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REGISTERED NUMBER: SC564399 (Scotland)











Unaudited Financial Statements

for the Year Ended 30 April 2022

for

Grainstore Limited

Grainstore Limited (Registered number: SC564399)






Contents of the Financial Statements
for the Year Ended 30 April 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Grainstore Limited

Company Information
for the Year Ended 30 April 2022







DIRECTORS: I C Docherty
D P Rhodes
A Fuller





REGISTERED OFFICE: 10 Clydesdale Street
Hamilton
Strathclyde
ML3 0DP





REGISTERED NUMBER: SC564399 (Scotland)





ACCOUNTANTS: Wallace and Company C.A.
10 Clydesdale Street
Hamilton
Strathclyde
ML3 0DP

Grainstore Limited (Registered number: SC564399)

Balance Sheet
30 April 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 63,990 69,660
Investment property 6 2,160,000 1,900,970
2,223,990 1,970,630

CURRENT ASSETS
Debtors 7 11,559 11,028
Cash at bank 4,877 4,979
16,436 16,007
CREDITORS
Amounts falling due within one year 8 71,228 71,408
NET CURRENT LIABILITIES (54,792 ) (55,401 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,169,198

1,915,229

CREDITORS
Amounts falling due after more than one
year

9

(1,157,308

)

(1,149,807

)

PROVISIONS FOR LIABILITIES (190,016 ) (143,490 )
NET ASSETS 821,874 621,932

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 821,774 621,832
SHAREHOLDERS' FUNDS 821,874 621,932

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2022 in accordance with Section 476 of the Companies Act 2006.

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.

Grainstore Limited (Registered number: SC564399)

Balance Sheet - continued
30 April 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2022 and were signed on its behalf by:




I C Docherty - Director A Fuller - Director




D P Rhodes - Director


Grainstore Limited (Registered number: SC564399)

Notes to the Financial Statements
for the Year Ended 30 April 2022

1. STATUTORY INFORMATION

Grainstore Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - at varying rates on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities; including creditors, bank loans and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Grainstore Limited (Registered number: SC564399)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2022

3. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2021 111,952
Additions 9,593
At 30 April 2022 121,545
DEPRECIATION
At 1 May 2021 42,292
Charge for year 15,263
At 30 April 2022 57,555
NET BOOK VALUE
At 30 April 2022 63,990
At 30 April 2021 69,660

Grainstore Limited (Registered number: SC564399)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2022

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2021 1,900,970
Additions 31,723
Revaluations 227,307
At 30 April 2022 2,160,000
NET BOOK VALUE
At 30 April 2022 2,160,000
At 30 April 2021 1,900,970

Fair value at 30 April 2022 is represented by:
£   
Valuation in 2018 287,142
Valuation in 2019 309,881
Valuation in 2020 111,764
Valuation in 2022 227,307
Cost 1,223,906
2,160,000

If the land and buildings had not been revalued they would have been included at the following historical cost:

2022 2021
£    £   
Cost 1,223,906 1,192,183

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other debtors 11,559 11,028

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 43,050 36,150
Taxation and social security 2,315 9,452
Other creditors 25,863 25,806
71,228 71,408

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 787,306 837,256
Other creditors 370,002 312,551
1,157,308 1,149,807

Grainstore Limited (Registered number: SC564399)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2022

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2022 2021
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 615,106 692,656

10. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 830,356 873,406

Unity Trust Bank PLC hold a floating charge over all the properties and undertakings of the company and standing securities over the companies properties and tenant`s leases.

11. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary 1 100 100