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REGISTERED NUMBER: 00366872 (England and Wales)















Paynes Stores Limited

Unaudited Financial Statements for the Year Ended 31 March 2024






Paynes Stores Limited (Registered number: 00366872)






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


Paynes Stores Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs S P Burbridge
P L Burbridge





SECRETARY: Mrs N T Butler





REGISTERED OFFICE: Swanton Farm
Bicknor
Sittingbourne
Kent
ME9 8AT





REGISTERED NUMBER: 00366872 (England and Wales)





ACCOUNTANTS: Aggarwal & Co Limited
Chartered Accountants
5 London Road
Rainham
Gillingham
Kent
ME8 7RG

Paynes Stores Limited (Registered number: 00366872)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 209
Investments 5 101 101
Investment property 6 10,522,000 10,522,000
10,522,101 10,522,310

CURRENT ASSETS
Inventories 1,235,669 1,212,518
Debtors 7 5,061,941 2,048,791
Cash at bank and in hand 15,354 41,958
6,312,964 3,303,267
CREDITORS
Amounts falling due within one year 8 807,498 350,133
NET CURRENT ASSETS 5,505,466 2,953,134
TOTAL ASSETS LESS CURRENT LIABILITIES 16,027,567 13,475,444

CREDITORS
Amounts falling due after more than one
year

9

(8,700,000

)

(6,160,482

)

PROVISIONS FOR LIABILITIES (1,880,005 ) (1,880,005 )
NET ASSETS 5,447,562 5,434,957

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Fair value reserve 5,113,793 5,113,793
Retained earnings 328,769 316,164
SHAREHOLDERS' FUNDS 5,447,562 5,434,957

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Paynes Stores Limited (Registered number: 00366872)

Statement of Financial Position - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 January 2025 and were signed on its behalf by:





Mrs S P Burbridge - Director


Paynes Stores Limited (Registered number: 00366872)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Paynes Stores Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Income recognition
Income is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Income is recognised when the company becomes entitled to receive it.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - 5% on cost
Plant and machinery etc - 20% on cost and 10% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is included at fair value. Gains are recognised in the income statement and shown in a fair value reserve. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell.
In respect of work in progress and finished goods, cost includes an appropriate proportion of attributable overheads according to the stage of manufacture/completion.

Financial instruments
The Company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Basic financial instruments are recognised at amortised cost, with changes recognised in the income statement.

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.


Paynes Stores Limited (Registered number: 00366872)

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 23,155 102,888 126,043
DEPRECIATION
At 1 April 2023 23,155 102,679 125,834
Charge for year - 209 209
At 31 March 2024 23,155 102,888 126,043
NET BOOK VALUE
At 31 March 2024 - - -
At 31 March 2023 - 209 209

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 101
NET BOOK VALUE
At 31 March 2024 101
At 31 March 2023 101

Shares in group undertakings are shown at cost.

Paynes Stores Limited (Registered number: 00366872)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 10,522,000
NET BOOK VALUE
At 31 March 2024 10,522,000
At 31 March 2023 10,522,000

The investment property was valued on a fair value basis by the directors at the balance sheet date.

7. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 55,370 57,808
Other debtors 14,346 12,097
69,716 69,905

Amounts falling due after more than one year:
Amounts owed by group undertakings 4,992,225 1,978,886

Aggregate amounts 5,061,941 2,048,791

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 30,932 51,851
Taxation and social security 5,179 64,978
Other creditors 771,387 233,304
807,498 350,133

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 8,700,000 6,160,482

Paynes Stores Limited (Registered number: 00366872)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 8,700,000 6,160,482

Bank loans are secured by fixed and floating charges over investment properties and all other assets of the company and that of Paynes Properties (Kent) Limited, a wholly owned subsidiary of the company.

11. ULTIMATE CONTROLLING PARTY

The company is under the control of Marinada Ltd, a company incorporated in Jersey whose registered office address is 2nd Floor, Commercial House, Commercial Street, St Helier. Jersey Marinada Ltd holds 99% of the issued share capital in the company.