Registered number
07468498
GRAND FOOD CENTRAL LTD
Filleted Accounts
31 December 2023
GRAND FOOD CENTRAL LTD
Registered number: 07468498
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 18,742 23,427
Current assets
Stocks 132,920 114,270
Cash at bank and in hand 44,616 30,711
177,536 144,981
Creditors: amounts falling due within one year 4 (138,315) (89,216)
Net current assets 39,221 55,765
Net assets 57,963 79,192
Capital and reserves
Called up share capital 1 1
Profit and loss account 57,962 79,191
Shareholders' funds 57,963 79,192
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Hidayet Erdogan
Director
Approved by the board on 9 September 2024
GRAND FOOD CENTRAL LTD
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 20% reducing balance method
Fixtures, fittings, tools and equipment 20% reducing balance method
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 7
3 Tangible fixed assets
Equipment, fixtures and fittings etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 10,903 38,812 49,715
At 31 December 2023 10,903 38,812 49,715
Depreciation
At 1 January 2023 6,133 20,155 26,288
Charge for the year 954 3,731 4,685
At 31 December 2023 7,087 23,886 30,973
Net book value
At 31 December 2023 3,816 14,926 18,742
At 31 December 2022 4,770 18,657 23,427
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 26,457 6,141
Trade creditors 25,107 52,178
Taxation and social security costs 2,664 6,315
Other creditors 84,087 24,582
138,315 89,216
5 Controlling party
Hidayet Erdogan
6 Other information
GRAND FOOD CENTRAL LTD is a private company limited by shares and incorporated in England. Its registered office is:
98 - 102 Charminster Road
Bournemouth
BH8 8US
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