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Company No: 10203923 (England and Wales)

ORFORD GENERAL STORES LTD

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

ORFORD GENERAL STORES LTD

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

ORFORD GENERAL STORES LTD

COMPANY INFORMATION

For the financial year ended 31 May 2024
ORFORD GENERAL STORES LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2024
DIRECTOR Susan Snowdon
REGISTERED OFFICE Orford General Store Front Street
Orford
Woodbridge
IP12 2LN
United Kingdom
COMPANY NUMBER 10203923 (England and Wales)
CHARTERED ACCOUNTANTS Gascoynes
Gascoyne House
Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
Suffolk
IP28 6JY
ORFORD GENERAL STORES LTD

BALANCE SHEET

As at 31 May 2024
ORFORD GENERAL STORES LTD

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 1,625 2,375
Tangible assets 4 345,392 356,050
347,017 358,425
Current assets
Stocks 30,350 30,350
Debtors 5 2,604 3,407
Cash at bank and in hand 37,679 26,225
70,633 59,982
Creditors: amounts falling due within one year 6 ( 127,688) ( 152,669)
Net current liabilities (57,055) (92,687)
Total assets less current liabilities 289,962 265,738
Creditors: amounts falling due after more than one year 7 ( 135,634) ( 151,678)
Net assets 154,328 114,060
Capital and reserves
Called-up share capital 8 1 1
Profit and loss account 154,327 114,059
Total shareholder's funds 154,328 114,060

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Orford General Stores Ltd (registered number: 10203923) were approved and authorised for issue by the Director on 25 February 2025. They were signed on its behalf by:

Susan Snowdon
Director
ORFORD GENERAL STORES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
ORFORD GENERAL STORES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Orford General Stores Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Orford General Store Front Street, Orford, Woodbridge, IP12 2LN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 100 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Computer equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 10 8

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 June 2023 7,500 7,500
At 31 May 2024 7,500 7,500
Accumulated amortisation
At 01 June 2023 5,125 5,125
Charge for the financial year 750 750
At 31 May 2024 5,875 5,875
Net book value
At 31 May 2024 1,625 1,625
At 31 May 2023 2,375 2,375

4. Tangible assets

Land and buildings Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 June 2023 319,342 26,950 49,127 0 395,419
Additions 0 0 0 498 498
At 31 May 2024 319,342 26,950 49,127 498 395,917
Accumulated depreciation
At 01 June 2023 9,580 9,264 20,525 0 39,369
Charge for the financial year 2,395 4,421 4,290 50 11,156
At 31 May 2024 11,975 13,685 24,815 50 50,525
Net book value
At 31 May 2024 307,367 13,265 24,312 448 345,392
At 31 May 2023 309,762 17,686 28,602 0 356,050

5. Debtors

2024 2023
£ £
Other debtors 2,604 3,407

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 12,000 12,249
Trade creditors 11,450 31,834
Taxation and social security 10,779 ( 197)
Obligations under finance leases and hire purchase contracts 5,603 5,201
Other creditors 87,856 103,582
127,688 152,669

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 125,939 136,380
Obligations under finance leases and hire purchase contracts 9,695 15,298
135,634 151,678

Barclays Bank plc hold security over the total assets in respect of the loan. The mortgage is secured on the property to which it relates, namely Orford General Stores, Front Street, Orford, Woodbridge, Suffolk IP12 2LN.

The hire purchase is secured on the vehicle to which it relates.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1