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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2017 |
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L & S STORES LTD |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2017 |
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FOR |
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L & S STORES LTD |
L & S STORES LTD (Registered number: 04534048) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 7 |
L & S STORES LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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1 Tape Street |
Cheadle |
Stoke On Trent |
Staffordshire |
ST10 1BB |
L & S STORES LTD (Registered number: 04534048) |
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STATEMENT OF FINANCIAL POSITION |
31 OCTOBER 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Property, plant and equipment | 5 |
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CURRENT ASSETS |
Inventories | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
L & S STORES LTD (Registered number: 04534048) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 OCTOBER 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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L & S STORES LTD (Registered number: 04534048) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
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1. | STATUTORY INFORMATION |
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L & S STORES LTD is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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There were no material departures from that standard. |
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The financial statements have been prepared on a going concern basis which assumes that the Company will |
continue in operational existence for the foreseeable future. |
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Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Goodwill |
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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. |
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Tangible fixed assets |
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Equipment | - |
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Motor vehicles | - |
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Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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L & S STORES LTD (Registered number: 04534048) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 November 2016 |
and 31 October 2017 |
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AMORTISATION |
At 1 November 2016 |
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Amortisation for year |
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At 31 October 2017 |
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NET BOOK VALUE |
At 31 October 2017 |
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At 31 October 2016 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Motor |
Equipment | vehicles | Totals |
£ | £ | £ |
COST |
At 1 November 2016 |
and 31 October 2017 |
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DEPRECIATION |
At 1 November 2016 |
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Charge for year |
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At 31 October 2017 |
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NET BOOK VALUE |
At 31 October 2017 |
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At 31 October 2016 |
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L & S STORES LTD (Registered number: 04534048) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
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6. | INVENTORIES |
2017 | 2016 |
£ | £ |
Stocks |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Directors' current accounts | - | 6,889 |
Debtors and Prepayments |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Tax |
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Directors' current accounts | 3,112 | - |
Creditors and Accruals |
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9. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 1,176 | 1,650 |
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Deferred |
tax |
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Balance at 1 November 2016 |
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Provided during year | ( |
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Balance at 31 October 2017 |
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CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
L & S STORES LTD |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and |
certain other primary statements and the Report of the Directors are not required to be filed with the Registrar |
of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of L & S STORES LTD for the year ended 31 October 2017 which comprise the Statement of |
Comprehensive Income, Statement of Financial Position, and the related notes from the company's accounting records |
and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of L & S STORES LTD, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of L & S STORES LTD and state those matters that we have agreed to state to the Board of Directors of L & S STORES LTD, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than L & S STORES LTD and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that L & S STORES LTD has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of L & S STORES LTD. You consider that L & S STORES LTD is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of L & S STORES LTD. 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 financial statements. |
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1 Tape Street |
Cheadle |
Stoke On Trent |
Staffordshire |
ST10 1BB |
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