Company Registration No. 03835882 (England and Wales)
GRETA COTTAGE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2019
PAGES FOR FILING WITH REGISTRAR
GRETA COTTAGE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GRETA COTTAGE LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2019
30 November 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
2,006
Tangible assets
4
1,693,317
1,781,557
Current assets
Stocks
8,311
8,990
Debtors
5
86,893
65,403
Cash at bank and in hand
125,286
123,665
220,490
198,058
Creditors: amounts falling due within one year
6
(240,041)
(298,333)
Net current liabilities
(19,551)
(100,275)
Total assets less current liabilities
1,673,766
1,683,288
Creditors: amounts falling due after more than one year
7
(194,320)
(302,069)
Provisions for liabilities
(119,380)
(112,253)
Net assets
1,360,066
1,268,966
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
1,360,064
1,268,964
Total equity
1,360,066
1,268,966
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 30 November 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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.
GRETA COTTAGE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2019
30 November 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 24 August 2020
Mrs HY Garcia
Director
Company Registration No. 03835882
GRETA COTTAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2019
- 3 -
1
Accounting policies
Company information
Greta Cottage Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Greta Cottage, Greta Street, Saltburn By The Sea, Cleveland, TS12 1LS.
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.
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.
1.2
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
.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
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:
Freehold property
4% reducing balance and 10% reducing balance
Computer equipment
15% reducing balance
Equipment
25% reducing balance
Furniture and fixtures
10% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible 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 is estimated in order to determine the extent of the impairment loss (if any).
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling
price.
GRETA COTTAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
1
Accounting policies
(Continued)
- 4 -
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs
.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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. 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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
GRETA COTTAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Total
104
102
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2018 and 30 November 2019
53,500
Amortisation
At 1 December 2018
51,494
Amortisation charged for the year
2,006
At 30 November 2019
53,500
Carrying amount
At 30 November 2019
-
At 30 November 2018
2,006
4
Tangible fixed assets
Freehold property
Computer equipment
Equipment
Furniture and fixtures
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 December 2018
1,946,362
20,217
143,542
741,138
21,200
2,872,459
Additions
-
-
4,799
12,981
-
17,780
At 30 November 2019
1,946,362
20,217
148,341
754,119
21,200
2,890,239
Depreciation
At 1 December 2018
583,346
12,732
112,289
370,101
12,434
1,090,902
Depreciation charged in the year
56,452
1,123
8,562
37,691
2,192
106,020
At 30 November 2019
639,798
13,855
120,851
407,792
14,626
1,196,922
Carrying amount
At 30 November 2019
1,306,564
6,362
27,490
346,327
6,574
1,693,317
At 30 November 2018
1,363,016
7,485
31,253
371,037
8,766
1,781,557
GRETA COTTAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
- 6 -
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
66,261
50,668
Other debtors
11,528
11,000
Prepayments
9,104
3,735
86,893
65,403
6
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
89,399
67,837
Corporation tax
62,033
11,344
Other taxation and social security
50,272
38,668
Other creditors
15,773
161,237
Accruals
22,564
19,247
240,041
298,333
The aggregate amount of creditors for which security has been given amounted to £89,399 (201
8
: £
67,837
).
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
194,320
302,069
The aggregate amount of creditors for which security has been given amounted to £194,320 (201
8
: £
302,069
).
Creditors which fall due after five years are as follows:
2019
2018
£
£
Payable by instalments
6,308
104,681
GRETA COTTAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
- 7 -
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2
9
Related party transactions
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due to related parties
£
£
Director
11,058
158,244
There are no set terms as to repayment of this balance and no interest accruing thereon.
10
Directors' transactions
Dividends totalling £70,000 (2018 - £0) were paid in the year in respect of shares held by the company's directors.