Paynes Stores Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 00366872 (England and Wales)

Paynes Stores Limited

Unaudited Financial Statements for the Year Ended 31 March 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

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

Chartered Accountants

5 London Road

Rainham

Gillingham

Kent

ME8 7RG

FIXED ASSETS

Tangible assets

4

-

Investments

5

101

Investment property

6

10,522,000

10,522,101

CURRENT ASSETS

Inventories

1,076,854

1,235,669

Debtors

7

4,813,696

5,061,941

Cash at bank and in hand

70,379

15,354

5,960,929

6,312,964

CREDITORS

Amounts falling due within one year

8

120,122

569,644

NET CURRENT ASSETS

5,840,807

5,743,320

TOTAL ASSETS LESS CURRENT LIABILITIES

16,362,908

16,265,421

CREDITORS

Amounts falling due after more than one
year

9

(8,974,982

)

(8,937,854

)

PROVISIONS FOR LIABILITIES

(1,880,005

)

(1,880,005

)

NET ASSETS

5,507,921

5,447,562

CAPITAL AND RESERVES

Called up share capital

5,000

Fair value reserve

5,113,793

Retained earnings

389,128

328,769

SHAREHOLDERS' FUNDS

5,507,921

5,447,562

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

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 7 October 2025 and were signed on its behalf by:

Mrs S P Burbridge - Director

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.

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 3 (2024 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 1 April 2024

and 31 March 2025

23,155

102,888

126,043

DEPRECIATION

At 1 April 2024

and 31 March 2025

23,155

102,888

126,043

NET BOOK VALUE

At 31 March 2025

-

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST OR VALUATION

At 1 April 2024

and 31 March 2025

101

NET BOOK VALUE

At 31 March 2025

101

At 31 March 2024

101

Shares in group undertakings are shown at cost.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

10,522,000

NET BOOK VALUE

At 31 March 2025

10,522,000

At 31 March 2024

10,522,000

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

7.

DEBTORS

2025

2024

£

Amounts falling due within one year:

Trade debtors

109,796

55,370

Other debtors

13,363

14,346

123,159

69,716

Amounts falling due after more than one year:

Amounts owed by group undertakings

4,690,537

4,992,225

Aggregate amounts

4,813,696

5,061,941

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade creditors

23,851

30,932

Taxation and social security

19,719

5,179

Other creditors

76,552

533,533

120,122

569,644

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

Bank loans

8,700,000

Amounts owed to group undertakings

274,982

237,854

8,974,982

8,937,854

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

Bank loans

8,700,000

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.