TREES_PLEASE_LIMITED - Accounts
TREES_PLEASE_LIMITED - Accounts
Company Registration No. 04712010 (England and Wales)
DIRECTORS' REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2014
COMPANY INFORMATION
Directors
(Appointed 25 March 2014)
Secretary
Company number
Registered office
Accountants
Business address
Dilston Haugh Farm
Corbridge
Northumberland
NE45 5QY
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Notes to the financial statements
6 - 11
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2014
- 1 -
The directors present their report and financial statements for the year ended 31 May 2014.
Principal activities
Directors
The following directors have held office since 1 June 2013:
(Resigned 21 April 2014)
(Appointed 25 March 2014)
Exemptions
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
By order of the board
Secretary
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TREES PLEASE LIMITED FOR THE YEAR ENDED 31 MAY 2014
- 2 -
In accordance with the engagement letter dated 2 September 2011 in order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Trees Please Limited for the year ended 31 May 2014 set out on pages 3 to 11 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Trees Please Limited, as a body, in accordance with the terms of our engagement letter dated 2 September 2011. Our work has been undertaken solely to prepare for your approval the financial statements of Trees Please Limited and state those matters that we have agreed to state to the Board of Directors of Trees Please Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Trees Please Limited and it's Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Trees Please Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Trees Please Limited. You consider that Trees Please 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 financial statements of Trees Please 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 financial statements.
Greaves West & Ayre
Chartered Accountants
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2014
- 3 -
2014
2013
Notes
£
£
Turnover
2
Cost of sales
(1,110,280 )
(1,309,067 )
Gross profit
Administrative expenses
(847,562 )
(753,486 )
Other operating income
(12,600 )
Operating profit
3
Interest payable and similar charges
(3,091 )
(1,344 )
Profit on ordinary activities before taxation
Tax on profit on ordinary activities
4
(139,458 )
(63,539 )
Profit for the year
12
BALANCE SHEET
AS AT
31 MAY 2014
- 4 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
6
Current assets
Stocks
Debtors
7
Cash at bank and in hand
Creditors: amounts falling due within one year
8
(774,741 )
(756,237 )
Net current assets
Total assets less current liabilities
Provisions for liabilities
9
(114,234 )
(28,340 )
Accruals and deferred income
10
(135,945 )
-
Capital and reserves
Called up share capital
11
Profit and loss account
12
Shareholders' funds
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2014
- 5 -
Directors' responsibilities:
-
-
Approved by the Board for issue on 9 September 2014
Director
Company Registration No. 04712010
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2014
- 6 -
1
Accounting policies
1.1
Accounting convention
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
1.4
Goodwill
1.5
Tangible fixed assets and depreciation
Property improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
1.6
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.7
Grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
2
Turnover
The total turnover of the company has been delivered on its principal activity wholly undertaken in the UK.
3
Operating profit
2014
2013
£
£
Operating profit is stated after charging:
Amortisation of intangible assets
-
Depreciation of tangible assets
Directors' remuneration
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2014
- 7 -
4
Taxation
2014
2013
£
£
Domestic current year tax
U.K. corporation tax 20% (2013 - 20%)
Total current tax
Deferred tax
Origination and reversal of timing differences
85,894
7,149
5
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2013 & at 31 May 2014
Amortisation
At 1 June 2013 & at 31 May 2014
Net book value
At 31 May 2014
-
At 31 May 2013
-
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2014
- 8 -
6
Tangible fixed assets
Property improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2013
Additions
-
At 31 May 2014
Depreciation
At 1 June 2013
Charge for the year
At 31 May 2014
Net book value
At 31 May 2014
At 31 May 2013
Included above are assets held under finance leases or hire purchase contracts as follows:
Plant and machinery
Motor vehicles
Total
£
£
£
Net book values
At 31 May 2014
-
At 31 May 2013
-
Depreciation charge for the year
At 31 May 2014
-
-
-
At 31 May 2013
-
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2014
- 9 -
7
Debtors
2014
2013
£
£
Trade debtors
Other debtors
8
Creditors: amounts falling due within one year
2014
2013
£
£
Net obligations under hire purchase contracts
Trade creditors
Taxation and social security
Payments received on account
Other creditors
Included in other creditors is the sum of £384,086 (2013 £427,426) in respect of loans from directors.
