Registration number:
Burrington Grain Store Limited
for the Year Ended 30 June 2023
Burrington Grain Store Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
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 |
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Accountants |
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Burrington Grain Store Limited
(Registration number: 01436313)
Balance Sheet as at 30 June 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
20,000 |
20,000 |
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Revaluation reserve |
- |
191 |
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Retained earnings |
(59,821) |
(37,912) |
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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:
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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
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Burrington Grain Store Limited
Statement of Changes in Equity for the Year Ended 30 June 2023
Share capital |
Revaluation reserve |
Retained earnings |
Total |
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At 1 July 2022 |
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( |
( |
Loss for the year |
- |
- |
( |
( |
Other comprehensive income |
- |
( |
|
- |
Total comprehensive income |
- |
( |
( |
( |
At 30 June 2023 |
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- |
( |
( |
Share capital |
Revaluation reserve |
Retained earnings |
Total |
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At 1 July 2021 |
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|
( |
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Loss for the year |
- |
- |
( |
( |
Other comprehensive income |
- |
( |
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- |
Total comprehensive income |
- |
( |
( |
( |
At 30 June 2022 |
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( |
( |
Burrington Grain Store Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 July 2022 |
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At 30 June 2023 |
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Depreciation |
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At 1 July 2022 |
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Charge for the year |
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At 30 June 2023 |
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Carrying amount |
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At 30 June 2023 |
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At 30 June 2022 |
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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.
Stocks |
2023 |
2022 |
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Other inventories |
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Burrington Grain Store Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Other debtors |
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- |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
- |
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Accruals and deferred income |
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Other creditors |
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- |
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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.)
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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20,000 |
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20,000 |
Burrington Grain Store Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Related party transactions |
Income and receivables from related parties
2023 |
Other related parties |
Sale of goods |
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Amounts receivable from related party |
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2022 |
Other related parties |
Sale of goods |
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Amounts receivable from related party |
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Expenditure with and payables to related parties
2023 |
Other related parties |
Purchase of goods |
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Amounts payable to related party |
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2022 |
Other related parties |
Purchase of goods |
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Amounts payable to related party |
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Ultimate controlling party |