Registered number
03807924
Bettabuys Quality Discount Stores Limited
Report and Unaudited Accounts
31 March 2016
Bettabuys Quality Discount Stores Limited
Registered number: 03807924
Directors' Report
The directors present their report and accounts for the year ended 31 March 2016.
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 29 November 2016 and signed on its behalf.
Mrs J Collins
Director
Bettabuys Quality Discount Stores Limited
Profit and Loss Account
for the year ended 31 March 2016
Notes 2016 2015
£ £
Turnover 246,706 327,425
Cost of sales (113,961) (156,193)
Gross profit 132,745 171,232
Administrative expenses (148,327) (177,576)
Operating loss 2 (15,582) (6,344)
Exceptional items:
loss on the disposal of tangible fixed assets (5,998) -
loss on the dispoal of intangible fixed assets (157,500) -
(163,498) -
(179,080) (6,344)
Interest payable 3 (339) (1,515)
Loss on ordinary activities before taxation (179,419) (7,859)
Tax on loss on ordinary activities 4 (715) (847)
Loss for the financial year (180,134) (8,706)
Bettabuys Quality Discount Stores Limited
Balance Sheet
as at 31 March 2016
Notes 2016 2015
£ £
Fixed assets
Intangible assets 5 - 157,500
Tangible assets 6 - 5,998
- 163,498
Current assets
Stocks - 32,144
Debtors 7 - 715
Cash at bank and in hand - 8,320
- 41,179
Creditors: amounts falling due within one year 8 (178,791) (189,147)
Net current liabilities (178,791) (147,968)
Total assets less current liabilities (178,791) 15,530
Creditors: amounts falling due after more than one year 9 - (14,187)
Net (liabilities)/assets (178,791) 1,343
Capital and reserves
Called up share capital 11 2 2
Revaluation reserve 12 210,000 210,000
Profit and loss account 13 (388,793) (208,659)
Shareholders' funds (178,791) 1,343
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.
The 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 29 November 2016
Bettabuys Quality Discount Stores Limited
Notes to the Accounts
for the year ended 31 March 2016
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 January 2015).
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.
2 Operating profit 2016 2015
£ £
This is stated after charging:
Depreciation of owned fixed assets - 1,158
Amortisation of goodwill - 10,500
Directors' remuneration 21,031 26,146
3 Interest payable 2016 2015
£ £
Interest payable 339 1,515
4 Taxation 2016 2015
£ £
Deferred tax 715 847
5 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2015 210,000
Disposals (210,000)
At 31 March 2016 -
Amortisation
At 1 April 2015 52,500
On disposals (52,500)
At 31 March 2016 -
Net book value
At 31 March 2016 -
At 31 March 2015 157,500
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 2015 51,956 26,885 78,841
Disposals (51,956) (26,885) (78,841)
At 31 March 2016 - - -
Depreciation
At 1 April 2015 46,591 26,252 72,843
On disposals (46,591) (26,252) (72,843)
At 31 March 2016 - - -
Net book value
At 31 March 2016 - - -
At 31 March 2015 5,365 633 5,998
7 Debtors 2016 2015
£ £
Deferred tax asset (see note 10) - 715
8 Creditors: amounts falling due within one year 2016 2015
£ £
Bank loans and overdrafts - 12,153
Trade creditors - 7,225
Other taxes and social security costs 4,304 6,206
Other creditors 174,487 163,563
178,791 189,147
9 Creditors: amounts falling due after one year 2016 2015
£ £
Bank loans - 14,187
10 Provisions for liabilities
Deferred taxation: 2016 2015
£ £
Accelerated capital allowances - (715)
2016 2015
£ £
At 1 April (715) (1,562)
Deferred tax charge in profit and loss account 715 847
At 31 March - (715)
11 Share capital Nominal 2016 2016 2015
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 2 2 2
12 Revaluation reserve 2016
£
At 1 April 2015 210,000
At 31 March 2016 210,000
13 Profit and loss account 2016
£
At 1 April 2015 (208,659)
Loss for the year (180,134)
At 31 March 2016 (388,793)
14 Ultimate controlling party
The ultimate controlling party is Mrs J. Collins, director, by virture of her shareholdings.
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