Bettabuys Quality Discount Stores Limited

Registered number

03807924

Report and Unaudited Accounts

31 March 2014

Bettabuys Quality Discount Stores Limited
Registered number:		03807924
Directors' Report

The directors present their report and accounts for the year ended 31 March 2014.

Principal activities
The company's principal activity during the year continued to be discount stores

Directors
The following persons served as directors during the year:

	Mrs J. Collins

Directors' responsibilities
The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations.

Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to:
●	select suitable accounting policies and then apply them consistently;
●	make judgements and estimates that are reasonable and prudent;
●	prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

This report was approved by the board on 22 July 2014 and signed on its behalf.




.......................................
Mrs J. Collins
Director

Bettabuys Quality Discount Stores Limited
Profit and Loss Account
for the year ended 31 March 2014


Notes		2014		2013
£			£

Turnover		352,153		387,296

Cost of sales		(183,874)		(220,019)

Gross profit		168,279		167,277

Administrative expenses		(175,546)		(185,187)

Operating loss	2	(7,267)		(17,910)

Interest payable	3	(2,558)		(3,042)

Loss on ordinary activities before taxation		(9,825)		(20,952)

Tax on loss on ordinary activities	4	(135)		8,377

Loss for the financial year		(9,960)		(12,575)

Bettabuys Quality Discount Stores Limited
Balance Sheet
as at 31 March 2014

Notes			2014			2013
£				£
Fixed assets
Intangible assets	5		168,000			178,500
Tangible assets	6		7,156			6,762
			175,156			185,262

Current assets
Stocks		31,456			36,912
Debtors	7	-			8
Cash at bank and in hand		22,056			27,623
		53,512			64,543

Creditors: amounts falling due within one year	8	(183,350)			(174,758)

Net current liabilities			(129,838)			(110,215)

Total assets less current liabilities			45,318			75,047

Creditors: amounts falling due after more than one year	9		(36,831)			(56,734)

Provisions for liabilities	10		1,562			1,696


Net assets			10,049			20,009

Capital and reserves
Called up share capital	11		2			2
Revaluation reserve	12		210,000			210,000
Profit and loss account	13		(199,953)			(189,993)

Shareholders' funds			10,049			20,009

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.




Mrs J. Collins
Director
Approved by the board on 22 July 2014

Bettabuys Quality Discount Stores Limited
Notes to the Accounts
for the year ended 31 March 2014

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

	Turnover
	Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

	Depreciation
	Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

	Plant and machinery			15% Reducing Balance
	Motor vehicles			25% Reducing Balance

	Stocks
	Stock is valued at the lower of cost and net realisable value.

	Deferred taxation
	Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

	Foreign currencies
	Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

	Leasing and hire purchase commitments
	Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

	Pensions
	The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.


2	Operating profit					2014		2013
£							£
	This is stated after charging:

	Depreciation of owned fixed assets					1,396		1,369
	Amortisation of goodwill					10,500		10,500


3	Interest payable					2014		2013
£							£

	Interest payable					2,558		3,042


4	Taxation					2014		2013
£							£

	Deferred tax					135		(8,377)


5	Intangible fixed assets							£
	Goodwill:

	Cost
	At 1 April 2013							210,000
	At 31 March 2014							210,000

	Amortisation
	At 1 April 2013							31,500
	Provided during the year							10,500
	At 31 March 2014							42,000

	Net book value
	At 31 March 2014							168,000
	At 31 March 2013							178,500

	Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.


6	Tangible fixed assets
				Plant and machinery etc		Motor vehicles		Total
£					£		£
	Cost
	At 1 April 2013			50,166		26,885		77,051
	Additions			1,790		-		1,790
	At 31 March 2014			51,956		26,885		78,841

	Depreciation
	At 1 April 2013			44,530		25,759		70,289
	Charge for the year			1,114		282		1,396
	At 31 March 2014			45,644		26,041		71,685

	Net book value
	At 31 March 2014			6,312		844		7,156
	At 31 March 2013			5,636		1,126		6,762


7	Debtors					2014		2013
£							£

	Trade debtors					-		8


8	Creditors: amounts falling due within one year					2014		2013
£							£

	Bank loans and overdrafts					12,153		12,152
	Trade creditors					12,843		5,050
	Other taxes and social security costs					5,863		8,894
	Other creditors					152,491		148,662
						183,350		174,758


9	Creditors: amounts falling due after one year					2014		2013
£							£

	Bank loans					36,831		56,734


10	Provisions for liabilities
	Deferred taxation:					2014		2013
£							£

	Accelerated capital allowances					1,019		850
	Tax losses carried forward					(2,581)		(2,546)

						(1,562)		(1,696)


						2014		2013
£							£

	At 1 April					(1,696)		6,681
	Deferred tax charge in profit and loss account					134		(8,377)

	At 31 March					(1,562)		(1,696)


11	Share capital	Nominal		2014		2014		2013
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		2		2		2


12	Revaluation reserve					2014
£

	At 1 April 2013					210,000

	At 31 March 2014					210,000


13	Profit and loss account					2014
£

	At 1 April 2013					(189,993)
	Loss for the year					(9,960)

	At 31 March 2014					(199,953)