Registered number
SC618936
AQ RETAIL LTD
Filleted Accounts
31 January 2025
AQ RETAIL LTD
Registered number: SC618936
Balance Sheet
as at 31 January 2025
Notes 2025 2024
£ £
Fixed assets
Tangible assets 3 30,217 30,607
Current assets
Stocks 56,566 58,854
Debtors 4 323 437
Cash at bank and in hand 51,728 60,001
108,617 119,292
Creditors: amounts falling due within one year 5 (35,016) (58,965)
Net current assets 73,601 60,327
Total assets less current liabilities 103,818 90,934
Creditors: amounts falling due after more than one year 6 (34,153) (45,014)
Net assets 69,665 45,920
Capital and reserves
Called up share capital 100 100
Profit and loss account 69,565 45,820
Shareholder's funds 69,665 45,920
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 member has 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.
Mr Abdul Qayyum
Director
Approved by the board on 30 June 2025
AQ RETAIL LTD
Notes to the Accounts
for the year ended 31 January 2025
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.
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:
Fixtures, fittings, tools and equipment 10% Reducing balance
Motor Vehicles 10% Reducing balance
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.
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 2025 2024
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Fixture & fittings Motor vehicle Total
£ £ £
Cost
At 1 February 2024 24,158 19,000 43,158
Additions 2,967 - 2,967
At 31 January 2025 27,125 19,000 46,125
Depreciation
At 1 February 2024 8,941 3,610 12,551
Charge for the year 1,818 1,539 3,357
At 31 January 2025 10,759 5,149 15,908
Net book value
At 31 January 2025 16,366 13,851 30,217
At 31 January 2024 15,217 15,390 30,607
4 Debtors 2025 2024
£ £
Trade debtors 323 437
5 Creditors: amounts falling due within one year 2025 2024
£ £
Bank loans and overdrafts 12,107 85
Trade creditors 14,769 44,147
Taxation and social security costs 8,140 14,733
35,016 58,965
6 Creditors: amounts falling due after one year 2025 2024
£ £
Bank loans 13,333 23,333
Director loan account 20,820 21,681
34,153 45,014
7 Other information
AQ RETAIL LTD is a private company limited by shares and incorporated in Scotland. Its registered office is:
4 Barscube Terrace
Paisley
Renfrewshire
PA2 6XA
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