The amount outstanding relating to net obligations under hire purchase contracts is secured against the asset to which it relates.
9
Provisions for liabilities
Deferred tax liability
£
Balance at 1 June 2013
28,340
Profit and loss account
Balance at 31 May 2014
The deferred tax liability is made up as follows:
2014
2013
£
£
Accelerated capital allowances
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2014
- 10 -
10
Accruals and deferred income
Government grants
£
Grants received during the year
137,666
Amortisation in the year
(1,721)
Balance at 31 May 2014
11
Share capital
2014
2013
£
£
Allotted, called up and fully paid
12
Statement of movements on profit and loss account
Profit and loss
account
account
£
Balance at 1 June 2013
Profit for the year
Balance at 31 May 2014
13
Control
The company is controlled by Hon. C.R. Beaumont by virtue of his controlling shareholding.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2014
- 11 -
14
Related party relationships and transactions
All related party transactions are carried out on an "arms length" basis within the normal course of business.
During the year the company traded with Dilston Farms, a partnership in which company director Hon. C.R. Beaumont is a partner. The partnership provided goods and services to the company during the year totalling £73,975 (2013 £67,199). The company provided goods and services to the partnership totalling £Nil (2013 £819). At the year end the company owed £4,866 (2013 £4,878) to the partnership. No interest is charged on this amount.
Included within creditors is an amount of £384,086 (2013 £427,426) due by the company to the director Hon. C.R. Beaumont. This amount is unsecured, interest free and has no fixed terms of repayment.
DETAILED TRADING AND PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2014
- 12 -
2014
2013
£
£
£
£
Turnover
Sales
2,483,869
2,319,844
Cost of sales
Opening stock of finished goods
309,440
304,843
Purchases
1,208,823
1,287,595
1,518,263
1,592,438
Closing stock of finished goods
(447,428)
(309,440)
(1,070,835)
(1,282,998)
Direct Costs
Repairs and spares
24,502
19,425
Other direct costs
14,943
6,644
(39,445)
(26,069)
Gross Profit
Administrative Expenses
Wages
484,531
403,749
Rent and services
19,577
35,133
Insurances
7,326
6,216
Heat and light
10,570
10,141
Repairs and maintenance
23,540
17,611
Postage, stationery, and telephone
24,931
20,668
Advertising
10,585
14,013
Machine rentals
23,523
15,152
Motor expenses
42,938
27,435
Travel expenses
4,619
2,787
Show and promotional expenses
2,716
2,695
Professional fees
170
-
Accountancy
3,183
2,375
Bank charges
6,503
4,034
Bad debts
2,545
500
General administration expenses
9,138
6,935
(676,395)
(569,444)
Balance Carried Forward
697,194
441,333
DETAILED TRADING AND PROFIT AND LOSS ACCOUNT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2014
- 13 -
2014
2013
£
£
£
£
Balance Brought Forward
697,194
441,333
Depreciation
Goodwill amortisation
-
29,834
Property improvements
8,889
1,670
Plant and machinery
38,788
23,633
Office equipment
2,488
2,501
Fixtures and fittings
305
349
Motor vehicles
4,084
5,446
Tractors
5,803
7,736
(60,357)
(71,169)
Grant amortisation
1,721
-
(58,636)
(71,169)
Directors Remuneration
Directors salaries
101,025
101,427
N.I. on directors salaries
11,506
11,446
(112,531)
(112,873)
Other Operating Income
Bad debt recovered
500
5,781
Exchange gains
3,351
(18,381)
3,851
(12,600)
Operating Profit
529,878
244,691
Interest Payable
Bank interest paid
2,313
10
Hire purchase interest paid
778
1,334
(3,091 )
(1,344 )
Net Profit for the Year
526,787
243,347