Registered number
06582619
Twelve Grains Ltd
Filleted Accounts
31 May 2023
Twelve Grains Ltd
Registered number: 06582619
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 64,101 35,984
Current assets
Stocks 11,200 11,200
Debtors 4 117,376 94,592
Cash at bank and in hand 178,576 122,646
307,152 228,438
Creditors: amounts falling due within one year 5 (163,126) (134,833)
Net current assets 144,026 93,605
Total assets less current liabilities 208,127 129,589
Provisions for liabilities (12,964) (6,838)
Net assets 195,163 122,751
Capital and reserves
Called up share capital 100 100
Profit and loss account 195,063 122,651
Shareholders' funds 195,163 122,751
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 and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dariusz Klinowski
Director
Approved by the board on 20 September 2023
Twelve Grains Ltd
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Current and deferred tax liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 19 18
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2022 171,462 54,048 225,510
Additions 55,811 - 55,811
At 31 May 2023 227,273 54,048 281,321
Depreciation
At 1 June 2022 169,358 20,168 189,526
Charge for the year 14,182 13,512 27,694
At 31 May 2023 183,540 33,680 217,220
Net book value
At 31 May 2023 43,733 20,368 64,101
At 31 May 2022 2,104 33,880 35,984
4 Debtors 2023 2022
£ £
Trade debtors 91,606 79,323
Other debtors, prepayments, recoverable VAT 25,770 15,269
117,376 94,592
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 3,754 6,349
Trade creditors 121,052 90,386
Taxation and social security costs 38,320 38,098
163,126 134,833
6 Other information
Twelve Grains Ltd is a private company limited by shares and incorporated in England. Its registered office is:
9 Dolphin Point
Dolphin Way
Purfleet
Essex
RM19 1NR
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