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Unaudited Financial Statements |
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for the Period 1 January 2016 to 30 June 2017 |
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for |
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Greenbest Ltd |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Period 1 January 2016 to 30 June 2017 |
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for |
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Greenbest Ltd |
Greenbest Ltd (Registered number: 03626337) |
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Contents of the Financial Statements |
for the Period 1 January 2016 to 30 June 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Greenbest Ltd |
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Company Information |
for the Period 1 January 2016 to 30 June 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Ashley House |
Unit 3, Brickfields Business Park |
Gillingham |
Dorset |
SP8 4PX |
Greenbest Ltd (Registered number: 03626337) |
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Balance Sheet |
30 June 2017 |
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2017 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 11 |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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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. |
Greenbest Ltd (Registered number: 03626337) |
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Balance Sheet - continued |
30 June 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Greenbest Ltd (Registered number: 03626337) |
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Notes to the Financial Statements |
for the Period 1 January 2016 to 30 June 2017 |
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1. | STATUTORY INFORMATION |
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Greenbest Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Greenbest Ltd as an individual company and do not contain |
consolidated financial information as the parent of a group. The company has taken the option under Section 398 |
of the Companies Act 2006 not to prepare consolidated financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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 period end and that are expected to apply to the reversal of the |
timing difference. |
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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. |
Greenbest Ltd (Registered number: 03626337) |
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Notes to the Financial Statements - continued |
for the Period 1 January 2016 to 30 June 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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4. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2016 |
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Additions |
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Disposals |
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At 30 June 2017 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for period |
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Eliminated on disposal |
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At 30 June 2017 |
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NET BOOK VALUE |
At 30 June 2017 |
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At 31 December 2015 |
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Greenbest Ltd (Registered number: 03626337) |
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Notes to the Financial Statements - continued |
for the Period 1 January 2016 to 30 June 2017 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2016 |
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Additions |
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Disposals |
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At 30 June 2017 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for period |
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Eliminated on disposal |
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At 30 June 2017 |
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NET BOOK VALUE |
At 30 June 2017 |
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At 31 December 2015 |
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Cost or valuation at 30 June 2017 is represented by: |
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Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
Valuation in 2015 | 79,883 | - | - |
Cost | 207,722 | 90,297 | 416,425 |
287,605 | 90,297 | 416,425 |
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Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
Valuation in 2015 | - | - | 79,883 |
Cost | 59,796 | 39,133 | 813,373 |
59,796 | 39,133 | 893,256 |
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If freehold property had not been revalued they would have been included at the following historical cost: |
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2017 | 2015 |
£ | £ |
Cost | 207,722 | 207,722 |
Aggregate depreciation | 30,844 | 24,612 |
Greenbest Ltd (Registered number: 03626337) |
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Notes to the Financial Statements - continued |
for the Period 1 January 2016 to 30 June 2017 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2016 |
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Additions |
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Disposals |
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( |
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Reclassification/transfer | ( |
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At 30 June 2017 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for period |
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Eliminated on disposal |
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Reclassification/transfer | ( |
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At 30 June 2017 |
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NET BOOK VALUE |
At 30 June 2017 |
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At 31 December 2015 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
Additions |
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At 30 June 2017 |
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NET BOOK VALUE |
At 30 June 2017 |
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During the period the company purchased 100% of the ordinary share capital of Velvit Limited. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2015 |
£ | £ |
Trade debtors |
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Other debtors |
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Greenbest Ltd (Registered number: 03626337) |
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Notes to the Financial Statements - continued |
for the Period 1 January 2016 to 30 June 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2015 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 9) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2015 |
£ | £ |
Bank loans |
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Hire purchase contracts (see note 9) |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | - | 54,230 |
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9. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2017 | 2015 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating |
leases |
2017 | 2015 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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Greenbest Ltd (Registered number: 03626337) |
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Notes to the Financial Statements - continued |
for the Period 1 January 2016 to 30 June 2017 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2015 |
£ | £ |
Bank overdrafts |
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Bank loans |
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Hire purchase contracts | 26,950 | 53,451 |
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11. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 January 2016 |
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226,350 |
Deficit for the period | ( |
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Reserve transfer | 330 | (330 | ) | - |
At 30 June 2017 |
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91,292 |
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12. | CONTINGENT LIABILITIES |
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A guarantee exists in favour of Santander UK plc in respect of Velvit Limited, a wholy owned subsidiary. |
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13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the period ended 30 June 2017 and the year |
ended 31 December 2015: |
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2017 | 2015 |
£ | £ |
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Balance outstanding at start of period |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | ( |
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Balance outstanding at start of period |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
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Greenbest Ltd (Registered number: 03626337) |
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Notes to the Financial Statements - continued |
for the Period 1 January 2016 to 30 June 2017 |
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13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
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Balance outstanding at start of period |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
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14. | FIRST YEAR ADOPTION |
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This is the first period that the company has presented its financial statements under Financial Reporting |
Standard 102 (FRS 102) issue by the Financial Reporting Council. The last financial statements for the year |
ended 31 December 2015 were prepared under previous UK GAAP. The transition date to FRS 102 is 1 January |
2015. |
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At transition, a property recognised previously at a net book value of £184,607 was included at deemed cost, |
being it's fair value on that date of £285,000. The company's revaluation reserve was credited, net of deferred |
tax, by £91,139. The ongoing policy for depreciation remains unchanged. |
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Transitional relief |
On transition to FRS 102, the company has taken advantage of the following transitional relief: |
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to measure fair value at date of transition to FRS 102 and use as deemed cost on an item of property, plant
and equipment; |
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to measure investment in subsidiaries, associates and joint ventures at cost determined in accordance with
Section 9 Consolidated and Separate Financial Statements.. |