Registration number:
Greenacres Outdoors Limited
for the Year Ended 31 May 2018
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ
Greenacres Outdoors Limited
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Statement of Comprehensive Income |
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Balance Sheet |
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Notes to the Financial Statements |
Greenacres Outdoors Limited
Company Information
Director |
Mr Matthew James Gilliver |
Registered office |
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Accountants |
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Page 1 |
Greenacres Outdoors Limited
Director's Report for the Year Ended 31 May 2018
The director presents his report and the financial statements for the year ended 31 May 2018.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is a garden centre.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
.........................................
Mr Matthew James Gilliver
Director
Page 2 |
Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Greenacres Outdoors Limited
for the Year Ended 31 May 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Greenacres Outdoors Limited for the year ended 31 May 2018 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Greenacres Outdoors Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Greenacres Outdoors Limited and state those matters that we have agreed to state to the Board of Directors of Greenacres Outdoors Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Greenacres Outdoors Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Greenacres Outdoors Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Greenacres Outdoors Limited. You consider that Greenacres Outdoors Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Greenacres Outdoors Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ
Page 3 |
Greenacres Outdoors Limited
Statement of Comprehensive Income for the Year Ended 31 May 2018
2018 |
2017 |
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Profit/(loss) for the year |
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( |
Surplus/(deficit) on property, plant and equipment revaluation |
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- |
Surplus/(deficit) on revaluation of other assets |
( |
- |
- |
- |
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Total comprehensive income for the year |
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( |
Page 4 |
Greenacres Outdoors Limited
(Registration number: 06886591)
Balance Sheet as at 31 May 2018
Note |
2018 |
2017 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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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 |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
- |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Page 5 |
Greenacres Outdoors Limited
(Registration number: 06886591)
Balance Sheet as at 31 May 2018
Approved and authorised by the
.........................................
Director
Page 6 |
Greenacres Outdoors Limited
Notes to the Financial Statements for the Year Ended 31 May 2018
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 7 |
Greenacres Outdoors Limited
Notes to the Financial Statements for the Year Ended 31 May 2018
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Property improvements |
10% reducing balance |
Plant & machinery |
20% reducing balance |
Fixtures & fittings |
15% reducing balance |
Motor vehicles |
25% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Page 8 |
Greenacres Outdoors Limited
Notes to the Financial Statements for the Year Ended 31 May 2018
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 9 |
Greenacres Outdoors Limited
Notes to the Financial Statements for the Year Ended 31 May 2018
Profit/loss before tax |
Arrived at after charging/(crediting)
2018 |
2017 |
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Depreciation expense |
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Amortisation expense |
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Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 June 2017 |
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At 31 May 2018 |
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Amortisation |
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At 1 June 2017 |
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Amortisation charge |
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At 31 May 2018 |
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Carrying amount |
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At 31 May 2018 |
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At 31 May 2017 |
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Page 10 |
Greenacres Outdoors Limited
Notes to the Financial Statements for the Year Ended 31 May 2018
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Property Improvements |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 June 2017 |
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Additions |
- |
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- |
- |
- |
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At 31 May 2018 |
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Depreciation |
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At 1 June 2017 |
- |
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Charge for the year |
- |
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At 31 May 2018 |
- |
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Carrying amount |
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At 31 May 2018 |
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At 31 May 2017 |
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Page 11 |
Greenacres Outdoors Limited
Notes to the Financial Statements for the Year Ended 31 May 2018
Stocks |
2018 |
2017 |
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Other inventories |
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Debtors |
2018 |
2017 |
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Trade debtors |
- |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Directors loan accounts |
408,220 |
298,895 |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
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Due after one year |
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Loans and borrowings |
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Page 12 |
Greenacres Outdoors Limited
Notes to the Financial Statements for the Year Ended 31 May 2018
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Reserves |
2018 |
2017 |
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Distributable reserves |
37,852 |
3,493 |
Non-distributable reserves |
203,991 |
203,991 |
241,843 |
207,484 |
The non-distributable reserves are used to record increases in the fair value of land and buildings and decreases to the extent that such decrease relates to an increase on the same assets.
Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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2018 |
2017 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
- |
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Other borrowings |
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Bank borrowings
The Bank Borrowings of £531,455 (2017 - £563,854) are secured by way of a mortgage registered on 9 June 2009 in favour of Lloyds TSB Bank plc over the freehold property Greenacres Nursery, Ashby Road, Stapleton, Leicestershire, LE9 8JE and a Fixed and Floating Debenture registered on 19 May 2009 over any property held by the company, including book debts and all other debts, stocks, copywrites, goodwill and rights owned currently or in future by the company. |
Page 13 |
Greenacres Outdoors Limited
Notes to the Financial Statements for the Year Ended 31 May 2018
Other borrowings
The other borrowings and Directors Loan of £408,220 (2017 - £298,895) are secured by way of a Fixed and Floating Debenture registered on 8 July 2011 over the company assets. |
Page 14 |