Grassland Properties Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 06028340 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2017

FOR

GRASSLAND PROPERTIES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S J Marsland

Mr L Snodgrass

Mrs M Snodgrass

SECRETARY:

Mr S J Marsland

REGISTERED OFFICE:

7a Dartmouth Road

Paignton

Devon

TQ4 5AA

REGISTERED NUMBER:

06028340 (England and Wales)

ACCOUNTANTS:

Marsland Nash Associates

Chartered Tax Advisers, Accountants

and Business Consultants

Unit 4 Brunel Buildings

Brunel Road

Newton Abbot

Devon

TQ12 4PB

BANKERS:

Lloyds Bank

Paignton Branch

2 Palace Avenue

Paignton

Devon

TQ3 3ER

CURRENT ASSETS

Stocks

4

369,275

369,275

Cash at bank

1,056

1,659

370,331

370,934

CREDITORS

Amounts falling due within one year

5

163,020

141,557

NET CURRENT ASSETS

207,311

229,377

TOTAL ASSETS LESS CURRENT LIABILITIES

207,311

229,377

CREDITORS

Amounts falling due after more than one year

6

207,986

229,744

NET LIABILITIES

(675

)

(367

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(677

)

(369

)

SHAREHOLDERS' FUNDS

(675

)

(367

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 13 November 2017 and were signed on its behalf by:

Mr S J Marsland - Director

Mrs M Snodgrass - Director

Mr L Snodgrass - Director

1.	STATUTORY INFORMATION

Grassland Properties Ltd is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents rents received during the period.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after

making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and

handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive

income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that

have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not

reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in

periods different from those in which they are recognised in financial statements. Deferred

tax is measured using tax rates and laws that have been enacted or substantively enacted

by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is

probable that they will be recovered against the reversal of deferred tax liabilities or other

future taxable profits.

Going concern

The company meets its day to day working capital requirements through loans provided by

Marles Developments Ltd and Mr S J Marsland, a director of the company. The company will

continue to be supported in this way until such time as profits are made.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.

STOCKS

2017

2016

£

£

Stocks

363,487

363,487

Work-in-progress

5,788

5,788

369,275

369,275

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

24,420

24,756

Other loans

60,488

53,348

Trade creditors

19,499

10,000

Directors' current accounts

58,613

53,453

163,020

141,557

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 2-5 years

97,680

99,024

Bank loans more 5 yr by instal

110,306

130,720

207,986

229,744

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

110,306

130,720

7.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

232,406

254,500

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

9.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.