Registered number
05352300
Empress Stores Limited
Filleted Accounts
31 May 2024
Empress Stores Limited
Registered number: 05352300
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 1,600 3,200
Tangible assets 4 11,848 13,655
13,448 16,855
Current assets
Stocks 23,284 23,479
Debtors 5 1,552 2,770
Cash at bank and in hand 135,718 104,239
160,554 130,488
Creditors: amounts falling due within one year 6 (90,912) (84,282)
Net current assets 69,642 46,206
Total assets less current liabilities 83,090 63,061
Creditors: amounts falling due after more than one year 7 (15,283) (25,248)
Provisions for liabilities (1,592) (1,815)
Net assets 66,215 35,998
Capital and reserves
Called up share capital 100 100
Profit and loss account 66,115 35,898
Shareholders' funds 66,215 35,998
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G Chauhan
Director
Approved by the board on 29 May 2025
Empress Stores Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold property 10% reducing balance basis
Fixtures, fittings, tools and equipment 20% reducing balance basis
Motor van 20% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2023 32,000
At 31 May 2024 32,000
Amortisation
At 1 June 2023 28,800
Provided during the year 1,600
At 31 May 2024 30,400
Net book value
At 31 May 2024 1,600
At 31 May 2023 3,200
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Leasehold property Fixtures, fittings & equipment Motor van Total
£ £ £ £
Cost
At 1 June 2023 23,365 56,636 15,022 95,023
Additions - 675 - 675
At 31 May 2024 23,365 57,311 15,022 95,698
Depreciation
At 1 June 2023 19,516 49,969 11,883 81,368
Charge for the year 385 1,469 628 2,482
At 31 May 2024 19,901 51,438 12,511 83,850
Net book value
At 31 May 2024 3,464 5,873 2,511 11,848
At 31 May 2023 3,849 6,667 3,139 13,655
5 Debtors 2024 2023
£ £
Other debtors 1,552 2,770
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 9,537 9,423
Taxation and social security costs 29,564 13,936
Other creditors 51,811 60,923
90,912 84,282
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 15,283 25,248
8 Controlling party
The director, Mr G Chauhan is the controlling party.
9 Other information
Empress Stores Limited is a private company limited by shares and incorporated in England. Its registered office is:
14 Walsgrave Avenue
Leicester
Leicestershire
LE5 6PU
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