ACCOUNTS - Final Accounts preparation


Caseware UK (AP4) 2020.0.247 2020.0.247 2020-12-312020-12-31false2020-01-01online retail22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09846406 2020-01-01 2020-12-31 09846406 2019-01-01 2019-12-31 09846406 2020-12-31 09846406 2019-12-31 09846406 c:Director1 2020-01-01 2020-12-31 09846406 d:FurnitureFittings 2020-01-01 2020-12-31 09846406 d:FurnitureFittings 2020-12-31 09846406 d:FurnitureFittings 2019-12-31 09846406 d:FurnitureFittings d:OwnedOrFreeholdAssets 2020-01-01 2020-12-31 09846406 d:CurrentFinancialInstruments 2020-12-31 09846406 d:CurrentFinancialInstruments 2019-12-31 09846406 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 09846406 d:CurrentFinancialInstruments d:WithinOneYear 2019-12-31 09846406 d:ShareCapital 2020-12-31 09846406 d:ShareCapital 2019-12-31 09846406 d:RetainedEarningsAccumulatedLosses 2020-12-31 09846406 d:RetainedEarningsAccumulatedLosses 2019-12-31 09846406 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2020-12-31 09846406 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2019-12-31 09846406 c:FRS102 2020-01-01 2020-12-31 09846406 c:AuditExemptWithAccountantsReport 2020-01-01 2020-12-31 09846406 c:FullAccounts 2020-01-01 2020-12-31 09846406 c:PrivateLimitedCompanyLtd 2020-01-01 2020-12-31 09846406 6 2020-01-01 2020-12-31 iso4217:GBP xbrli:pure

Registered number: 09846406










GREEN FOUNDATIONS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2020

 
GREEN FOUNDATIONS LTD
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OFGREEN FOUNDATIONS LTD
FOR THE YEAR ENDED 31 DECEMBER 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Green Foundations Ltd for the year ended 31 December 2020 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given to us.
 

This report is made solely to the director of Green Foundations Ltd in accordance with the terms of our agreement. Our work has been undertaken solely to prepare for your approval the financial statements of Green Foundations Ltd and state those matters that we have agreed to state to him in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Green Foundations Ltd and its  director for our work or for this report.
 
 
It is your duty to ensure that Green Foundations Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the Company's assets, liabilities, financial position and profit. You consider that Green Foundations Ltd is exempt from the statutory audit requirement for the year.
 
 
We have not been instructed to carry out an audit or review of the financial statements of Green Foundations Ltd. 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 financial statements.





Shipleys Tax Planning

31 December 2021
Page 1

 
GREEN FOUNDATIONS LTD
REGISTERED NUMBER: 09846406

BALANCE SHEET
AS AT 31 DECEMBER 2020

2020
2019
Note
£
£

Fixed assets
  

Tangible assets
  
1,470
-

Investments
  
248,723
30,000

  
250,193
30,000

Current assets
  

Stocks
  
342,158
212,992

Debtors: amounts falling due within one year
  
70,586
83,015

Cash at bank and in hand
  
1,430,795
1,340,979

  
1,843,539
1,636,986

Creditors: amounts falling due within one year
  
(749,435)
(575,528)

Net current assets
  
 
 
1,094,104
 
 
1,061,458

Total assets less current liabilities
  
1,344,297
1,091,458

  

Net assets
  
1,344,297
1,091,458


Capital and reserves
  

Called up share capital 
  
5
4

Profit and loss account
  
1,344,292
1,091,454

  
1,344,297
1,091,458


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 December 2021.




Page 2

 
GREEN FOUNDATIONS LTD
REGISTERED NUMBER: 09846406

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2020

Abdullah Green
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
GREEN FOUNDATIONS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

1.


General information

Green Foundations Ltd is a company domiciled in England & Wales, registration number 09846406. The registered office is Wharf House, Wharf Street, Victoria Quays, Sheffield, S2 5SY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
GREEN FOUNDATIONS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
GREEN FOUNDATIONS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
GREEN FOUNDATIONS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

 
2.12

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2019 - 2).

Page 7

 
GREEN FOUNDATIONS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


Additions
2,205



At 31 December 2020

2,205



Depreciation


Charge for the year on owned assets
735



At 31 December 2020

735



Net book value



At 31 December 2020
1,470



At 31 December 2019
-


5.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


At 1 January 2020
30,000


Additions
218,723



At 31 December 2020
248,723





6.


Stocks

2020
2019
£
£

Finished goods and goods for resale
342,158
212,992

342,158
212,992


Page 8

 
GREEN FOUNDATIONS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

7.


Debtors

2020
2019
£
£


Trade debtors
32,384
22,148

Other debtors
38,202
60,867

70,586
83,015



8.


Cash and cash equivalents

2020
2019
£
£

Cash at bank and in hand
1,430,795
1,340,979

1,430,795
1,340,979



9.


Creditors: Amounts falling due within one year

2020
2019
£
£

Corporation tax
328,666
234,164

Other taxation and social security
3,253
7,814

Other creditors
417,516
333,550

749,435
575,528



10.


Financial instruments

2020
2019
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,430,795
1,340,979




Financial assets measured at fair value through profit or loss comprise of cash at bank.


11.


Related party transactions

There were no related party transactions during the year.

Page 9

 
GREEN FOUNDATIONS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

12.


Controlling party

The company is controlled by the director Mr Green.


Page 10