Company Registration No. 1233147 (England and Wales)
GREENGATE FURNITURE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2018
PAGES FOR FILING WITH REGISTRAR
GREENGATE FURNITURE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GREENGATE FURNITURE LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2018
30 November 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
47,256
46,486
Current assets
Stocks
27,102
205,670
Debtors
4
168,673
422,172
Cash at bank and in hand
22,761
31,069
218,536
658,911
Creditors: amounts falling due within one year
5
(313,912)
(1,041,313)
Net current liabilities
(95,376)
(382,402)
Total assets less current liabilities
(48,120)
(335,916)
Provisions for liabilities
(4,126)
(3,328)
Net liabilities
(52,246)
(339,244)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(52,346)
(339,344)
Total equity
(52,246)
(339,244)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 November 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GREENGATE FURNITURE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2018
30 November 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 March 2019 and are signed on its behalf by:
Mr. P J Hearn
Director
Company Registration No. 1233147
GREENGATE FURNITURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 3 -
1
Accounting policies
Company information
Greengate Furniture Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
St. George's Works, Coronation Road, Cressex Business Park, High Wycombe, Bucks., England, HP12 3GG.
1.1
Accounting convention
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.
1.2
Going concern
The financial statements have been prepared on a going concern basis as the directors have confirmed that they will continue to provide financial support to the company.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
in accordance with the property
Plant and equipment
20% at cost and at variable rates on reducing balance
Computers
15% on reducing balance
Motor vehicles
25% on reducing balance
1.5
Impairment of fixed assets
Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.
1.6
Stocks
Stocks 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 stocks to their present location and condition.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
GREENGATE FURNITURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
1
Accounting policies
(Continued)
- 4 -
Current tax
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons employed by the company during the year was 17 (2017 - 17).
GREENGATE FURNITURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 5 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2017
123,329
515,723
77,696
15,783
732,531
Additions
7,758
1,304
672
-
9,734
At 30 November 2018
131,087
517,027
78,368
15,783
742,265
Depreciation and impairment
At 1 December 2017
123,329
476,800
77,696
8,221
686,046
Depreciation charged in the year
5,487
54
672
2,750
8,963
At 30 November 2018
128,816
476,854
78,368
10,971
695,009
Carrying amount
At 30 November 2018
2,271
40,173
-
4,812
47,256
At 30 November 2017
-
38,924
-
7,562
46,486
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
104,783
170,220
Other debtors
63,890
251,952
168,673
422,172
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
-
95,280
Trade creditors
33,373
352,229
Corporation tax
22,636
-
Other taxation and social security
27,048
41,848
Other creditors
230,855
551,956
313,912
1,041,313
GREENGATE FURNITURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 6 -
6
Directors' transactions
The following advances and credits to directors subsisted during the year ended 30 November 2018:
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Mr R J Hearn - loan
-
73,491
(73,491)
-
Mr. P J Hearn - loan
-
73,491
(73,491)
-
146,982
(146,982)
-