Bettabuys Quality Discount Stores Limited

Registered number

03807924

Report and Unaudited Accounts

31 March 2013

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

The directors present their report and accounts for the year ended 31 March 2013.

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 12 June 2013 and signed on its behalf.




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

Bettabuys Quality Discount Stores Limited

Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Bettabuys Quality Discount Stores Limited for the year ended 31 March 2013
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Bettabuys Quality Discount Stores Limited for the year ended 31 March 2013 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Bettabuys Quality Discount Stores 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 Bettabuys Quality Discount Stores Limited and state those matters that we have agreed to state to the Board of Directors of Bettabuys Quality Discount Stores Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bettabuys Quality Discount Stores Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Bettabuys Quality Discount Stores 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 loss of Bettabuys Quality Discount Stores Limited. You consider that Bettabuys Quality Discount Stores 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 Bettabuys Quality Discount Stores 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.

Alexander Partnership
Chartered Accountants
Barclays Bank Chambers
18 High Street
Tenby
Pembrokeshire
SA70 7HD

12 June 2013

Bettabuys Quality Discount Stores Limited
Profit and Loss Account
for the year ended 31 March 2013


Notes		2013		2012
£			£

Turnover		387,296		417,087

Cost of sales		(220,019)		(236,254)

Gross profit		167,277		180,833

Administrative expenses		(185,187)		(192,059)

Operating loss	2	(17,910)		(11,226)

Interest payable	3	(3,042)		(3,540)

Loss on ordinary activities before taxation		(20,952)		(14,766)

Tax on loss on ordinary activities	4	8,377		-

Loss for the financial year		(12,575)		(14,766)

Bettabuys Quality Discount Stores Limited
Balance Sheet
as at 31 March 2013

Notes			2013			2012
£				£
Fixed assets
Intangible assets	5		178,500			189,000
Tangible assets	6		6,762			8,131
			185,262			197,131

Current assets
Stocks		36,912			31,956
Debtors	7	8			297
Cash at bank and in hand		27,623			23,684
		64,543			55,937

Creditors: amounts falling due within one year	8	(174,758)			(135,810)

Net current liabilities			(110,215)			(79,873)

Total assets less current liabilities			75,047			117,258

Creditors: amounts falling due after more than one year	9		(56,734)			(77,995)

Provisions for liabilities	10		1,696			(6,681)


Net assets			20,009			32,582

Capital and reserves
Called up share capital	11		2			1
Revaluation reserve	12		210,000			210,000
Profit and loss account	13		(189,993)			(177,419)

Shareholders' funds			20,009			32,582

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 12 June 2013

Bettabuys Quality Discount Stores Limited
Notes to the Accounts
for the year ended 31 March 2013

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					2013		2012
£							£
	This is stated after charging:

	Depreciation of owned fixed assets					1,369		1,170
	Amortisation of goodwill					10,500		10,500


3	Interest payable					2013		2012
£							£

	Interest payable					3,042		3,540


4	Taxation					2013		2012
£							£

	Deferred tax					(8,377)		-


5	Intangible fixed assets							£
	Goodwill:

	Cost
	At 1 April 2012							210,000
	At 31 March 2013							210,000

	Amortisation
	At 1 April 2012							21,000
	Provided during the year							10,500
	At 31 March 2013							31,500

	Net book value
	At 31 March 2013							178,500
	At 31 March 2012							189,000

	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 2012			50,166		26,885		77,051
	At 31 March 2013			50,166		26,885		77,051

	Depreciation
	At 1 April 2012			43,536		25,384		68,920
	Charge for the year			994		375		1,369
	At 31 March 2013			44,530		25,759		70,289

	Net book value
	At 31 March 2013			5,636		1,126		6,762
	At 31 March 2012			6,630		1,501		8,131


7	Debtors					2013		2012
£							£

	Trade debtors					8		(40)
	Other debtors					-		337
						8		297


8	Creditors: amounts falling due within one year					2013		2012
£							£

	Bank loans and overdrafts					12,152		8,157
	Trade creditors					5,050		(171)
	Other taxes and social security costs					8,894		4,473
	Other creditors					148,662		123,351
						174,758		135,810


9	Creditors: amounts falling due after one year					2013		2012
£							£

	Bank loans					56,734		77,995


10	Provisions for liabilities
	Deferred taxation:					2013		2012
£							£

	Accelerated capital allowances					(250)		6,681
	Tax losses carried forward					(1,446)		-

						(1,696)		6,681


						2013		2012
£							£

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

	At 31 March					(1,696)		6,681


11	Share capital	Nominal		2013		2013		2012
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		2		2		1

Nominal			Number		Amount
value			£
	Shares issued during the period:
	Ordinary shares	£1 each		1		1


12	Revaluation reserve					2013
£

	At 1 April 2012					210,000

	At 31 March 2013					210,000


13	Profit and loss account					2013
£

	At 1 April 2012					(177,418)
	Loss for the year					(12,575)

	At 31 March 2013					(189,993)


14	Dividends					2013		2012
£							£

	Dividends for which the company became liable during the year:
	Dividends paid					-		20,000