false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2019-03-01
Sage Accounts Production Advanced 2018 Update 1 - FRS
200,000
175,000
20,000
195,000
5,000
25,000
xbrli:pure
xbrli:shares
iso4217:GBP
07162218
2019-03-01
2020-02-29
07162218
2020-02-29
07162218
2019-02-28
07162218
2018-03-01
2019-02-28
07162218
2019-02-28
07162218
core:NetGoodwill
2019-03-01
2020-02-29
07162218
core:LandBuildings
core:LongLeaseholdAssets
2019-03-01
2020-02-29
07162218
core:PlantMachinery
2019-03-01
2020-02-29
07162218
core:MotorVehicles
2019-03-01
2020-02-29
07162218
bus:Director1
2019-03-01
2020-02-29
07162218
bus:Director2
2019-03-01
2020-02-29
07162218
core:NetGoodwill
2019-02-28
07162218
core:NetGoodwill
2020-02-29
07162218
core:LandBuildings
2019-02-28
07162218
core:PlantMachinery
2019-02-28
07162218
core:MotorVehicles
2019-02-28
07162218
core:LandBuildings
2020-02-29
07162218
core:PlantMachinery
2020-02-29
07162218
core:MotorVehicles
2020-02-29
07162218
core:LandBuildings
2019-03-01
2020-02-29
07162218
core:WithinOneYear
2020-02-29
07162218
core:WithinOneYear
2019-02-28
07162218
core:ShareCapital
2020-02-29
07162218
core:ShareCapital
2019-02-28
07162218
core:RetainedEarningsAccumulatedLosses
2020-02-29
07162218
core:RetainedEarningsAccumulatedLosses
2019-02-28
07162218
core:NetGoodwill
2019-02-28
07162218
core:LandBuildings
2019-02-28
07162218
core:PlantMachinery
2019-02-28
07162218
core:MotorVehicles
2019-02-28
07162218
bus:SmallEntities
2019-03-01
2020-02-29
07162218
bus:AuditExemptWithAccountantsReport
2019-03-01
2020-02-29
07162218
bus:FullAccounts
2019-03-01
2020-02-29
07162218
bus:SmallCompaniesRegimeForAccounts
2019-03-01
2020-02-29
07162218
bus:PrivateLimitedCompanyLtd
2019-03-01
2020-02-29
07162218
core:OfficeEquipment
2019-03-01
2020-02-29
07162218
core:OfficeEquipment
2019-02-28
07162218
core:OfficeEquipment
2020-02-29
COMPANY REGISTRATION NUMBER:
07162218
GREENSTRIPE GARDEN MACHINERY LIMITED
|
|
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
GREENSTRIPE GARDEN MACHINERY LIMITED
|
|
STATEMENT OF FINANCIAL POSITION
|
|
29 February 2020
Fixed assets
Intangible assets
|
5
|
|
5,000
|
25,000
|
Tangible assets
|
6
|
|
9,841
|
14,521
|
|
|
--------
|
--------
|
|
|
14,841
|
39,521
|
|
|
|
|
|
Current assets
Stocks
|
151,495
|
|
189,098
|
Debtors
|
7
|
66,051
|
|
47,087
|
Cash at bank and in hand
|
356,207
|
|
274,303
|
|
---------
|
|
---------
|
|
573,753
|
|
510,488
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
86,807
|
|
107,250
|
|
---------
|
|
---------
|
Net current assets
|
|
486,946
|
403,238
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
501,787
|
442,759
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
1,870
|
2,759
|
|
|
---------
|
---------
|
Net assets
|
|
499,917
|
440,000
|
|
|
---------
|
---------
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
100
|
100
|
Profit and loss account
|
|
499,817
|
439,900
|
|
|
---------
|
---------
|
Shareholders funds
|
|
499,917
|
440,000
|
|
|
---------
|
---------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
GREENSTRIPE GARDEN MACHINERY LIMITED
|
|
STATEMENT OF FINANCIAL POSITION (continued)
|
|
29 February 2020
These financial statements were approved by the
board of directors
and authorised for issue on
15 October 2020
, and are signed on behalf of the board by:
G Bird
|
K Bird
|
Director
|
Director
|
|
|
Company registration number:
07162218
GREENSTRIPE GARDEN MACHINERY LIMITED
|
|
NOTES TO THE FINANCIAL STATEMENTS
|
|
YEAR ENDED 29 FEBRUARY 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kingerby Vale Farm, Bishop Bridge, Market Rasen, Lincs, LN8 3LY.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The directors make estimates and assumptions about the future. These estimates and assumptions impact recognised assets and liabilities, as well as revenue and expenses and other disclosures. These estimates are based on historical experience and on various assumptions considered reasonable under the prevailing conditions. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. The estimates and assumptions that may have a significant effect on the carrying amounts of assets and liabilities within financial year include: Tangible fixed assets are recognised at cost or valuation, less accumulated depreciation and any impairments. Depreciation takes place over the estimated useful life, down to the assessed residual value. The carrying amount of the company's fixed assets is tested as soon as changed conditions show that a need for impairment has arisen. The carrying value of stock and associated provisioning is considered on a regular basis. When calculating the stock provision, the directors consider the age and turnover of stock items. The recoverability of trade debtors and associated provisioning is considered on a regular basis. When calculating the debtor provision, the directors consider the age of the debts and the financial position of its customers.
