Greenway UK Lawns Limited - Period Ending 2017-02-28

Greenway UK Lawns Limited - Period Ending 2017-02-28


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Registration number: 08422677

Greenway UK Lawns Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2017

Clere's Limited
Chartered Certified Accountants
GN House
119 Holloway Head
Birmingham
West Midlands
B1 1QP

 

Greenway UK Lawns Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Greenway UK Lawns Limited

Company Information

Director

Mr D Loveland

Registered office

5 Sheldon Grove
Sheldon
Birmingham
West Midlands
B26 3TJ

Accountants

Clere's Limited
Chartered Certified Accountants
GN House
119 Holloway Head
Birmingham
West Midlands
B1 1QP

 

Greenway UK Lawns Limited

(Registration number: 08422677)
Balance Sheet as at 28 February 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

4,721

5,965

Current assets

 

Cash at bank and in hand

 

3,962

-

Creditors: Amounts falling due within one year

5

(4,238)

(5,428)

Net current liabilities

 

(276)

(5,428)

Total assets less current liabilities

 

4,445

537

Creditors: Amounts falling due after more than one year

5

-

(494)

Net assets

 

4,445

43

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

4,444

42

Total equity

 

4,445

43

For the financial year ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 24 November 2017
 

.........................................

Mr D Loveland

Director

 

Greenway UK Lawns Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

1

General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
5 Sheldon Grove
Sheldon
Birmingham
West Midlands
B26 3TJ

These financial statements were authorised for issue by the director on 24 November 2017.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Greenway UK Lawns Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2016 - 1).

 

Greenway UK Lawns Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

4

Tangible assets

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 March 2016

8,255

4,041

12,296

At 28 February 2017

8,255

4,041

12,296

Depreciation

At 1 March 2016

4,772

1,559

6,331

Charge for the year

871

373

1,244

At 28 February 2017

5,643

1,932

7,575

Carrying amount

At 28 February 2017

2,612

2,109

4,721

At 29 February 2016

3,483

2,482

5,965

5

Creditors

Note

2017
£

2016
£

Due within one year

 

Bank loans and overdrafts

6

1,738

4,802

Amounts owed to group undertakings and undertakings in which the company has a participating interest

1,216

360

Taxation and social security

 

384

265

Other creditors

 

900

1

 

4,238

5,428

Due after one year

 

Loans and borrowings

6

-

494

6

Loans and borrowings

2017
£

2016
£

Non-current loans and borrowings

Finance lease liabilities

-

494

 

Greenway UK Lawns Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

2017
£

2016
£

Current loans and borrowings

Bank borrowings

253

420

Bank overdrafts

-

812

Finance lease liabilities

285

1,570

Other borrowings

1,200

2,000

1,738

4,802

7

Dividends

Interim dividends paid

 

2017
£

2016
£

Interim dividend of £0 (2016 - £3,500) per each Ordinary share

-

3,500