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Registration number: 01436313

Burrington Grain Store Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Burrington Grain Store Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 9

 

Burrington Grain Store Limited

Company Information

Directors

Mr N P Short

Mr J H Lake

Mr R W J Crang

Mr J P Short

Mr M W Adams

Company secretary

Mr N P Short

Registered office

Burrington
Near Umberleigh
Devon
EX37 9JJ

Accountants

Ward and Co Chartered Accountants
West Penhill Farm
Fremington
Barnstaple
Devon
EX31 2NG

 

Burrington Grain Store Limited

(Registration number: 01436313)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

21,315

32,261

Current assets

 

Stocks

5

900

900

Debtors

6

16,788

25,124

Cash at bank and in hand

 

257

7,697

 

17,945

33,721

Creditors: Amounts falling due within one year

7

(79,081)

(83,703)

Net current liabilities

 

(61,136)

(49,982)

Net liabilities

 

(39,821)

(17,721)

Capital and reserves

 

Called up share capital

8

20,000

20,000

Revaluation reserve

-

191

Retained earnings

(59,821)

(37,912)

Shareholders' deficit

 

(39,821)

(17,721)

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

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 March 2024 and signed on its behalf by:
 

.........................................
Mr J P Short
Director

 

Burrington Grain Store Limited

Statement of Changes in Equity for the Year Ended 30 June 2023

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 July 2022

20,000

191

(37,912)

(17,721)

Loss for the year

-

-

(22,100)

(22,100)

Other comprehensive income

-

(191)

191

-

Total comprehensive income

-

(191)

(21,909)

(22,100)

At 30 June 2023

20,000

-

(59,821)

(39,821)

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 July 2021

20,000

711

(18,702)

2,009

Loss for the year

-

-

(19,730)

(19,730)

Other comprehensive income

-

(520)

520

-

Total comprehensive income

-

(520)

(19,210)

(19,730)

At 30 June 2022

20,000

191

(37,912)

(17,721)

 

Burrington Grain Store Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
Burrington
Near Umberleigh
Devon
EX37 9JJ

These financial statements were authorised for issue by the Board on 1 March 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 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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

In the opinion of the directors, the going concern basis used to prepare these accounts is appropriate. They have considered a period of at least twelve months from the date of the financial statements are approved and are satisfied with the company's results to 30 June 2023 and to date. The directors have agreed to continue to support the business for the next twelve months, enabling it to continue as a going concern for the foreseeable future.

 

Burrington Grain Store Limited

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

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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.

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

Straight line over 20 years

Plant and machinery

10% Reducing balance

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.

 

Burrington Grain Store Limited

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

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.

 

Burrington Grain Store Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2022

192,817

170,556

363,373

At 30 June 2023

192,817

170,556

363,373

Depreciation

At 1 July 2022

173,602

157,510

331,112

Charge for the year

9,641

1,305

10,946

At 30 June 2023

183,243

158,815

342,058

Carrying amount

At 30 June 2023

9,574

11,741

21,315

At 30 June 2022

19,215

13,046

32,261

Included within the net book value of land and buildings above is £9,574 (2022 - £19,215) in respect of freehold land and buildings.

The company has adopted the transitional provisions of FRS 15 in relation to revalued fixed assets. The property was revalued prior to 1994.

5

Stocks

2023
£

2022
£

Other inventories

900

900

 

Burrington Grain Store Limited

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

15,286

25,124

Other debtors

1,502

-

 

16,788

25,124

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

50,000

50,000

Trade creditors

 

25,946

29,894

Taxation and social security

 

-

3,174

Accruals and deferred income

 

635

635

Other creditors

 

2,500

-

 

79,081

83,703

Loan stock totals £50,000 (2022 £50,000) and £25,000 is secured by a charge over the freehold land.
Directors beneficial interests in secured loan stock are J P Short £8,333 (2022 £8,333) and N P Short £8,333 (2022 £8,333.)

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Share of £1 each

20,000

20,000

20,000

20,000

         
 

Burrington Grain Store Limited

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

9

Related party transactions

Income and receivables from related parties

2023

Other related parties
£

Sale of goods

24,656

Amounts receivable from related party

15,286

2022

Other related parties
£

Sale of goods

44,131

Amounts receivable from related party

25,124

Expenditure with and payables to related parties

2023

Other related parties
£

Purchase of goods

32,885

Amounts payable to related party

25,946

2022

Other related parties
£

Purchase of goods

49,323

Amounts payable to related party

27,555

10

Ultimate controlling party

No individual share holder has a controlling interest in the company's shares.