Revenue recognition
The turnover shown in the profit and loss account represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill
|
-
|
10% straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Leasehold Improvements
|
-
|
5% straight line
|
|
Plant and Machinery
|
-
|
20% straight line
|
|
Motor Vehicles
|
-
|
20% straight line
|
|
Equipment
|
-
|
20% straight line
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are valued at the lower of cost and net realisable value, on a first-in-first-out basis, after making due allowance for obsolete and slow moving items. Cost is based on purchase price.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
8
(2019:
9
).
5.
Intangible assets
|
Goodwill
|
|
£
|
Cost
|
|
At 1 March 2019 and 29 February 2020
|
200,000
|
|
---------
|
Amortisation
|
|
At 1 March 2019
|
175,000
|
Charge for the year
|
20,000
|
|
---------
|
At 29 February 2020
|
195,000
|
|
---------
|
Carrying amount
|
|
At 29 February 2020
|
5,000
|
|
---------
|
At 28 February 2019
|
25,000
|
|
---------
|
|
|
6.
Tangible assets
|
Land and buildings
|
Plant and machinery
|
Motor vehicles
|
Equipment
|
Total
|
|
£
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
|
At 1 March 2019
|
3,000
|
14,256
|
31,082
|
14,090
|
62,428
|
Additions
|
–
|
–
|
–
|
1,093
|
1,093
|
|
-------
|
--------
|
--------
|
--------
|
--------
|
At 29 February 2020
|
3,000
|
14,256
|
31,082
|
15,183
|
63,521
|
|
-------
|
--------
|
--------
|
--------
|
--------
|
Depreciation
|
|
|
|
|
|
At 1 March 2019
|
750
|
13,791
|
20,505
|
12,861
|
47,907
|
Charge for the year
|
150
|
320
|
4,595
|
708
|
5,773
|
|
-------
|
--------
|
--------
|
--------
|
--------
|
At 29 February 2020
|
900
|
14,111
|
25,100
|
13,569
|
53,680
|
|
-------
|
--------
|
--------
|
--------
|
--------
|
Carrying amount
|
|
|
|
|
|
At 29 February 2020
|
2,100
|
145
|
5,982
|
1,614
|
9,841
|
|
-------
|
--------
|
--------
|
--------
|
--------
|
At 28 February 2019
|
2,250
|
465
|
10,577
|
1,229
|
14,521
|
|
-------
|
--------
|
--------
|
--------
|
--------
|
|
|
|
|
|
|
7.
Debtors
|
2020
|
2019
|
|
£
|
£
|
Trade debtors
|
48,423
|
45,771
|
Other debtors
|
17,628
|
1,316
|
|
--------
|
--------
|
|
66,051
|
47,087
|
|
--------
|
--------
|
|
|
|
8.
Creditors:
amounts falling due within one year
|
2020
|
2019
|
|
£
|
£
|
Trade creditors
|
56,069
|
58,123
|
Corporation tax
|
22,130
|
17,290
|
Social security and other taxes
|
5,608
|
9,342
|
Other creditors
|
3,000
|
22,495
|
|
--------
|
---------
|
|
86,807
|
107,250
|
|
--------
|
---------
|
|
|
|
9.
Directors' advances, credits and guarantees
At the year end the directors jointly owed £17,628 to the company. This was repaid in full in September 2020.
10.
Related party transactions
The company was under the control of G and
K Bird
throughout the current and previous year. G and K Bird
are the only directors and equal shareholders. No transactions with related parties were undertaken such as are required to be disclosed under FRS102 Section 1A.