Gonalston Farm Shop Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 05556470 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

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

549,103

577,354

549,103

577,354

CURRENT ASSETS

Stocks

122,786

139,231

Debtors

6

11,137

5,957

Cash at bank and in hand

28,352

89,187

162,275

234,375

CREDITORS

Amounts falling due within one year

7

261,980

307,499

NET CURRENT LIABILITIES

(99,705

)

(73,124

)

TOTAL ASSETS LESS CURRENT LIABILITIES

449,398

504,230

CREDITORS

Amounts falling due after more than one year

8

(34,744

)

(143,608

)

PROVISIONS FOR LIABILITIES

(50,207

)

(44,337

)

NET ASSETS

364,447

316,285

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

364,347

316,185

SHAREHOLDERS' FUNDS

364,447

316,285

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 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 16 January 2023 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 45 (2021 - 45 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2021

and 31 January 2022

150,000

AMORTISATION

At 1 February 2021

and 31 January 2022

150,000

NET BOOK VALUE

At 31 January 2022

-

At 31 January 2021

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 February 2021

442,814

616,305

89,802

Additions

-

1,880

21,684

At 31 January 2022

442,814

618,185

111,486

DEPRECIATION

At 1 February 2021

116,938

401,688

69,984

Charge for year

8,856

32,474

6,225

At 31 January 2022

125,794

434,162

76,209

NET BOOK VALUE

At 31 January 2022

317,020

184,023

35,277

At 31 January 2021

325,876

214,617

19,818

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 February 2021

26,845

31,278

1,207,044

Additions

-

-

23,564

At 31 January 2022

26,845

31,278

1,230,608

DEPRECIATION

At 1 February 2021

17,928

23,152

629,690

Charge for year

2,229

2,031

51,815

At 31 January 2022

20,157

25,183

681,505

NET BOOK VALUE

At 31 January 2022

6,688

6,095

549,103

At 31 January 2021

8,917

8,126

577,354

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.22

31.1.21

£

£

Trade debtors

5,489

5,957

Directors' current accounts

5,648

-

11,137

5,957

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.22

31.1.21

£

£

Bank loans and overdrafts (see note 9)

24,174

72,964

Other loans (see note 9)

10,000

5,000

Finance leases

-

10,000

Trade creditors

173,078

150,554

Corporation tax

19,795

10,331

Social security and other taxes

7,192

10,630

Directors' current accounts

-

6,046

Accrued expenses

27,741

41,974

261,980

307,499

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.22

31.1.21

£

£

Bank loans (see note 9)

-

81,108

Other loans (see note 9)

34,744

45,000

Finance leases

-

17,500

34,744

143,608

31.1.22

31.1.21

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loan repayable after more

than 5 years

-

10,275

-

10,275

9.

LOANS

An analysis of the maturity of loans is given below:

31.1.22

31.1.21

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

24,174

55,256

Bank loans

-

17,708

Other loans

10,000

5,000

34,174

77,964

Amounts falling due between one and two years:

Bank loans

-

17,708

Other loans - 1-2 years

10,000

10,000

10,000

27,708

Amounts falling due between two and five years:

Bank loans

-

53,125

Other loans

24,744

35,000

24,744

88,125

Amounts falling due in more than five years:

Repayable by instalments

Bank loan repayable after more

than 5 years

-

10,275

-

10,275

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.22

31.1.21

£

£

Bank overdrafts

24,174

55,256

Bank loans

-

98,816

Finance leases

-

27,500

24,174

181,572

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

31.1.22

31.1.21

value:

£

£

100

Ordinary

£1

100

100

12.	POST BALANCE SHEET EVENTS

On 12th September 2022 a major fire took place at the company's premies which destroyed a large proportion of the building and stock, forcing the shop to close. Since the fire, the directors have been liaising with customers and suppliers to keep them updated on events. At this time the directors are uncertain when the shop will re-open.