Company Registration No. 01766632 (England and Wales)
A & M BARGAINS (WYRE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
PAGES FOR FILING WITH REGISTRAR
A & M BARGAINS (WYRE) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
A & M BARGAINS (WYRE) LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2020
31 January 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
343,857
348,746
Investments
4
35,000
35,000
378,857
383,746
Current assets
Stocks
45,967
44,675
Debtors
5
1,213
1,593
Cash at bank and in hand
94,355
92,878
141,535
139,146
Creditors: amounts falling due within one year
6
(83,739)
(98,676)
Net current assets
57,796
40,470
Total assets less current liabilities
436,653
424,216
Creditors: amounts falling due after more than one year
7
(135,371)
(142,686)
Provisions for liabilities
(2,633)
(3,142)
Net assets
298,649
278,388
Capital and reserves
Called up share capital
8
200
200
Profit and loss reserves
298,449
278,188
Total equity
298,649
278,388
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
A & M BARGAINS (WYRE) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2020
31 January 2020
- 2 -
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 November 2020 and are signed on its behalf by:
Mr A W Mayman
Director
Company Registration No. 01766632
A & M BARGAINS (WYRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
- 3 -
1
Accounting policies
Company information
A & M Bargains (Wyre) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Mentor House, Ainsworth Street, Blackburn, Lancashire, BB1 6AY.
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors are not aware of any material uncertainties affecting the company and consider that the company will have sufficient resources to continue trading for the foreseeable future, As a result the directors have continued to adopt the going concern basis in preparing the financial statements.
true
Whilst the directors have adopted the going concern basis set out above, the impact of the worldwide Coronavirus pandemic, Covid-19, on all businesses represents an uncertainty and the true impact of this pandemic will only become apparent over time.
1.3
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
no depreciation charged
Fixtures, fittings & equipment
25% Reducing Balance
Motor vehicles
25% Reducing Balance
The company does not depreciate
freehold land and
buildings as they are maintained to such a standard that the estimated residual value of the asset is not materially different from the book value and as such any charge to depreciation would be immaterial.
A & M BARGAINS (WYRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
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
.
1.5
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.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
A & M BARGAINS (WYRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
1
Accounting policies
(Continued)
- 5 -
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
8
8
A & M BARGAINS (WYRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2019 and 31 January 2020
328,820
247,780
576,600
Depreciation and impairment
At 1 February 2019
-
227,854
227,854
Depreciation charged in the year
-
4,889
4,889
At 31 January 2020
-
232,743
232,743
Carrying amount
At 31 January 2020
328,820
15,037
343,857
At 31 January 2019
328,820
19,926
348,746
4
Fixed asset investments
2020
2019
£
£
Other investments other than loans
35,000
35,000
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 February 2019 & 31 January 2020
35,000
Carrying amount
At 31 January 2020
35,000
At 31 January 2019
35,000
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
1,213
1,593
A & M BARGAINS (WYRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 7 -
6
Creditors: amounts falling due within one year
2020
2019
£
£
Bank borrowings
7,322
6,728
Corporation tax
7,126
5,264
Other taxation and social security
6,992
12,307
Other creditors
62,299
74,377
83,739
98,676
Bank borrowings are secured by way of a fixed and floating charge over the assets of the company.
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank borrowings
135,371
142,686
Amounts included above which fall due after five years are as follows:
Payable by instalments
102,351
112,343
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
180 'A' Ordinary shares of £1 each
180
180
10 'B' Ordinary shares of £1 each
10
10
10 'C' Ordinary shares of £1 each
10
10
200
200