REGISTERED NUMBER: 04184649 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

THE CHEAP SHOP LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

E Wiffen

Mrs R Wiffen

B J Wiffen

C A Wiffen

SECRETARY:

E Wiffen

REGISTERED OFFICE:

12 Station Court

Station Approach

Wickford

Essex

SS11 7AT

REGISTERED NUMBER:

04184649 (England and Wales)

ACCOUNTANTS:

Connah Goldsworthy

Chartered Certified Accountants

12 Station Court

Station Approach

Wickford

Essex

SS11 7AT

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

489,675

491,048

489,675

491,048

CURRENT ASSETS

Stocks

85,725

117,725

Debtors

6

1,609

1,480

Cash at bank and in hand

56,928

64,931

144,262

184,136

CREDITORS

Amounts falling due within one year

7

110,894

101,088

NET CURRENT ASSETS

33,368

83,048

TOTAL ASSETS LESS CURRENT LIABILITIES

523,043

574,096

CREDITORS

Amounts falling due after more than one year

8

182,143

188,134

NET ASSETS

340,900

385,962

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

340,800

385,862

SHAREHOLDERS' FUNDS

340,900

385,962

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 January 2026 and were signed on its behalf by:

B J Wiffen - Director

C A Wiffen - Director

1.	STATUTORY INFORMATION

The Cheap Shop Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2001, has been fully amortised over its useful life of ten years.

Intangible assets

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

15% on reducing balance

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on cost and 15% on reducing balance

Computer & office equipment

-

25% on cost and 25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2024 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

300,000

AMORTISATION

At 1 April 2024

and 31 March 2025

300,000

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 April 2024

475,000

43,050

7,424

Additions

-

-

350

Disposals

-

-

-

At 31 March 2025

475,000

43,050

7,774

DEPRECIATION

At 1 April 2024

-

35,351

7,086

Charge for year

-

1,155

85

Eliminated on disposal

-

-

-

At 31 March 2025

-

36,506

7,171

NET BOOK VALUE

At 31 March 2025

475,000

6,544

603

At 31 March 2024

475,000

7,699

338

Fixtures

Computer

and

& office

fittings

equipment

Totals

£

£

£

COST

At 1 April 2024

69,688

4,514

599,676

Additions

-

1,320

1,670

Disposals

-

(666

)

(666

)

At 31 March 2025

69,688

5,168

600,680

DEPRECIATION

At 1 April 2024

64,663

1,528

108,628

Charge for year

753

925

2,918

Eliminated on disposal

-

(541

)

(541

)

At 31 March 2025

65,416

1,912

111,005

NET BOOK VALUE

At 31 March 2025

4,272

3,256

489,675

At 31 March 2024

5,025

2,986

491,048

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Other debtors

1,609

1,480

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

72,767

67,567

Taxation and social security

30,799

29,961

Other creditors

7,328

3,560

110,894

101,088

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Other creditors

182,143

188,134

Included in Other creditors is the sum of £182,143 (2024 - £188,134), relating to amounts owed to the directors of the company that are not repayable within one year.