Registered number
06582619
Twelve Grains Ltd
Filleted Accounts
31 May 2024
Twelve Grains Ltd
Registered number: 06582619
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 413,871 64,101
Current assets
Stocks 11,200 11,200
Debtors 4 308,764 117,376
Cash at bank and in hand 211,186 178,576
531,150 307,152
Creditors: amounts falling due within one year 5 (254,854) (163,126)
Net current assets 276,296 144,026
Total assets less current liabilities 690,167 208,127
Creditors: amounts falling due after more than one year 6 (195,430) -
Provisions for liabilities (71,856) (12,964)
Net assets 422,881 195,163
Capital and reserves
Called up share capital 100 100
Profit and loss account 422,781 195,063
Shareholders' funds 422,881 195,163
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dariusz Klinowski
Director
Approved by the board on 7 February 2025
Twelve Grains Ltd
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Current and deferred tax liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases.
Pensions
Contributions to stakeholder pension plans are expensed when paid.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 22 18
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 227,273 54,048 281,321
Additions 415,618 - 415,618
At 31 May 2024 642,891 54,048 696,939
Depreciation
At 1 June 2023 183,540 33,680 217,220
Charge for the year 52,336 13,512 65,848
At 31 May 2024 235,876 47,192 283,068
Net book value
At 31 May 2024 407,015 6,856 413,871
At 31 May 2023 43,733 20,368 64,101
4 Debtors 2024 2023
£ £
Trade debtors 96,073 91,606
Other debtors, deposits, excess VAT due for recovery 212,691 25,770
308,764 117,376
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 84,154 3,754
Trade creditors 155,480 121,052
Taxation and social security costs 15,220 38,320
254,854 163,126
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 195,430 -
7 Other information
Twelve Grains Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit B6, J31 Park
Motherwell Way
Grays
RM20 3XD
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