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Company No: 03000668 (England and Wales)

ALMAGROVE LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

ALMAGROVE LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

ALMAGROVE LIMITED

BALANCE SHEET

As at 30 November 2023
ALMAGROVE LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 61,746 73,865
61,746 73,865
Current assets
Stocks 4 441,699 365,508
Debtors 5 758,856 1,058,602
Cash at bank and in hand 126,234 68,353
1,326,789 1,492,463
Creditors: amounts falling due within one year 6 ( 243,159) ( 137,086)
Net current assets 1,083,630 1,355,377
Total assets less current liabilities 1,145,376 1,429,242
Creditors: amounts falling due after more than one year 7 ( 335,406) ( 653,917)
Provision for liabilities ( 10,002) ( 6,905)
Net assets 799,968 768,420
Capital and reserves
Called-up share capital 200 200
Profit and loss account 799,768 768,220
Total shareholders' funds 799,968 768,420

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

Directors' responsibilities:

The financial statements of Almagrove Limited (registered number: 03000668) were approved and authorised for issue by the Board of Directors on 30 April 2024. They were signed on its behalf by:

D Grimes
Director
ALMAGROVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
ALMAGROVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Almagrove Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 458 Wimborne Road Winton, Bournemouth, BH9 2EY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 20 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 31 28

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 December 2022 15,097 63,766 207,624 41,648 328,135
Additions 316 0 2,997 5,113 8,426
Disposals ( 1,575) ( 14,235) 0 0 ( 15,810)
At 30 November 2023 13,838 49,531 210,621 46,761 320,751
Accumulated depreciation
At 01 December 2022 695 34,675 178,770 40,130 254,270
Charge for the financial year 2,566 5,383 6,140 1,461 15,550
Disposals 0 ( 10,815) 0 0 ( 10,815)
At 30 November 2023 3,261 29,243 184,910 41,591 259,005
Net book value
At 30 November 2023 10,577 20,288 25,711 5,170 61,746
At 30 November 2022 14,402 29,091 28,854 1,518 73,865

4. Stocks

2023 2022
£ £
Stocks 441,699 365,508

5. Debtors

2023 2022
£ £
Trade debtors 1,110 5
Other debtors 757,746 1,058,597
758,856 1,058,602

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 45,517 39,250
Taxation and social security 52,217 40,236
Obligations under finance leases and hire purchase contracts 3,917 5,876
Other creditors 141,508 51,724
243,159 137,086

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 0 3,917
Other creditors 335,406 650,000
335,406 653,917