Registration number:
WIGAN MINI MARKET LIMITED
for the Year Ended 31 January 2018
Chartered Certified Accountants
Lord House
51 Lord Street
Manchester
M3 1HE
WIGAN MINI MARKET LIMITED
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
WIGAN MINI MARKET LIMITED
Company Information
Director |
Mr Zohaib Arshad |
Registered office |
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Accountants |
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Page 1 |
WIGAN MINI MARKET LIMITED
Director's Report for the Year Ended 31 January 2018
The director presents his report and the financial statements for the year ended 31 January 2018.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is Grocers & off licence
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
Mr Zohaib Arshad
Director
Page 2 |
Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
WIGAN MINI MARKET LIMITED
for the Year Ended 31 January 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of WIGAN MINI MARKET LIMITED for the year ended 31 January 2018 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
This report is made solely to the Board of Directors of WIGAN MINI MARKET LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of WIGAN MINI MARKET LIMITED and state those matters that we have agreed to state to the Board of Directors of WIGAN MINI MARKET LIMITED, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than WIGAN MINI MARKET LIMITED and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that WIGAN MINI MARKET LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of WIGAN MINI MARKET LIMITED. You consider that WIGAN MINI MARKET LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of WIGAN MINI MARKET LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Certified Accountants
51 Lord Street
Manchester
M3 1HE
Page 3 |
WIGAN MINI MARKET LIMITED
Profit and Loss Account for the Year Ended 31 January 2018
Note |
Total |
Total |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 4 |
WIGAN MINI MARKET LIMITED
Statement of Comprehensive Income for the Year Ended 31 January 2018
Note |
2018 |
2017 |
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Profit for the year |
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Total comprehensive income for the year |
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Page 5 |
WIGAN MINI MARKET LIMITED
(Registration number: 9278794)
Balance Sheet as at 31 January 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 January 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
Mr Zohaib Arshad
Director
Page 6 |
WIGAN MINI MARKET LIMITED
Statement of Changes in Equity for the Year Ended 31 January 2018
Share capital |
Profit and loss account |
Total |
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At 1 February 2017 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 31 January 2018 |
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Share capital |
Profit and loss account |
Total |
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At 1 February 2016 |
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|
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 31 January 2017 |
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Page 7 |
WIGAN MINI MARKET LIMITED
Notes to the Financial Statements for the Year Ended 31 January 2018
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 8 |
WIGAN MINI MARKET LIMITED
Notes to the Financial Statements for the Year Ended 31 January 2018
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures & Fittings |
10% straight line basis |
Motor vehicles |
25% straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Page 9 |
WIGAN MINI MARKET LIMITED
Notes to the Financial Statements for the Year Ended 31 January 2018
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2018 |
2017 |
|
Depreciation expense |
|
|
Page 10 |
WIGAN MINI MARKET LIMITED
Notes to the Financial Statements for the Year Ended 31 January 2018
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
|||
At 1 February 2017 |
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|
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At 31 January 2018 |
|
|
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Depreciation |
|||
At 1 February 2017 |
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Charge for the year |
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At 31 January 2018 |
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Carrying amount |
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At 31 January 2018 |
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At 31 January 2017 |
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Stocks |
2018 |
2017 |
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Other inventories |
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Debtors |
2018 |
2017 |
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Other debtors |
|
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Total current trade and other debtors |
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Creditors |
Note |
2018 |
2017 |
|
Due within one year |
|||
Trade creditors |
- |
|
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Page 11 |
WIGAN MINI MARKET LIMITED
Notes to the Financial Statements for the Year Ended 31 January 2018
Dividends |
Interim dividends paid
2018 |
2017 |
|
Interim dividend of £
|
|
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Page 12 |
WIGAN MINI MARKET LIMITED
Detailed Profit and Loss Account for the Year Ended 31 January 2018
2018 |
2017 |
|
Turnover (analysed below) |
897,185 |
816,445 |
Cost of sales (analysed below) |
(805,904) |
(749,458) |
Gross profit |
91,281 |
66,987 |
Gross profit (%) |
10.17% |
8.2% |
Administrative expenses |
||
Employment costs (analysed below) |
(36,564) |
(30,395) |
Establishment costs (analysed below) |
(35,661) |
(35,676) |
General administrative expenses (analysed below) |
(8,623) |
(7,298) |
Finance charges (analysed below) |
(3,034) |
(5,654) |
Depreciation costs (analysed below) |
(4,764) |
(4,763) |
(88,646) |
(83,786) |
|
Other operating income (analysed below) |
22,256 |
32,903 |
Operating profit |
24,891 |
16,104 |
Profit before tax |
24,891 |
16,104 |
Page 13 |
WIGAN MINI MARKET LIMITED
Detailed Profit and Loss Account for the Year Ended 31 January 2018
2018 |
2017 |
Turnover |
||
Sale of goods, UK |
897,185 |
816,445 |
Cost of sales |
||
Opening merchandise |
45,210 |
43,185 |
Purchases |
810,039 |
751,483 |
Closing merchandise |
(49,345) |
(45,210) |
805,904 |
749,458 |
Employment costs |
||
Wages and salaries (excluding directors) |
(24,942) |
(19,293) |
Directors remuneration |
(11,622) |
(11,102) |
(36,564) |
(30,395) |
Establishment costs |
||
Rent |
(21,000) |
(21,000) |
Rates |
(649) |
- |
Water rates |
(893) |
(727) |
Light, heat and power |
(6,038) |
(8,404) |
Insurance |
(5,311) |
(4,163) |
Repairs and renewals |
(1,770) |
(1,382) |
(35,661) |
(35,676) |
General administrative expenses |
||
Telephone and fax |
(3,157) |
(2,278) |
Printing, postage and stationery |
(125) |
(102) |
Trade subscriptions |
(180) |
(180) |
Cleaning |
(1,013) |
(1,065) |
Motor expenses |
(2,048) |
(1,573) |
Accountancy fees |
(2,100) |
(2,100) |
(8,623) |
(7,298) |
Finance charges |
||
Bank charges |
(912) |
(749) |
Credit card charges |
(2,122) |
(4,905) |
(3,034) |
(5,654) |
Depreciation costs |
||
Depreciation of fixtures and fittings (owned) |
(1,557) |
(1,557) |
Depreciation of motor vehicles (owned) |
(3,207) |
(3,206) |
(4,764) |
(4,763) |
Other operating income |
||
Other operating income |
22,256 |
32,903 |
Page 14 |