Grandads Attic Limited 09763445 false 2022-10-01 2023-09-30 2023-09-30 The principal activity of the company is the sale of antiques. Digita Accounts Production Advanced 6.30.9574.0 true true 09763445 2022-10-01 2023-09-30 09763445 2023-09-30 09763445 bus:OrdinaryShareClass1 2023-09-30 09763445 core:CurrentFinancialInstruments 2023-09-30 09763445 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 09763445 core:FurnitureFittingsToolsEquipment 2023-09-30 09763445 core:LandBuildings 2023-09-30 09763445 1 2023-09-30 09763445 bus:SmallEntities 2022-10-01 2023-09-30 09763445 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 09763445 bus:FullAccounts 2022-10-01 2023-09-30 09763445 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 09763445 bus:RegisteredOffice 2022-10-01 2023-09-30 09763445 bus:Director1 2022-10-01 2023-09-30 09763445 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 09763445 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 09763445 core:FurnitureFittings 2022-10-01 2023-09-30 09763445 core:FurnitureFittingsToolsEquipment 2022-10-01 2023-09-30 09763445 core:LandBuildings 2022-10-01 2023-09-30 09763445 core:LeaseholdImprovements 2022-10-01 2023-09-30 09763445 core:KeyManagementPersonnel 2022-10-01 2023-09-30 09763445 1 2022-10-01 2023-09-30 09763445 countries:AllCountries 2022-10-01 2023-09-30 09763445 2022-09-30 09763445 core:FurnitureFittingsToolsEquipment 2022-09-30 09763445 core:LandBuildings 2022-09-30 09763445 2021-10-01 2022-09-30 09763445 2022-09-30 09763445 bus:OrdinaryShareClass1 2022-09-30 09763445 core:CurrentFinancialInstruments 2022-09-30 09763445 core:CurrentFinancialInstruments core:WithinOneYear 2022-09-30 09763445 core:FurnitureFittingsToolsEquipment 2022-09-30 09763445 core:LandBuildings 2022-09-30 09763445 1 2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09763445

Grandads Attic Limited

trading as Grandads Attic

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Grandads Attic Limited

trading as Grandads Attic

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Grandads Attic Limited

trading as Grandads Attic

Company Information

Director

Mr DK Powell

Registered office

Unit 3
Canal Street
Stourbridge
West Midlands
DY8 4LU

Accountants

CLG Accountants & Business Advisors
Hagley Road Business Hub
8 Hagley Road
Stourbridge
West Midlands
DY8 1PS

 

Grandads Attic Limited

trading as Grandads Attic

(Registration number: 09763445)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,493

3,699

Current assets

 

Stocks

5

1,200

2,150

Debtors

6

8,632

99

Cash at bank and in hand

 

200

200

 

10,032

2,449

Creditors: Amounts falling due within one year

7

(11,955)

(5,329)

Net current liabilities

 

(1,923)

(2,880)

Total assets less current liabilities

 

570

819

Provisions for liabilities

(474)

(703)

Net assets

 

96

116

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(4)

16

Shareholders' funds

 

96

116

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 January 2024
 

 

Grandads Attic Limited

trading as Grandads Attic

(Registration number: 09763445)
Balance Sheet as at 30 September 2023

.........................................
Mr DK Powell
Director

 

Grandads Attic Limited

trading as Grandads Attic

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 3
Canal Street
Stourbridge
West Midlands
DY8 4LU
England

The principal place of business is:
Unit 3
Canal Street
Stourbridge
West Midlands
DY8 4LU
England

These financial statements were authorised for issue by the director on 26 January 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis with the Directors having given due consideration to the potential impact of Brexit and Covid-19. They are of the opinion that neither the Company's ability to trade nor the value of its assests will be significantly impaired.

 

Grandads Attic Limited

trading as Grandads Attic

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government revenue grants are recognised as other operating income in the period in which they are received. Any related expenses are not offset but recognised separately within the same period as the said iincome.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

15% on cost

Furniture, fittings and equipment

15% on reducing balance

 

Grandads Attic Limited

trading as Grandads Attic

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Grandads Attic Limited

trading as Grandads Attic

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

5,229

8,013

13,242

At 30 September 2023

5,229

8,013

13,242

Depreciation

At 1 October 2022

4,346

5,197

9,543

Charge for the year

784

422

1,206

At 30 September 2023

5,130

5,619

10,749

Carrying amount

At 30 September 2023

99

2,394

2,493

At 30 September 2022

883

2,816

3,699

Included within the net book value of land and buildings above is £99 (2022 - £883) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

1,200

2,150

 

Grandads Attic Limited

trading as Grandads Attic

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Debtors

2023
£

2022
£

Other debtors

8,529

-

Prepayments

103

99

8,632

99

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

11,243

4,125

Taxation and social security

 

456

731

Accruals and deferred income

 

256

381

Other creditors

 

-

92

 

11,955

5,329

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary £ of £1 each

100

100

100

100

         

9

Related party transactions

Key management personnel

A loan of £8,529 (2022 - nil) has been sanctioned to enable the Director to carry out his duties and has been advanced on an unsecured, interest free basis, being repayable upon demand.

 

Grandads Attic Limited

trading as Grandads Attic

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

11,243

4,125

Bank borrowings

Bank overdraft is denominated in sterling, and is repayable upon demand. The carrying amount at year end is £11,243 (2022 - £4,125).

This is covered by a fixed and floating charge over all assets of the Company.