REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Grazed Brownies Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Grazed Brownies Limited |
Grazed Brownies Limited (Registered number: 13903568) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Grazed Brownies Limited |
Company Information |
for the Year Ended 31 March 2024 |
Director: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
114-120 Northgate Street |
Chester |
CH1 2HT |
Grazed Brownies Limited (Registered number: 13903568) |
Statement of Financial Position |
31 March 2024 |
31/3/24 | 31/3/23 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
Shareholders' funds |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Grazed Brownies Limited (Registered number: 13903568) |
Statement of Financial Position - continued |
31 March 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Grazed Brownies Limited (Registered number: 13903568) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | Statutory information |
Grazed Brownies Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
Tangible fixed assets |
Fixtures, fittings & equipment | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Grazed Brownies Limited (Registered number: 13903568) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over their useful lives. Obligations under such agreements are included in creditors. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. |
Rentals payable under operating leases are charged against income on a straight line basis |
over the lease term. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Factoring |
The company has an agreement whereby trade debts have been legally transferred to the factor but the main benefits and risks are retained by the company. Separate presentation has been adopted to show the gross amount of the debts under debtors and a corresponding liability in respect of the proceeds received from the factor under creditors. The interest and other charges of the factor are charged to the profit and loss account in the period in which incurred. |
3. | Employees and directors |
The average number of employees during the year was |
Grazed Brownies Limited (Registered number: 13903568) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | Tangible fixed assets |
Fixtures, |
fittings | Computer |
& equipment | equipment | Totals |
£ | £ | £ |
Cost |
At 1 April 2023 |
Additions |
At 31 March 2024 |
Depreciation |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
5. | Debtors: amounts falling due within one year |
31/3/24 | 31/3/23 |
£ | £ |
Trade debtors |
Other debtors |
6. | Creditors: amounts falling due within one year |
31/3/24 | 31/3/23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | Creditors: amounts falling due after more than one year |
31/3/24 | 31/3/23 |
£ | £ |
Bank loans |
Hire purchase contracts |
Grazed Brownies Limited (Registered number: 13903568) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | Creditors: amounts falling due after more than one year - continued |
31/3/24 | 31/3/23 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 28,287 | 17,997 |
8. | Secured debts |
The following secured debts are included within creditors: |
31/3/24 | 31/3/23 |
£ | £ |
Hire purchase contracts | 13,274 | 13,434 |
Factoring advances | - | 15,072 |
Hire purchase contracts are secured on the underlying assets. |
Factoring advances are secured on trade debtors. |
9. | Director's advances, credits and guarantees |
The following advances and credits to a director subsisted during the year ended 31 March 2024 and the period ended 31 March 2023: |
31/3/24 | 31/3/23 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Loans to the director are unsecured and repayable on demand. The maximum balance outstanding during the year was £106,299. Amounts advanced include £7,871 on 9 May 2023 and £6,332 on 31 March 2024. Amounts repaid include £7,872 on 9 May 2023, £45,000 on 29 December 2023, £10,000 on 2 January 2024 and £5,000 on 31 March 2024. |
10. | Related party disclosures |
The director has guaranteed the company's borrowings At 31 March 2024 the balance on these borrowings stood at £91,140. |
Grazed Brownies Limited (Registered number: 13903568) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
11. | Operating leases |
At 31 March 2024 the company had commitments under non-cancellable operating leases over the remaining life of these leases of £22,187 (2023 : £39,937). The amount payable within one year in respect of these leases was £17,750 (2023 : £17,750). |