Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-02-01truefalseNo description of principal activity3032truefalse 07280106 2023-02-01 2024-01-31 07280106 2022-02-01 2023-01-31 07280106 2024-01-31 07280106 2023-01-31 07280106 c:Director1 2023-02-01 2024-01-31 07280106 c:Director2 2023-02-01 2024-01-31 07280106 d:Buildings d:LongLeaseholdAssets 2023-02-01 2024-01-31 07280106 d:Buildings d:LongLeaseholdAssets 2024-01-31 07280106 d:Buildings d:LongLeaseholdAssets 2023-01-31 07280106 d:FurnitureFittings 2023-02-01 2024-01-31 07280106 d:FurnitureFittings 2024-01-31 07280106 d:FurnitureFittings 2023-01-31 07280106 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 07280106 d:ComputerEquipment 2023-02-01 2024-01-31 07280106 d:ComputerEquipment 2024-01-31 07280106 d:ComputerEquipment 2023-01-31 07280106 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 07280106 d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 07280106 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-02-01 2024-01-31 07280106 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-01-31 07280106 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-01-31 07280106 d:ComputerSoftware 2024-01-31 07280106 d:ComputerSoftware 2023-01-31 07280106 d:OtherResidualIntangibleAssets 2023-02-01 2024-01-31 07280106 d:CurrentFinancialInstruments 2024-01-31 07280106 d:CurrentFinancialInstruments 2023-01-31 07280106 d:Non-currentFinancialInstruments 2024-01-31 07280106 d:Non-currentFinancialInstruments 2023-01-31 07280106 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 07280106 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 07280106 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 07280106 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 07280106 d:ShareCapital 2024-01-31 07280106 d:ShareCapital 2023-01-31 07280106 d:RetainedEarningsAccumulatedLosses 2024-01-31 07280106 d:RetainedEarningsAccumulatedLosses 2023-01-31 07280106 c:FRS102 2023-02-01 2024-01-31 07280106 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 07280106 c:FullAccounts 2023-02-01 2024-01-31 07280106 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 07280106 d:CopyrightsPatentsTrademarksServiceOperatingRights d:ExternallyAcquiredIntangibleAssets 2023-02-01 2024-01-31 07280106 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-02-01 2024-01-31 07280106 2 2023-02-01 2024-01-31 07280106 6 2023-02-01 2024-01-31 07280106 7 2023-02-01 2024-01-31 07280106 d:ExternallyAcquiredIntangibleAssets 2023-02-01 2024-01-31 07280106 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2023-02-01 2024-01-31 07280106 d:ComputerSoftware d:OwnedIntangibleAssets 2023-02-01 2024-01-31 07280106 e:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Registered number: 07280106










GRINDSTORE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
GRINDSTORE LIMITED
 

CONTENTS



Page
Statement of financial position
 
1 - 2
Notes to the financial statements
 
3 - 10


 
GRINDSTORE LIMITED
REGISTERED NUMBER: 07280106

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
81,658
62,932

Tangible assets
 5 
218,146
257,098

Investments
 6 
1
1

  
299,805
320,031

Current assets
  

Stocks
  
745,380
937,393

Debtors: amounts falling due within one year
 7 
82,894
124,763

Bank & cash balances
  
340,188
305,996

  
1,168,462
1,368,152

Creditors: amounts falling due within one year
 8 
(239,163)
(233,423)

Net current assets
  
 
 
929,299
 
 
1,134,729

Total assets less current liabilities
  
1,229,104
1,454,760

Creditors: amounts falling due after more than one year
 9 
(1,818)
(2,272)

Provisions for liabilities
  

Deferred tax
  
-
(57,701)

  
 
 
-
 
 
(57,701)

Net assets
  
1,227,286
1,394,787


Capital and reserves
  

Called up share capital 
  
204
204

Profit and loss account
  
1,227,082
1,394,583

  
1,227,286
1,394,787


Page 1

 
GRINDSTORE LIMITED
REGISTERED NUMBER: 07280106
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 income and retained earnings 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: 




Mrs L Glover
Mr M Glover
Director
Director


Date: 27 October 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
GRINDSTORE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Grindstore Limited is a private company limited by shares and incorporated in England and Wales, registration number 07280106. The registered office is 80 Grove Lane, Holt, Norfolk, United Kingdom, NR25 6ED . The place of business is 2 Heath Drive, Holt, Norfolk, NR25 6ER.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Going concern

The Directors have considered the Company’s position at the time of signing the financial statements. The Directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
GRINDSTORE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Website development

Website development expenditure is capitalised when it is incurred as it will generate future economic benefits and the cost can be measured reliably. The capitalised development costs are subsequently amortised on a straight line basis over five years.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Income statement when they fall due. 

Page 4

 
GRINDSTORE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Trademarks
-
10
years
Website development
-
5
years

 
2.11

Tangible fixed assets

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.

Page 5

 
GRINDSTORE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, accordingly.

Depreciation is provided on the following basis:

Leasehold property improvements
-
10%
reducing balance
Fixtures, fittings & equipment
-
20%
reducing balance and 20% straight line
Computer equipment
-
15%
straight line

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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are valued at the lower of cost and net realisable value.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
GRINDSTORE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.17

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 30 (2023 - 32).


4.


Intangible assets




Trademarks
Website development
Total

£
£
£



Cost


At 1 February 2023
8,334
710,468
718,802


Additions
-
54,950
54,950



At 31 January 2024

8,334
765,418
773,752



Amortisation


At 1 February 2023
5,095
650,775
655,870


Charge for the year on owned assets
430
35,794
36,224



At 31 January 2024

5,525
686,569
692,094



Net book value



At 31 January 2024
2,809
78,849
81,658



At 31 January 2023
3,239
59,693
62,932



Page 7

 
GRINDSTORE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Tangible fixed assets





Leasehold property improvements
Fixtures, fittings & equipment
Computer equipment
Total

£
£
£
£



Cost


At 1 February 2023
266,835
430,337
54,458
751,630


Additions
1,694
12,058
2,122
15,874


Disposals
-
(32,101)
-
(32,101)



At 31 January 2024

268,529
410,294
56,580
735,403



Depreciation


At 1 February 2023
159,074
291,783
43,675
494,532


Charge for the year on owned assets
10,947
29,791
5,639
46,377


Disposals
-
(23,652)
-
(23,652)



At 31 January 2024

170,021
297,922
49,314
517,257



Net book value



At 31 January 2024
98,508
112,372
7,266
218,146



At 31 January 2023
107,761
138,554
10,783
257,098


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 February 2023
1



At 31 January 2024
1




Page 8

 
GRINDSTORE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Debtors

2024
2023
£
£


Trade debtors
35,455
76,144

Other debtors
5,346
5,748

Prepayments and accrued income
42,093
42,871

82,894
124,763



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
134,588
126,308

Amounts owed to other participating interests
4,000
4,000

Other taxation and social security
77,072
80,499

Other creditors
9,427
10,043

Accruals and deferred income
14,076
12,573

239,163
233,423



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Government grants received
1,818
2,272

1,818
2,272



10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £11,585 (2023- £10,910). Contributions totalling £2,102 (2023- £2,168) were payable to the fund at the balance sheet date and are included in creditors.

Page 9

 
GRINDSTORE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

11.


Related party transactions

At the year end £4,000 (2023- £4,000) was owed to an associated company, the amount is interest free and repayable on demand. 
At the year end £4,945 was owed from the directors (2023- £7 owed to the directors), this has been repaid since the year end.

 
Page 10