Company Registration Number: 08180523
GRAIN ONLINE MANAGEMENT LIMITED
FINANCIAL STATEMENTS
31 MARCH 2024
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GRAIN ONLINE MANAGEMENT LIMITED
REGISTERED NUMBER: 08180523
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 6 form part of these financial statements.
Page 1
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GRAIN ONLINE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Grain Online Management Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08180523. The registered office is Clifford House Cooper Way, Parkhouse, Carlisle, CA3 0JG.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
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Leasing and hire purchase contracts
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
Page 2
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GRAIN ONLINE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
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Current and deferred taxation
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Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the period. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other periods and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the period is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 3
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GRAIN ONLINE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Recognition of deferred tax asset
Deferred tax assets should only be recognised where it is probable that future taxable profits will be made against which the potential asset can be utilised.
The directors have considered the performance of the company against business plans at the group level, since these losses could be offset against the taxable profits of other companies in the group in future. Performance is tracking favourably against those plans, which forecast profitability in the medium term. The directors have determined that there is a probability that the assets will be utilised in future on the grounds that the forecast profitability is more likely than not to arise. The directors have determined that, because the company would be required to consent to any relief of losses to group companies, it is appropriate to recognise the asset as an asset of this company.
This is a significant judgement taken in the preparation of these accounts, given the magnitude of the deferred tax asset recognised. There is inherently uncertainty as to whether the forecast profitability will be realised.
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The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).
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Page 4
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GRAIN ONLINE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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Charge for the period on owned assets
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There was no depreciation on financed assets (2023: £Nil).
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Due after more than one year
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Amounts owed by group undertakings
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Page 5
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GRAIN ONLINE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Net obligations under finance lease and hire purchase contracts
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Allotted, called up and fully paid
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100 (2023 - 100) Ordinary share capital shares of £1.00 each
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The Company operates a defined contributions pension scheme. The assets of the scheme were held separately from those of the Company in an independently administered fund. There were no contributions payable to the fund at the reporting date (2023 - £62,314).
The ultimate parent company of the entity and the parent of the largest group that consolidates these accounts is Grain Connect Topco Limited. The company's immediate parent company is Grain Connect Limited. The registered office address of both of these companies is Clifford House, Cooper Way, Parkhouse, Carlisle, United Kingdom, CA3 0JG.
There is no ultimate controlling party.
The auditors' report on the financial statements for the period ended 31 March 2024 was unqualified.
The audit report was signed on 27 September 2024 by Joanna Gray (Senior statutory auditor) on behalf of Armstrong Watson Audit Limited.
Page 6
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