Company Registration No. 05065554 (England and Wales)
THE GRASS FACTORY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2019
PAGES FOR FILING WITH REGISTRAR
THE GRASS FACTORY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
THE GRASS FACTORY LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2019
28 February 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
38,992
34,291
Current assets
Stocks
24,106
49,411
Debtors
4
46,384
58,270
Cash at bank and in hand
3,746
3,146
74,236
110,827
Creditors: amounts falling due within one year
5
(111,819)
(132,496)
Net current liabilities
(37,583)
(21,669)
Total assets less current liabilities
1,409
12,622
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
1,407
12,620
Total equity
1,409
12,622
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 28 February 2019 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.
The financial statements were approved and signed by the director and authorised for issue on 20 September 2019
Mr A Almond
Director
Company Registration No. 05065554
THE GRASS FACTORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2019
- 2 -
1
Accounting policies
Company information
The Grass Factory Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Building M, Ribble Park, Philips Road, Blackburn, Lancashire, BB1 5RB.
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.
1.2
Going concern
The company is reliant upon the financial support of its directors in order to meet its liabilities as they fall due. the directors have indicated that this support will continue for the foreseeable future and, as a result, have continued to adopt the going concern basis in preparing the financial statements.
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
.
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:
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
20% 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
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
THE GRASS FACTORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2019
1
Accounting policies
(Continued)
- 3 -
1.6
Cash at bank and in hand
Cash at bank and in hand
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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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
profit or loss
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2018 - 6).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2018
85,299
Additions
13,355
At 28 February 2019
98,654
Depreciation and impairment
At 1 March 2018
51,009
Depreciation charged in the year
8,653
At 28 February 2019
59,662
Carrying amount
At 28 February 2019
38,992
At 28 February 2018
34,291
THE GRASS FACTORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2019
- 4 -
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
27,992
45,044
Other debtors
18,392
13,226
46,384
58,270
Included in other debtors is directors loan accounts £1,000 (2018 £nil).
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
5,598
29,545
Trade creditors
68,331
57,663
Taxation and social security
23,522
11,188
Other creditors
14,368
34,100
111,819
132,496
The company's bank borrowings are secured on the assets of the company and by a joint and several guarantee for £150,000 given by Mr A Almond, the director.
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and not fully paid
2 Ordinary shares of £1 each
2
2