Devon Grain (Services) Ltd - Period Ending 2023-06-30
Devon Grain (Services) Ltd - Period Ending 2023-06-30
Company registration number:
for the Year Ended
Devon Grain (Services) Ltd
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Devon Grain (Services) Ltd
(Registration number: 01770885)
Balance Sheet as at 30 June 2023
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2023 |
2022 |
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Fixed assets |
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Other financial assets |
1 |
1 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Devon Grain (Services) Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Going concern
The financial statements have been prepared on a going concern basis.
Turnover recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Devon Grain (Services) Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Reserves
Profit and loss account includes all current and prior period profits and losses.
Share capital
Called up share capital represents the nominal value of shares that have been issued. Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Devon Grain (Services) Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 July 2022 |
1 |
1 |
At 30 June 2023 |
1 |
1 |
Impairment |
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Carrying amount |
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At 30 June 2023 |
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1 |
Debtors |
2023 |
2022 |
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Trade debtors |
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Other debtors |
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Creditors |
2023 |
2022 |
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Due within one year |
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Other creditors |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of guarantees not included in the balance sheet is £31,201 (2022 - £58,552). The company has given an unlimited cross guarantee in favour of Devon Grain Store Limited in respect of group borrowings.
Related party transactions |
The company is part of the Devon Grain Store co-operative and ultimately is under the control of the members.
Devon Grain (Services) Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023
Summary of transactions with other related parties
The company has the same directors and is under common control.
The transactions with this company are under agreed terms, and a summary of the transactions are set out below.
Storage and handling charges paid to Devon Grain Store Limited in the year were £45,680 (2022: £34,739).
At the year end Devon Grain Store Limited was owed £65,962 (2022: £37,960).