Company registration number:
04695612
Grisdale General Stores Limited
Unaudited filleted financial accounts
For the year ended
31 January 2024
Grisdale General Stores Limited
Contents
Statement of financial position
Notes to the financial accounts
Grisdale General Stores Limited
Statement of financial position
31 January 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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4 |
41,371 |
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38,893 |
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________ |
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________ |
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41,371 |
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38,893 |
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Current assets |
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Stocks |
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62,208 |
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56,335 |
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Debtors |
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5 |
1,260 |
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1,649 |
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Cash at bank and in hand |
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71,231 |
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81,093 |
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________ |
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________ |
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134,699 |
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139,077 |
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Creditors: amounts falling due |
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within one year |
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6 |
(
126,806) |
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(
152,350) |
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________ |
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________ |
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Net current assets/(liabilities) |
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7,893 |
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(
13,273) |
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________ |
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________ |
Total assets less current liabilities |
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49,264 |
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25,620 |
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Provisions for liabilities |
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Deferred taxation |
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(
4,220) |
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(
3,306) |
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________ |
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________ |
Net assets |
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45,044 |
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22,314 |
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________ |
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________ |
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Capital and reserves |
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Called up share capital |
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101 |
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101 |
Profit and loss account |
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44,943 |
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22,213 |
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________ |
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________ |
Shareholders funds |
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45,044 |
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22,314 |
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________ |
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________ |
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For the year ending 31 January 2024 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 financial accounts for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial accounts.
These financial accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial accounts were approved by the
board of directors
and authorised for issue on
16 September 2024
, and are signed on behalf of the board by:
Mr P Grisdale
Director
Company registration number:
04695612
Grisdale General Stores Limited
Notes to the financial accounts
Year ended 31 January 2024
1
Company information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Grisedale General Stores Limited, 54A Senhouse Street, Workington, CA14 2SD.
2.
Accounting policies
Basis of preparation
These financial accounts have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same financial statements.
The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. These financial statements have been prepared in accordance with FRS 102, section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible fixed assets are included at cost less depreciation and impairment.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Freehold property |
- |
nil |
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Short leasehold property |
- |
Straight line over 10 years |
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Fittings fixtures and equipment |
- |
10 % |
straight line |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Deferred taxation
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for fixed asset investments which are measured at fair value, with changes recognised in the fair value reserve.
3.
Employee numbers
The average number of persons employed by the company during the year amounted to
10
(2023:
8
).
4.
Tangible assets
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Freehold property |
Short leasehold property |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
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£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 February 2023 |
18,687 |
31,266 |
65,622 |
2,300 |
117,875 |
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Additions |
- |
- |
6,230 |
- |
6,230 |
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________ |
________ |
________ |
________ |
________ |
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At 31 January 2024 |
18,687 |
31,266 |
71,852 |
2,300 |
124,105 |
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________ |
________ |
________ |
________ |
________ |
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Depreciation |
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At 1 February 2023 |
- |
25,438 |
52,214 |
1,330 |
78,982 |
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Charge for the year |
- |
729 |
2,780 |
243 |
3,752 |
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________ |
________ |
________ |
________ |
________ |
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At 31 January 2024 |
- |
26,167 |
54,994 |
1,573 |
82,734 |
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________ |
________ |
________ |
________ |
________ |
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Carrying amount |
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At 31 January 2024 |
18,687 |
5,099 |
16,858 |
727 |
41,371 |
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________ |
________ |
________ |
________ |
________ |
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At 31 January 2023 |
18,687 |
5,828 |
13,408 |
970 |
38,893 |
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________ |
________ |
________ |
________ |
________ |
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5.
Debtors
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2024 |
2023 |
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£ |
£ |
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Other debtors |
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1,260 |
1,649 |
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________ |
________ |
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6.
Creditors: amounts falling due within one year
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2024 |
2023 |
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|
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£ |
£ |
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Trade creditors |
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6,192 |
9,684 |
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Taxation and social security |
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33,240 |
25,891 |
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Director loan accounts |
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75,114 |
113,308 |
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Other creditors |
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12,260 |
3,467 |
|
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________ |
________ |
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126,806 |
152,350 |
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________ |
________ |
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7.
Related party transactions
The company uses business premises owned by Mr and Mrs P Grisedale, directors, for which rent of £4,950 (2023 - £4,950) is paid .