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Company Registration No. 01539010 (England and Wales)
Graingate Limited Unaudited accounts for the year ended 31 August 2023
Graingate Limited Unaudited accounts Contents
Page
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Graingate Limited Statement of financial position as at 31 August 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
566,455 
430,836 
Current assets
Inventories
57,230 
60,592 
Debtors
129,795 
233,073 
Cash at bank and in hand
321,999 
152,532 
509,024 
446,197 
Creditors: amounts falling due within one year
(319,665)
(191,591)
Net current assets
189,359 
254,606 
Total assets less current liabilities
755,814 
685,442 
Provisions for liabilities
Deferred tax
(62,359)
(12,771)
Net assets
693,455 
672,671 
Capital and reserves
Called up share capital
10,000 
10,000 
Profit and loss account
683,455 
662,671 
Shareholders' funds
693,455 
672,671 
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2023 and were signed on its behalf by
Nigel Christopher Green Director Company Registration No. 01539010
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Graingate Limited Notes to the Accounts for the year ended 31 August 2023
1
Statutory information
Graingate Limited is a private company, limited by shares, registered in England and Wales, registration number 01539010. The registered office is Unit 2, Lockwood Close, Top Valley, Nottingham, Nottinghamshire, NG5 9JN, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% on reducing balance basis.
Motor vehicles
25% on reducing balance basis.
Fixtures & fittings
15% on reducing balance basis.
Stocks
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset. Deferred tax assets and liabilities are not discounted.
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Graingate Limited Notes to the Accounts for the year ended 31 August 2023
4
Tangible fixed assets
Total 
£ 
Cost or valuation
At 1 September 2022
808,374 
Additions
146,484 
At 31 August 2023
954,858 
Depreciation
At 1 September 2022
377,538 
Charge for the year
10,865 
At 31 August 2023
388,403 
Net book value
At 31 August 2023
566,455 
At 31 August 2022
430,836 
5
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
10,000 Ordinary shares of £1 each
10,000 
10,000 
6
Average number of employees
During the year the average number of employees was 11 (2022: 11).
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