Central Stores Menheniot Ltd

Central Stores Menheniot Ltd

CENTRAL STORES MENHENIOT LTD - Company Information

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Company Registration No. 10047292 (England and Wales)
Central Stores Menheniot Ltd Unaudited accounts for the year ended 31 March 2023
Central Stores Menheniot Ltd Unaudited accounts Contents
Page
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Central Stores Menheniot Ltd Company Information for the year ended 31 March 2023
Directors
Mr G Walters Mrs S Walters
Secretary
Mr G Walters
Company Number
10047292 (England and Wales)
Registered Office
Central Stores Menheniot Liskeard Cornwall PL14 3QR
Accountants
Blackwell Bate Ltd Brunel Court 122 Fore Street Saltash Cornwall PL12 6JW
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Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Central Stores Menheniot Ltd for the year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Central Stores Menheniot Ltd for the year ended 31 March 2023 as set out on pages 5 - 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Central Stores Menheniot Ltd, as a body, in accordance with the terms of our engagement letter dated 1 April 2021. Our work has been undertaken solely to prepare for your approval the accounts of Central Stores Menheniot Ltd and state those matters that we have agreed to state to the Board of Directors of Central Stores Menheniot Ltd, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Central Stores Menheniot Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Central Stores Menheniot Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Central Stores Menheniot Ltd. You consider that Central Stores Menheniot Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Central Stores Menheniot Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Blackwell Bate Ltd Chartered Accountants Brunel Court 122 Fore Street Saltash Cornwall PL12 6JW 21 November 2023
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Central Stores Menheniot Ltd Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
128,271 
133,195 
Current assets
Inventories
38,094 
36,380 
Debtors
5
9,666 
8,768 
Cash at bank and in hand
15,901 
23,106 
63,661 
68,254 
Creditors: amounts falling due within one year
6
(162,204)
(162,069)
Net current liabilities
(98,543)
(93,815)
Total assets less current liabilities
29,728 
39,380 
Provisions for liabilities
Deferred tax
(5,029)
(6,307)
Net assets
24,699 
33,073 
Capital and reserves
Called up share capital
200 
200 
Profit and loss account
24,499 
32,873 
Shareholders' funds
24,699 
33,073 
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2023 and were signed on its behalf by
Mr G Walters Director Company Registration No. 10047292
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Central Stores Menheniot Ltd Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
Central Stores Menheniot Ltd is a private company, limited by shares, registered in England and Wales, registration number 10047292. The registered office is Central Stores, Menheniot , Liskeard, Cornwall, PL14 3QR.
2
Compliance with accounting standards
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
No Depreciation
Plant & machinery
25% Reducing Balance
Motor vehicles
25% Reducing Balance
Fixtures & fittings
5% Reducing Balance
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
Cash at bank in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
Current taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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Central Stores Menheniot Ltd Notes to the Accounts for the year ended 31 March 2023
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At cost 
At 1 April 2022
100,000 
12,923 
18,820 
47,081 
- 
178,824 
Additions
- 
- 
- 
779 
986 
1,765 
At 31 March 2023
100,000 
12,923 
18,820 
47,860 
986 
180,589 
Depreciation
At 1 April 2022
- 
3,423 
9,114 
33,092 
- 
45,629 
Charge for the year
- 
475 
2,426 
3,631 
157 
6,689 
At 31 March 2023
- 
3,898 
11,540 
36,723 
157 
52,318 
Net book value
At 31 March 2023
100,000 
9,025 
7,280 
11,137 
829 
128,271 
At 31 March 2022
100,000 
9,500 
9,706 
13,989 
- 
133,195 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
- 
89 
Other debtors
9,666 
8,679 
9,666 
8,768 
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Central Stores Menheniot Ltd Notes to the Accounts for the year ended 31 March 2023
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Trade creditors
20,881 
20,611 
Taxes and social security
18,886 
15,123 
Other creditors
122,437 
126,335 
162,204 
162,069 
7
Average number of employees
During the year the average number of employees was 17 (2022: 17).
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