Company Registration No. 07588238 (England and Wales)
25 HOUR CONVENIENCE STORE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
25 HOUR CONVENIENCE STORE LIMITED
COMPANY INFORMATION
Director
Mr G Powell
Secretary
Ms J Paternoster
Company number
07588238
Registered office
4th Floor, East Wing, Chancery House
53-64 Chancery Lane
London
WC2A 1QS
Accountants
CC Young & Co Limited
4th Floor, East Wing, Chancery House
53-64 Chancery Lane
London
WC2A 1QS
25 HOUR CONVENIENCE STORE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
25 HOUR CONVENIENCE STORE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Current assets
Debtors
2
-
924
Cash at bank and in hand
797
161
797
1,085
Creditors: amounts falling due within one year
3
(56,515)
(37,101)
Net current liabilities
(55,718)
(36,016)
Capital and reserves
Called up share capital
4
1
1
Profit and loss reserves
(55,719)
(36,017)
Total equity
(55,718)
(36,016)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
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 and signed by the director and authorised for issue on 21 December 2018
Mr G Powell
Director
Company Registration No. 07588238
25 HOUR CONVENIENCE STORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 2 -
1
Accounting policies
Company information
25 Hour Convenience Store Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
4th Floor, East Wing, Chancery House, 53-64 Chancery Lane, London, WC2A 1QS.
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.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2018
are the
first
financial statements of 25 Hour Convenience Store Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2016. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
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.
Royalty income is recognised on a receivable basis to the extent that it can be quantified from amounts received from or declared by licensees and other parties.
1.4
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 measured at transaction price including transaction costs
.
25 HOUR CONVENIENCE STORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 3 -
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, are
recognised at transaction price
.
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
as
payment is due within one year or less.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
-
924
3
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
240
1,682
Amounts due to group undertaking
21,971
3,775
Other creditors
34,304
31,644
56,515
37,101
4
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of 1p each
1
1
1
1
25 HOUR CONVENIENCE STORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 4 -
5
Related party transactions
Creditors include £32,804 (2017: £30,144) due to the company director. No interest has been charged on these balances.
6
Control
The company is controlled by the director via his holdings in the parent company Armstrong Music Too Limited.