Greensea Hydroponics & Plant Lighting Lt - Abbreviated accounts 16.3

REGISTERED NUMBER: 05578181 (England and Wales)

Abbreviated Unaudited Accounts

for the Period 30 September 2015 to 28 September 2016

for

Greensea Hydroponics and

Plant Lighting Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

5

DIRECTOR:

Mr J D Human

SECRETARY:

Mrs J A M Human

REGISTERED OFFICE:

25 Rowan Walk

Mildenhall

Bury St Edmunds

Suffolk

IP28 7PP

REGISTERED NUMBER:

05578181 (England and Wales)

ACCOUNTANTS:

Knights Lowe

Chartered Accountants

Eldo House, Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

FIXED ASSETS

Tangible assets

2

3,388

4,191

CURRENT ASSETS

Stocks

12,702

8,804

Debtors

1,647

1,618

Cash at bank and in hand

452

52

14,801

10,474

CREDITORS

Amounts falling due within one year

49,487

53,052

NET CURRENT LIABILITIES

(34,686

)

(42,578

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(31,298

)

(38,387

)

CAPITAL AND RESERVES

Called up share capital

3

50,600

50,600

Profit and loss account

(81,898

)

(88,987

)

SHAREHOLDERS' FUNDS

(31,298

)

(38,387

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 28 September 2016.

The members have not required the company to obtain an audit of its financial statements for the period ended 28 September 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 7 September 2017 and were signed by:

Mr J D Human - Director

1.	ACCOUNTING POLICIES

Accounting convention and going concern

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

The company is dependent upon the continuing financial support of its bank, director and his family in order

for it to continue to trade. Having reviewed the expected results and cash flow of the company the director is

of the opinion that, whilst there is always considerable uncertainty in predicting cash flows more than a few

months into the future the company will continue to have the support of their bank such that the cash

demands can be met and it is therefore appropriate to prepare the financial statements on the going concern

basis.

Turnover

Turnover represents the total value of sales made during the year excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Property improvements

-

20% on reducing balance

Fixtures and equipment

-

15% on reducing balance

Website

-

20% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Impairment

At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but

excluding investment properties, are assessed to determine whether there is an indication that the carrying

amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is

an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in

use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable

amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an

impairment loss is recognised in profit and loss.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 30 September 2015

and 28 September 2016

20,468

DEPRECIATION

At 30 September 2015

16,277

Charge for period

803

At 28 September 2016

17,080

NET BOOK VALUE

At 28 September 2016

3,388

At 29 September 2015

4,191

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

1,265

Ordinary

£40

50,600

50,600