Grainstore Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC564399 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 April 2021

for

Grainstore Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I C Docherty

D P Rhodes

A Fuller

REGISTERED OFFICE:

10 Clydesdale Street

Hamilton

Strathclyde

ML3 0DP

REGISTERED NUMBER:

SC564399 (Scotland)

ACCOUNTANTS:

Wallace and Company C.A.

10 Clydesdale Street

Hamilton

Strathclyde

ML3 0DP

FIXED ASSETS

Tangible assets

5

46,423

57,449

Investment property

6

1,931,753

1,865,000

1,978,176

1,922,449

CURRENT ASSETS

Debtors

7

11,028

4,645

Cash at bank

4,979

9,790

16,007

14,435

CREDITORS

Amounts falling due within one year

8

74,763

64,784

NET CURRENT LIABILITIES

(58,756

)

(50,349

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,919,420

1,872,100

CREDITORS

Amounts falling due after more than one year

9

(1,149,807

)

(1,125,149

)

PROVISIONS FOR LIABILITIES

(143,490

)

(145,585

)

NET ASSETS

626,123

601,366

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

626,023

601,266

SHAREHOLDERS' FUNDS

626,123

601,366

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 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 26 January 2022 and were signed on its behalf by:

I C Docherty - Director

A Fuller - Director

1.	STATUTORY INFORMATION

Grainstore Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

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

Tangible fixed assets

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

Plant and machinery etc

-

at varying rates on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities; including creditors, bank loans and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2020

and 30 April 2021

85,839

DEPRECIATION

At 1 May 2020

28,390

Charge for year

11,026

At 30 April 2021

39,416

NET BOOK VALUE

At 30 April 2021

46,423

At 30 April 2020

57,449

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2020

1,865,000

Additions

66,753

At 30 April 2021

1,931,753

NET BOOK VALUE

At 30 April 2021

1,931,753

At 30 April 2020

1,865,000

Fair value at 30 April 2021 is represented by:

£

Valuation in 2018

287,142

Valuation in 2019

309,881

Valuation in 2020

111,764

Cost

1,222,966

1,931,753

If the land and buildings had not been revalued they would have been included at the following historical cost:

2021

2020

£

£

Cost

1,222,966

1,156,213

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

11,028

4,645

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

36,150

34,749

Taxation and social security

12,807

5,580

Other creditors

25,806

24,455

74,763

64,784

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

837,256

823,300

Other creditors

312,551

301,849

1,149,807

1,125,149

2021

2020

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

692,656

684,303

10.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

873,406

858,049

Unity Trust Bank PLC hold a floating charge over all the properties and undertakings of the company and standing securities over the companies properties and tenant`s leases.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

1

100

100

12.	RELATED PARTY DISCLOSURES