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COMPANY REGISTRATION NUMBER: 11169320
The Old Grain Store (Maidstone) Limited
Filleted Unaudited Financial Statements
30 January 2024
The Old Grain Store (Maidstone) Limited
Financial Statements
Year ended 30 January 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
The Old Grain Store (Maidstone) Limited
Statement of Financial Position
30 January 2024
2024
2023
Note
£
£
Current assets
Stocks
488,408
1,927,980
Debtors
5
2,073,817
Cash at bank and in hand
100
100
------------
------------
2,562,325
1,928,080
Creditors: amounts falling due within one year
6
302,050
515,093
------------
------------
Net current assets
2,260,275
1,412,987
------------
------------
Total assets less current liabilities
2,260,275
1,412,987
Creditors: amounts falling due after more than one year
7
2,738,303
1,623,315
------------
------------
Net liabilities
( 478,028)
( 210,328)
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 478,128)
( 210,428)
---------
---------
Shareholders deficit
( 478,028)
( 210,328)
---------
---------
These financial statements 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 income and retained earnings has not been delivered.
For the year ending 30 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Old Grain Store (Maidstone) Limited
Statement of Financial Position (continued)
30 January 2024
These financial statements were approved by the board of directors and authorised for issue on 30 January 2025 , and are signed on behalf of the board by:
Mr M Varrall
Director
Company registration number: 11169320
The Old Grain Store (Maidstone) Limited
Notes to the Financial Statements
Year ended 30 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis which relies upon the continuing support of the directors.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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 stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Debtors
2024
2023
£
£
Other debtors
2,073,817
------------
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,000
Other creditors
301,050
515,093
---------
---------
302,050
515,093
---------
---------
Bank loans and overdrafts are secured by way of a fixed and floating charge against the company's assets and undertakings.
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,738,303
1,623,315
------------
------------
Bank loans and overdrafts are secured by way of a fixed and floating charge against the company's assets and undertakings.
8. Related party transactions
At the year end the company owed the directors £300,000 (2023: £300,000). At the year end the company was owed £2,073,817 (2023: owed £214,093 to a company associated by common control) by a company associated by common control.