IRIS Accounts Production v23.3.1.45 09997008 Board of Directors 1.7.22 30.6.23 30.6.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh099970082022-06-30099970082023-06-30099970082022-07-012023-06-30099970082021-06-30099970082021-07-012022-06-30099970082022-06-3009997008ns10:Originalns15:EnglandWales2022-07-012023-06-3009997008ns14:PoundSterlingns10:Original2022-07-012023-06-3009997008ns10:Originalns10:Director12022-07-012023-06-3009997008ns10:Original2022-07-012023-06-3009997008ns10:Original2023-06-3009997008ns10:Originalns10:PrivateLimitedCompanyLtd2022-07-012023-06-3009997008ns10:Originalns10:SmallEntities2022-07-012023-06-3009997008ns10:Originalns10:AuditExempt-NoAccountantsReport2022-07-012023-06-3009997008ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-07-012023-06-3009997008ns10:SmallCompaniesRegimeForAccountsns10:Original2022-07-012023-06-3009997008ns10:Originalns10:FullAccounts2022-07-012023-06-3009997008ns10:Originalns10:Director22022-07-012023-06-3009997008ns10:Originalns10:RegisteredOffice2022-07-012023-06-3009997008ns10:Original2022-06-3009997008ns10:Originalns5:CurrentFinancialInstruments2023-06-3009997008ns10:Originalns5:CurrentFinancialInstruments2022-06-3009997008ns10:Originalns5:Non-currentFinancialInstruments2023-06-3009997008ns10:Originalns5:Non-currentFinancialInstruments2022-06-3009997008ns5:ShareCapitalns10:Original2023-06-3009997008ns5:ShareCapitalns10:Original2022-06-3009997008ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-06-3009997008ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-06-3009997008ns10:Originalns5:LandBuildings2022-07-012023-06-3009997008ns10:Originalns5:PlantMachinery2022-07-012023-06-3009997008ns10:Original2021-07-012022-06-3009997008ns10:Originalns5:ShortLeaseholdAssetsns5:LandBuildings2022-06-3009997008ns10:Originalns5:PlantMachinery2022-06-3009997008ns10:Originalns5:FurnitureFittings2022-06-3009997008ns10:Originalns5:ComputerEquipment2022-06-3009997008ns10:Original2022-06-3009997008ns10:Originalns5:ShortLeaseholdAssetsns5:LandBuildings2022-07-012023-06-3009997008ns10:Originalns5:FurnitureFittings2022-07-012023-06-3009997008ns10:Originalns5:ComputerEquipment2022-07-012023-06-3009997008ns10:Originalns5:ShortLeaseholdAssetsns5:LandBuildings2023-06-3009997008ns10:Originalns5:PlantMachinery2023-06-3009997008ns10:Originalns5:FurnitureFittings2023-06-3009997008ns10:Originalns5:ComputerEquipment2023-06-3009997008ns10:Originalns5:ShortLeaseholdAssetsns5:LandBuildings2022-06-3009997008ns10:Originalns5:PlantMachinery2022-06-3009997008ns10:Originalns5:FurnitureFittings2022-06-3009997008ns10:Originalns5:ComputerEquipment2022-06-3009997008ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-3009997008ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-06-3009997008ns10:Originalns5:CurrentFinancialInstruments2022-07-012023-06-3009997008ns10:Originalns5:Non-currentFinancialInstruments2022-07-012023-06-3009997008ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-06-3009997008ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-07-012023-06-30
REGISTERED NUMBER: 09997008 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

GREAT CORNISH FOOD STORE LIMITED

GREAT CORNISH FOOD STORE LIMITED (REGISTERED NUMBER: 09997008)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GREAT CORNISH FOOD STORE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: Mrs R Huxley
Mr O Basham





REGISTERED OFFICE: Great Cornish Food Store
Tregurra Park
Newquay Road
TRURO
Cornwall
TR1 1RH





REGISTERED NUMBER: 09997008 (England and Wales)





ACCOUNTANTS: Lang Bennetts Audit Limited
The Old Carriage Works
Moresk Road
TRURO
Cornwall
TR1 1DG

GREAT CORNISH FOOD STORE LIMITED (REGISTERED NUMBER: 09997008)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 88,943 99,564

CURRENT ASSETS
Stocks 115,359 115,843
Debtors 6 53,551 29,713
Cash at bank and in hand 419,644 291,262
588,554 436,818
CREDITORS
Amounts falling due within one year 7 325,237 330,300
NET CURRENT ASSETS 263,317 106,518
TOTAL ASSETS LESS CURRENT
LIABILITIES

352,260

206,082

CREDITORS
Amounts falling due after more than one year 8 - (54,455 )

PROVISIONS FOR LIABILITIES (10,947 ) (7,954 )
NET ASSETS 341,313 143,673

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 9 341,312 143,672
341,313 143,673

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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.

GREAT CORNISH FOOD STORE LIMITED (REGISTERED NUMBER: 09997008)

BALANCE SHEET - continued
30 JUNE 2023


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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 February 2024 and were signed on its behalf by:





Mrs R Huxley - Director


GREAT CORNISH FOOD STORE LIMITED (REGISTERED NUMBER: 09997008)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

Great Cornish Food Store Limited is a private company, limited by shares , registered in England and Wales. 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.

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

Revenue is recognised for the sale of goods when the entity has transferred the significant risks and rewards of ownership, it is probable that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on cost
Plant and machinery etc - 25% on cost, 20% on cost and 15% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

GREAT CORNISH FOOD STORE LIMITED (REGISTERED NUMBER: 09997008)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

3. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2022 - 25 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 July 2022 75,113 282,155 60,436 23,741 441,445
Additions - 13,221 - 28,087 41,308
At 30 June 2023 75,113 295,376 60,436 51,828 482,753
DEPRECIATION
At 1 July 2022 45,376 231,844 46,774 17,887 341,881
Charge for year 7,512 30,658 4,508 9,251 51,929
At 30 June 2023 52,888 262,502 51,282 27,138 393,810
NET BOOK VALUE
At 30 June 2023 22,225 32,874 9,154 24,690 88,943
At 30 June 2022 29,737 50,311 13,662 5,854 99,564

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 31,941 8,406
Other debtors 2,964 2,644
Prepayments 18,646 18,663
53,551 29,713

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 118,441 147,505
Tax 66,096 79,870
VAT 19,780 3,642
Other creditors 4,365 2,653
Deferred income 29,131 30,000
Accrued expenses 87,424 66,630
325,237 330,300

GREAT CORNISH FOOD STORE LIMITED (REGISTERED NUMBER: 09997008)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Deferred income related to reverse rent premium on the company's trading premises.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Deferred income - 54,455

Deferred income related to reverse rent premium on the company's trading premises.

9. RETAINED EARNINGS
Retained
earnings
£   

At 1 July 2022 143,672
Profit for the year 254,304
Contribution to EOT (56,664 )
At 30 June 2023 341,312

10. TRANSACTIONS WITH RELATED PARTIES

On 30 June 2022 Great Cornish Food Trustee Limited (the Trust) acquired 100% of the ordinary shares in the company. In connection with this transaction the company has expressed a willingness to make capital contributions to the Trust to allow for payments of all sums owed to the exiting shareholder over a 3 year period provided the company has sufficient available funds. The company has also expressed a willingness to make capital contributions to the Trust to cover all incidental costs of the Trust provided the company has sufficient available funds. During the year the company made contributions totalling £56,664 (2022:£500,000) to the Trust.

11. ULTIMATE CONTROLLING PARTY

The controlling party is Great Cornish Food Trustee Limited.