Company Registration No. 01868974 (England and Wales)
JOHN GREASLEY LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
JOHN GREASLEY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
JOHN GREASLEY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
471,796
390,044
Current assets
Debtors
4
294,973
199,852
Cash at bank and in hand
788,396
844,691
1,083,369
1,044,543
Creditors: amounts falling due within one year
5
(251,154)
(283,919)
Net current assets
832,215
760,624
Total assets less current liabilities
1,304,011
1,150,668
Creditors: amounts falling due after more than one year
6
(34,521)
Provisions for liabilities
(69,024)
(36,567)
Net assets
1,200,466
1,114,101
Capital and reserves
Called up share capital
7
15,000
15,000
Profit and loss reserves
1,185,466
1,099,101
Total equity
1,200,466
1,114,101
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
JOHN GREASLEY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 17 March 2022
CJ Greasley
Director
Company Registration No. 01868974
JOHN GREASLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
John Greasley Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Dove Flatts Farm, Barrow Hill, Rochester, Uttoxeter, ST14 5BX.
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including 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.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover represents amounts receivable for golf course construction and landscape contracting net of VAT and trade discounts.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the life of the lease
Plant and machinery
10% per annum on cost
Fixtures, fittings & equipment
10% per annum on cost
Loose tools
20% per annum on cost
Motor Vehicles
10% per annum on cost
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset
, or the asset's cash generating unit
is estimated
and compared to the carrying amount
in order to determine the extent of the impairment loss (if any).
Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
JOHN GREASLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. 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.
1.7
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
the profit and loss account
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
s
asset are consumed.
JOHN GREASLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
13
14
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2021
219,659
1,300,196
1,519,855
Additions
149,628
149,628
Disposals
(103,970)
(103,970)
At 31 December 2021
219,659
1,345,854
1,565,513
Depreciation and impairment
At 1 January 2021
28,177
1,101,634
1,129,811
Depreciation charged in the year
1,520
57,858
59,378
Eliminated in respect of disposals
(95,472)
(95,472)
At 31 December 2021
29,697
1,064,020
1,093,717
Carrying amount
At 31 December 2021
189,962
281,834
471,796
At 31 December 2020
191,482
198,562
390,044
JOHN GREASLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
251,208
150,164
Corporation tax recoverable
6,655
Other debtors
2,480
Prepayments and accrued income
43,765
40,553
294,973
199,852
5
Creditors: amounts falling due within one year
2021
2020
£
£
Obligations under finance leases
58,217
69,887
Trade creditors
68,490
114,786
Corporation tax
25,286
Other taxation and social security
82,668
84,664
Other creditors
1,549
Accruals and deferred income
14,944
14,582
251,154
283,919
Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate. The aggregate amount of creditors for which security has been given amounted to £58,217 (2020 - £69,887).
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Obligations under finance leases
34,521
Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate. The aggregate amount of creditors for which security has been given amounted to £34,521 (2020 - £Nil).
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' Shares of £1 each
11,251
11,251
11,251
11,251
Ordinary 'B' Shares of £1 each
2,998
2,998
2,998
2,998
Ordinary 'C' Shares of £1 each
751
751
751
751
15,000
15,000
15,000
15,000
JOHN GREASLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
8
Directors' transactions
Dividends totalling £92,504 (2020 - £67,885) were paid in the year in respect of shares held by the company's director.