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COMPANY REGISTRATION NUMBER: 10940221
The Old Grocery Limited
Filleted Unaudited Financial Statements
31 August 2024
The Old Grocery Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
15,574
45,041
Current assets
Stocks
5,500
3,700
Debtors
6
6,780
17,013
Cash at bank and in hand
21,884
15,684
--------
--------
34,164
36,397
Creditors: amounts falling due within one year
7
101,362
155,385
---------
---------
Net current liabilities
67,198
118,988
--------
---------
Total assets less current liabilities
( 51,624)
( 73,947)
Creditors: amounts falling due after more than one year
8
8,882
16,667
Provisions
( 7,541)
--------
--------
Net liabilities
( 52,965)
( 90,614)
--------
--------
Capital and reserves
Called up share capital
5
5
Profit and loss account
( 52,970)
( 90,619)
--------
--------
Shareholders deficit
( 52,965)
( 90,614)
--------
--------
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 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Old Grocery Limited
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 10 April 2025 , and are signed on behalf of the board by:
Mrs K A John
Mr R G John
Director
Director
Company registration number: 10940221
The Old Grocery Limited
Notes to the Financial Statements
Year ended 31 August 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 9 The Avenue, Hawarden, Flintshire, CH5 3RZ, Wales.
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. 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 due to the continued support of the directors and the continuing efforts being made to improve the company's trading position.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
10% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
20% reducing balance
Equipment
-
25% Reducing balance/33% Straight line
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The following assets and liabilities within the accounts are classified as financial instruments - trade debtors, trade creditors and directors loans. Directors loans (being repayable upon demand), trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of Income and Retained Earnings
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2023: 8 ).
5. Tangible assets
Leasehold Improvements
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 September 2023
42,154
58,822
8,000
1,189
110,165
Additions
2,436
259
2,695
Disposals
( 38,402)
( 16,938)
( 55,340)
--------
--------
-------
-------
---------
At 31 August 2024
3,752
44,320
8,000
1,448
57,520
--------
--------
-------
-------
---------
Depreciation
At 1 September 2023
15,579
44,954
3,904
687
65,124
Charge for the year
199
3,207
819
211
4,436
Disposals
( 13,821)
( 13,793)
( 27,614)
--------
--------
-------
-------
---------
At 31 August 2024
1,957
34,368
4,723
898
41,946
--------
--------
-------
-------
---------
Carrying amount
At 31 August 2024
1,795
9,952
3,277
550
15,574
--------
--------
-------
-------
---------
At 31 August 2023
26,575
13,868
4,096
502
45,041
--------
--------
-------
-------
---------
6. Debtors
2024
2023
£
£
Other debtors
6,780
17,013
-------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
7,989
8,000
Trade creditors
173
2,137
Social security and other taxes
3,451
4,806
Other creditors
89,749
140,442
---------
---------
101,362
155,385
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,882
16,667
-------
--------
9. Directors' advances, credits and guarantees
The director operates a current account with the company. As follows:
2024
£
Opening Balance 135,602
Movement (50,663)
---------
Closing Balance 84,939
---------
The loan is repayable on demand.