Gonalston Farm Shop Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05556470 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2020

FOR

GONALSTON FARM SHOP LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs G S E Mason

Mr R Mason

SECRETARY:

Mrs L Lee

REGISTERED OFFICE:

Southwell Road

Gonalston

Nottingham

Nottinghamshire

NG14 7DR

REGISTERED NUMBER:

05556470 (England and Wales)

ACCOUNTANTS:

Lemans

29 Arboretum Street

Nottingham

Nottinghamshire

NG1 4JA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

601,880

637,572

601,880

637,572

CURRENT ASSETS

Stocks

129,288

104,486

Debtors

6

6,047

18,126

Cash at bank and in hand

28,021

24,162

163,356

146,774

CREDITORS

Amounts falling due within one year

7

484,646

397,475

NET CURRENT LIABILITIES

(321,290

)

(250,701

)

TOTAL ASSETS LESS CURRENT LIABILITIES

280,590

386,871

CREDITORS

Amounts falling due after more than one year

8

(167,262

)

(190,117

)

PROVISIONS FOR LIABILITIES

(12,710

)

(12,710

)

NET ASSETS

100,618

184,044

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

100,518

183,944

SHAREHOLDERS' FUNDS

100,618

184,044

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 November 2020 and were signed on its behalf by:

Mrs G S E Mason - Director

1.	STATUTORY INFORMATION

Gonalston Farm Shop 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2019 - 40 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2019

and 31 January 2020

150,000

AMORTISATION

At 1 February 2019

and 31 January 2020

150,000

NET BOOK VALUE

At 31 January 2020

-

At 31 January 2019

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 February 2019

442,814

586,428

86,522

Additions

-

20,877

-

At 31 January 2020

442,814

607,305

86,522

DEPRECIATION

At 1 February 2019

99,225

320,845

62,951

Charge for year

8,857

42,969

3,536

At 31 January 2020

108,082

363,814

66,487

NET BOOK VALUE

At 31 January 2020

334,732

243,491

20,035

At 31 January 2019

343,589

265,583

23,571

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 February 2019

16,050

22,970

1,154,784

Additions

-

-

20,877

At 31 January 2020

16,050

22,970

1,175,661

DEPRECIATION

At 1 February 2019

14,590

19,601

517,212

Charge for year

365

842

56,569

At 31 January 2020

14,955

20,443

573,781

NET BOOK VALUE

At 31 January 2020

1,095

2,527

601,880

At 31 January 2019

1,460

3,369

637,572

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.20

31.1.19

£

£

Trade debtors

6,047

5,595

Taxation

-

12,531

6,047

18,126

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.20

31.1.19

£

£

Bank loans and overdrafts (see note 9)

91,186

97,449

Finance leases

10,000

10,000

Trade creditors

261,627

177,337

Social security and other taxes

17,704

3,279

Directors' current accounts

74,976

92,065

Accrued expenses

29,153

17,345

484,646

397,475

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.20

31.1.19

£

£

Bank loans (see note 9)

139,762

152,617

Finance leases

27,500

37,500

167,262

190,117

31.1.20

31.1.19

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loan repayable after more

than 5 years

77,265

80,984

77,265

80,984

9.

LOANS

An analysis of the maturity of loans is given below:

31.1.20

31.1.19

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

75,562

79,541

Bank loans

15,624

17,908

91,186

97,449

Amounts falling due between one and two years:

Bank loans

15,624

17,908

Amounts falling due between two and five years:

Bank loans

46,873

53,725

Amounts falling due in more than five years:

Repayable by instalments

Bank loan repayable after more

than 5 years

77,265

80,984

77,265

80,984

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.20

31.1.19

£

£

Bank overdrafts

75,562

79,541

Bank loans

155,386

170,525

Finance leases

37,500

47,500

268,448

297,566

The company's indebtedness to its bankers is secured by a fixed and floating charge on the assets of the company, together with a personal guarantee given by the Directors.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.20

31.1.19

value:

£

£

100

Ordinary

£1

100

100