,723
16,799
-------
--------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
36,999
23,500
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Provisions
36,999
23,500
--------
--------
12. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
E Coombs
( 61,175)
42,341
( 18,834)
--------
----
--------
--------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
E Coombs
( 58,372)
( 50,000)
47,197
( 61,175)
--------
--------
--------
--------
13. Related party transactions
A total rent of £54,400 (2023: £54,400) was paid to Meadow Farm (Totton) Ltd a related company. Included in debtors is a loan of £84,000(2023: £108,000) to Meadow Farm (Totton) Ltd. This was interest free with no agreed repayment terms. This loan appears under Other Debtors in Note 9.