Company Registration No. 05065554 (England and Wales)
THE GRASS FACTORY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
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 2018
28 February 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
34,291
20,717
Current assets
Stocks
49,411
59,508
Debtors
4
58,270
25,997
Cash at bank and in hand
3,146
4,129
110,827
89,634
Creditors: amounts falling due within one year
5
(132,496)
(113,126)
Net current liabilities
(21,669)
(23,492)
Total assets less current liabilities
12,622
(2,775)
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
12,620
(2,777)
Total equity
12,622
(2,775)
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 2018 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 by the board of directors and authorised for issue on 20 August 2018 and are signed on its behalf by:
Mr A Almond
Director
Company Registration No. 05065554
THE GRASS FACTORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 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
4 Beechwood Cottages, Roman Road, Blackburn, Lancashire, BB1 2LB.
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 support of its connected company, Beechwood Garden Centre Limited and a loan from the
bank
. The financial statements have been prepared on a going concern basis on the assumption that this finance will continue to be made available to the company. The director ha
s
no reason to believe that such financial support will not continue for the foreseeable future.
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 2018
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2017 - 8).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2017
62,130
Additions
23,169
At 28 February 2018
85,299
Depreciation and impairment
At 1 March 2017
41,413
Depreciation charged in the year
9,595
At 28 February 2018
51,008
Carrying amount
At 28 February 2018
34,291
At 28 February 2017
20,717
THE GRASS FACTORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 4 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
45,044
19,160
Other debtors
13,226
6,837
58,270
25,997
Other debtors comprise called up share capital not paid £2 (2017 £2), amounts owed by a connected company £10,043 (2017 £Nil), a stand for resale £400 (2017 £400) and prepayments £2,781 (2017 £6,435).
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
29,545
28,986
Trade creditors
57,663
60,817
Other taxation and social security
11,188
6,094
Other creditors
34,100
17,229
132,496
113,126
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
2018
2017
£
£
Ordinary share capital
Issued and not fully paid
2 Ordinary shares of £1 each
2
2
2
2